Etihad Credit Insurance (ECI) has recorded an insured turnover reaching AED16.2bn ($4.4bn) -- reflecting a 15.7% year-on-year increase and accounting for 2.85% of the UAE's total non-oil exports, the UAE federal export credit company said in its 2024 annual report released last week.
The company reported a gross exposure of AED11bn – a 14.58% increase over 2023. This growth was supported by a diverse portfolio, with over 60% of beneficiaries comprising small and medium-sized enterprises (SMEs).
Portfolio
The annual report further detailed the composition of ECI’s portfolio, noting that 70% of its exposure was in Short-Term Credit Insurance (ST), which supports high-frequency trade cycles, particularly in manufacturing, ICT, and agri-exports. Medium and Long-Term (MLT) commitments accounted for 17% of the portfolio, highlighting ECI’s growing involvement in infrastructure, energy, and other capital-intensive sectors. The remaining 13% was dedicated to Political Risk Insurance (PRI).
Geographic distribution
In terms of geographic distribution, Saudi Arabia was ECI’s largest export market within the Gulf and wider MENA region, accounting for 7% of the company’s total exposure. ECI also provided notable coverage for exports to Egypt, Oman, Qatar, and Bahrain, highlighting the strength of intra-regional trade. Beyond the Middle East, ECI supported significant trade flows to leading Asian economies such as India and Singapore, while also facilitating UAE exports to Europe – including the UK and EU – and America. Furthermore, ECI signed around 28 agreements with government export credit agencies worldwide, including US EXIM, Korea Eximbank, Sinosure and BPI France.
Since its inception in 2018, ECI has facilitated over AED21bn in cumulative export trade and investment, resulting in booked Gross Written Premium (GWP) of AED447m, reflecting strong portfolio growth and a high retention rate. The company supported exports to more than 100 countries across 17 strategic sectors.
Minister of Economy and ECI chairman Abdulla Bin Touq Al Marri said, “Guided by the unwavering support and directives of our wise leadership, the UAE has made remarkable strides in building a resilient, innovative, and knowledge-based economy. At the heart of this transformation is economic diversification, with non-oil industries, exports, re-exports, and non-oil foreign trade playing a central role in shaping our future aligned with the ‘We the UAE 2031’ vision. Today, non-oil sectors contribute 74.6% to the UAE’s GDP—underscoring their growing role in shaping the country’s economic future. Etihad Credit Insurance has significantly contributed to advancing this vision by fostering the expansion of UAE-based companies, enabling broader market access, and reinforcing key economic partnerships through targeted collaborations and tailored credit insurance solutions.”
He added that ECI has extended credit guarantees to cover several major infrastructure and energy deals in African markets, including Angola and Senegal, in line with the UAE’s strategic efforts to foster sustainable global partnerships and drive inclusive economic development. “In 2024, ECI provided targeted trade and investment insurance solutions to projects that advance clean energy, food security, critical infrastructure, and water sustainability. These efforts reflect our growing role in shaping a trade and export ecosystem that delivers long-term economic value while addressing urgent global challenges such as climate change and social equity,” he elaborated.
ECI offers coverage of up to AED500m per risk, with 60% of that amount ceded under a quota-share arrangement. This structure is backed by nine reinsurers rated 'A' and above, reaffirming ECI’s robust reinsurance treaty.