Sunday, May 31, 2020

JeddahSo far this year, 2020 has presented the world with an onslaught of challenges that have impacted businesses and the livelihoods of many civilians across the globe. From the fallout of devastating natural disasters to the implications of a global pandemic, ICIEC has been there to support member countries, their businesses, and their citizens.The corporation has been active in mitigating risks to keep trade and investment flowing through the provision of multilateral shariah compliant risk insurance solutions. While the economic outlook isn’t necessarily promising as the COVID-19 pandemic continues, ICIEC is proud to share positive performance results for the first half of the year, raising our total business insured by over 9%.

Business Insured by Region

Business has remained relatively stable across Asia and the SSAE regions, while growing 13% in the MENA region. This is likely due to the increased demand for insurance when oil prices are unstable.

Business Insured by Sector

The most notable sectoral increases are in energy, infrastructure and manufacturing support – with the Corporation nearly doubling the amount of infrastructure business insured compared to last year. ICIEC has increased business insured for energy related cables and electrical equipment, the manufacturing of foodstuffs, as well as building materials, construction and communications infrastructure.