PHOTO
Coface, global credit insurance leader and Oman Insurance Company (P.S.C.), the Dubai-based leading insurance provider in the UAE, have signed a partnership agreement to offer joint credit insurance solutions.
Increased awareness of the benefits of credit insurance solutions that protect companies' accounts receivables from loss due to customer payment defaults has caused a surge in interest for the product in recent years. The credit insurance market is undergoing a quick expansion in the UAE and overall GCC, and the market now exceeds AED 100 billion of insured transactions as of 2014, with double digit growth predicted for the next three years
"Playing a pivotal role in global trade, Coface has noticed a stark increase in demand among Gulf companies for trade finance and risk transfer solutions for their open accounts trade transactions. Through our partnership with Oman Insurance, Coface now offers these companies not only trade credit insurance protection, but also trade finance and collection solutions in the UAE, Qatar and Oman," commented Gregory Le Henand, Coface Emirates, Country Manager.
On the back of strong infrastructure spending, competitive funding terms from local banks and favorable tax regimes, the partnership signing comes as the UAE exports over 70% of the goods transiting locally to Asia and Africa, with 8% growth estimated in 2014, making trade credit insurance an increasingly in demand financial product.
Patrick Choffel, Chief Executive Officer of Oman Insurance, explained the vision behind the agreement: "This long-term partnership is creating synergies and value for our clients, and will consolidate our leadership position. Associating our network and 40 years of experience in life and non-life insurance solutions with Coface global trade credit expertise provides GCC companies unique coverage solutions that now includes coverage of payment default risk for their local and international customers."
Massimo Falcioni, CEO, Middle East Countries, Coface said: "In line with our regional expansion strategy, our partnership with Oman Insurance will benefit companies of all sizes across our joint network, as we aim to support SMEs and corporations trade and export business. We are seeing strong growth momentum across the Middle East on the back of robust non-hydrocarbon activities and large budget surpluses - prompting encouraging forecasts of trade in and out of the region."
The joint insurance solution on offer from Coface Emirates, the Coface GCC headquarter, and Oman Insurance, is now available to companies in the UAE, Oman and Qatar, covering both domestic and international trade transactions.
MEDIA CONTACT: Ramya LAKSHMI - T. +971 (4)3099105 ramya.lakshmi@coface.com
About Coface
The Coface Group, a worldwide leader in credit insurance, offers companies around the globe solutions to protect them against the risk of financial default of their clients, both on the domestic market and for export. In 2013, the Group, supported by its 4,440 staff, posted a consolidated turnover of €1.440 billion. Present directly or indirectly in 98 countries, it secures transactions of over 37,000 companies in more than 200 countries. Each quarter, Coface publishes its assessments of country risk for 160 countries, based on its unique knowledge of companies' payment behaviour and on the expertise of its 350 underwriters located close to clients and their debtors.
In France, Coface manages export public guarantees on behalf of the French State.
Coface SA. is listed on Euronext Paris - Compartment A
ISIN: FR0010667147 / Ticker: COFA
About Oman Insurance Company
Oman Insurance Company (P.S.C.) (OIC) was established in 1975 and is one of the leading insurance providers in the Middle East. OIC has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey. OIC also owns a medical third-party administrator in Iraq operating under the name of "Support Management Services".
OIC provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.25 billion in 2014, OIC is rated 'A Excellent' by AM Best and 'A- Positive Outlook' by Standard & Poor's.
Additional information about Oman Insurance Company can be found at www.tameen.ae.
© Press Release 2015
