Atradius and the United Arab Emirates
Atradius has supported businesses across the Middle East region with trade credit insurance since 2000. All businesses in the United Arab Emirates is handled through Atradius' visiting office and policies issued by the fronting partner Orient Insurance PJSC in Dubai, as part of the AI Futtaim group.
Trade Credit Insurance policies are issues 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 clients from the United Arab Emirates.
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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 UAE or abroad. For example, if your business supplies goods or services to other companies on credit terms, trade credit insurance can protect against your customers failing to pay you. This can be as a result 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 a safety net against the risk of non-payment, your Orient Credit Insurance Policy can also help your business grow by gaining a competitive advantage in your market. You can benefit from Orient's commercial insight via Atradius into companies worldwide to help identify opportunities as well as risks, and explore markets that you may not have entered without the protection that trade credit insurance provides.
Orient benefits from our team of underwriters, who are located around the world and continuously analyse the credit ratings of around 240 million businesses. Should your customers' financial circumstances change, Orient will make you aware of this to enable you to take appropriate action. You may, for example, wish to offer them more favourable credit terms if their credit ratings improve (or reduce credit terms if their credit ratings are not so good).
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.
Credit insurance can help with your cash flow, as well as 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
- 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 Trade Credit Insurance help businesses grow, please have a look at the video -- Credit Insurance explained by Atradius.