Final chapter: Once upon a time Trade Credit Insurance in Dubai
AU Group UAE
A few years ago, I released a series of articles entitled “Once upon a time Trade Credit Insurance in Dubai” studying the credit insurance market in the region. When writing these articles, credit insurance was still in its early stages, and I was also relatively new in the region and did not understand all the specificities of this market. I thought it would be interesting to conclude this series of articles with a final article in which I offer my view of the TCI market based on a few good years of experience in Dubai.
We cannot talk about the credit insurance market without first looking at the economic situation of the GCC. Indeed, credit insurance protects businesses against the risk of default of their clients, therefore the economic performance of the region obviously impacts this industry.
In short, we are currently in an impressive growth phase where almost ‘all planets are aligned’. This growth has obviously been fuelled by the increase in energy prices but that is not the only reason. First, as it is often the case in the UAE and particularly in Dubai, leaders were flexible enough to take advantage of the crises we have experienced in the last couple of years; the Covid 19 crisis which enabled Dubai to attract more expats from all the over the world. Indeed, the country was reopened in record time, compared with other countries, while maintaining an impressive level of health safety along with a high vaccination rate. Furthermore, they managed to take advantage of the recent geopolitical crisis. As a result, the Central Bank projects a growth of 5.4 % in 2022 for the UAE and 4.2% in 2023 with a level of inflation under control while most western countries might enter into recession in the coming months.
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