Etihad Credit Insurance (ECI), the UAE federal export credit company, revealed today a remarkable year of growth and strategic achievement in its 2024 Annual Report, with insured turnover reaching AED16.2 billion ($4.41 billion), a 15.7 percent year-on-year increase and accounting for 2.85 percent of the UAE’s total non-oil exports.
Etihad Credit Insurance’s achievement was announced during a media briefing led by H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance, and other senior officials from the company.
“By offering innovative credit solutions, streamlined access to financing, and forging high-impact strategic partnerships, we empower UAE exporters, particularly SMEs, to unlock new opportunities and scale globally with confidence in an increasingly competitive world. This is reflected in Etihad Credit Insurance’s strong performance in 2024, which not only underscores its pivotal role in enabling the national export competitiveness but also its commitment to empowering businesses with the tools and confidence to expand into new global markets,” stated Al Mazrouei.
Booked gross written premium hits AED447 million
These figures underscore Etihad Credit Insurance’s contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors.
In 2024, the UAE’s non-oil foreign trade surged to AED3 trillion, marking a 14.6 percent increase over the previous year. Etihad Credit Insurance’s contribution plays a vital role in advancing the nation’s goal of achieving AED800 billion in the country’s non-oil exports by the next decade, in line with ‘We the UAE 2031’ economic goals.
Since its inception, the company has facilitated over AED21 billion in cumulative export trade and investment, resulting in a booked Gross Written Premium (GWP) of AED447 million, reflecting strong portfolio growth and a high retention rate.
“Etihad Credit Insurance has significantly contributed to advancing the ‘We the UAE 2031’ 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. By helping UAE businesses compete more effectively on the global stage, Etihad Credit Insurance plays a vital role in accelerating non-oil export growth and strengthening the country’s standing as a leading, diversified economic powerhouse,” stated H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors.
Gross exposure grows to AED11 billion
Bin Touq further noted that Etihad Credit Insurance 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, Etihad Credit Insurance 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.
The report added that the company has witnessed a gross exposure of AED11 billion, a 14.58 percent increase over 2023. This growth was supported by a diverse portfolio, with over 60 percent of beneficiaries comprising small and medium-sized enterprises (SMEs).
Etihad Credit Insurance also secured an AA- international rating by Fitch for the sixth consecutive year, reflecting on the company’s ability to mitigate potential risks and reiterate its strong presence in global markets.
Company achieves collection success rate of 77 percent
Furthermore, the report revealed that Etihad Credit Insurance offers coverage of up to AED500 million per risk, with 60 percent 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.
The report also highlighted Etihad Credit Insurance’s commitment to supporting clients beyond credit insurance. This commitment was demonstrated by the company’s effective handling of overdue payments, which resulted in the collection of AED158 million from overdue payments, achieving a collection success rate of 77 percent. With this, the total debt collected by ECI since its inception has risen to AED528 million, an 87 percent recovery success rate.
The report further detailed the composition of Etihad Credit Insurance’s portfolio, noting that 70 percent of its exposure lies 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 account for 17 percent of the portfolio, highlighting Etihad Credit Insurance’s growing involvement in infrastructure, energy and other capital-intensive sectors. The remaining 13 percent is dedicated to Political Risk Insurance (PRI).
Saudi Arabia is ECI’s largest export market in MENA
In terms of geographic distribution, the report identified Saudi Arabia as ECI’s largest export market within the Gulf and wider MENA region, accounting for 7 percent of the company’s total exposure. Etihad Credit Insurance also provided notable coverage for exports to Egypt, Oman, Qatar and Bahrain, highlighting the strength of intra-regional trade.
Beyond the Middle East, the company supported significant trade flows to leading Asian economies such as India and Singapore, while also facilitating UAE exports to Europe, including the U.K. and EU, and America. Furthermore, Etihad Credit Insurance signed around 28 agreements with government export credit agencies worldwide, including U.S. EXIM, Korea Eximbank, Sinosure and BPI France, solidifying ECI’s position as a trusted partner for international trade.
Finally, the report also outlined the company’s plans to leverage the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) to further enhance trade and strengthen commercial relations. These efforts will be supported by ECI’s expanding information database, which grants access to over 400 million corporates globally, empowering UAE-based exporters with valuable insights and intelligence.
