Jeddah, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured by an insurance industry award in the prestigious Global Brand Awards 2022. ICIEC is the inaugural winner in the category ‘Best Multilateral Insurance Corporation Brand – Global’ for Global Brand Awards 2022. The international insurance brand honours are given by the Global Brands Magazine and have been awarded to participants in the insurance industry sector since 2013.
“Designation of ICIEC as the best Multilateral Insurance Corporation brand is a testament to the development impact we bring to the world,” says Oussama Kaissi , CEO of ICIEC. “It demonstrates that our market engagements are enabling the public and private enterprises through enhancing credit and closing the financial gap on the road to achieving the UN SDGs; with a specific focus on digitisation, food security, and climate action.”
ICIEC, as the insurance arm of the Islamic Development Bank Group (IsDB), aims to help mitigate risks and encourage growth in challenging times for the Middle East, Africa and the broader Islamic world. ICIEC is winning recognition for the stalwart and solid work it does and continues to demonstrate resilience in a year of unprecedented risks, changing global challenges, and the ongoing wake of the pandemic.
ICIEC was established in 1994 to strengthen economic relations between the OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 48 Member States, including Documentary Credit Insurance Policy, Credit Insurance Products, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations Policy, and Investment Insurance Products. ICIEC has, for the 14th consecutive year, earned an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 83bn in trade and investment and US$2.2 bn in support of FDI at the end of 2021. Its activities were directed to specific sectors - US$31.7bn to energy, US$25bn to manufacturing, US$5.3bn to infrastructure, US$2bn to healthcare, and US$1.4bn to agriculture.
For more information, visit: http://iciec.isdb.org