Atradius and the United Arab Emirates
Atradius has supported businesses across the Middle East region with trade credit reinsurance and advice since 2000. All business in the United Arab Emirates is handled through the special trade credit insurance department, and policies are issued by, our fronting partner Orient Insurance PJSC in Dubai, which is part of the prestigious AI-Futtaim group.
Trade credit insurance policies are issued by Orient Insurance PJSC in partnership with Atradius – therefore Atradius acts and supports as the reinsurer. Reinsured and supported by Atradius, Orient Insurance PJSC aims to provide best-in-class account management, claims and collection support to its clients in the UAE.
By holding a trade credit insurance programme, we are able to trade with business partners, but also recognise the requirements of our stakeholders in terms of counterparty credit exposure management and balance sheet management.
What is trade credit insurance and how does it work?
Trade credit insurance protects you against the risk of your customers not paying you when trading within the UAE, Middle East, or other foreign markets. For example, if your business supplies goods or services to other companies on credit terms, trade credit insurance can protect you against the risk of your customers failing to pay you. This can be because of their business becoming insolvent or sometimes it can happen through no fault of their own, such as political or economic problems.
As well as offering protection against the risk of non-payment, you can benefit from Orient Insurance’s commercial insight, with Atradius’ support, into companies worldwide to help you identify opportunities and risks and explore markets that you may not have entered without the protection that trade credit insurance provides.
Orient Insurance PJSC benefits from a global team of risk analysts and underwriters, located around the world, who specialise in analysing the credit risks of millions of businesses. Should your customers' financial circumstances change, Orient Insurance PJSC in partnership with Atradius will notify you to enable you to take appropriate and timely action. For example, you may wish to offer them more favourable credit terms if their credit ratings improve or reduce credit terms if their credit ratings deteriorate.
This information about your customers’ buyer ratings is supplied automatically via an online portal, which you will have access to as part of your insurance policy with Orient Insurance PJSC in partnership with Atradius.
Credit insurance can help with your cash flow, as well as provide you with a range of benefits including:
Increased access to finance, as we can provide your bank with the reassurances it needs when extending finance to you. Conditions apply of course depending on local regulations.
A reduction in your bad debt provision and, in turn, a healthier balance sheet.
The confidence to seek out new markets and customers, and benefit from the growth this may bring.
To find out how exactly Orient Insurance PJSC in partnership with Atradius helps its customers, take a look at the video – Credit insurance – explained by Atradius.