Bahrain Kuwait Insurance Company (BKIC) has tied up with Euler Hermes Credit Insurance, a member of the Allianz Group, to launch credit insurance for their clients in Bahrain.

BKIC and Euler Hermes held a joint Press conference at Gulf Hotel to announce the launching of credit insurance Scheme for corporate business houses.

BKIC is the first company in the kingdom to launch a scheme, which can assist the business community in effective management of credit risk.

Credit risk is inherent in most business transactions and most companies spend time and resources chasing after overdue invoices.

Credit insurance supplements the tools such as letters of credit, which have traditionally been used to secure the sellers' interests.

BKIC and Euler Hermes have now joined hands to provide this novel insurance, which can protect the business entities in respect of trade receivables on a portfolio basis, said a company official.

Euler Hermes is the number one rated credit insurance company in the world with over 50,000 clients worldwide in 49 countries.

The company entered the GCC market fairly recently and have a full-fledged service centre in Dubai to cater to the clients in the region.

BKIC general manager Waleed Ahmed Mahmood said that in Euler Hermes, BKIC found a strong and stable partner for handling the highly-specialised products for credit insurance.

'The credit insurance is very relevant in present times as an important tool in risk management,' he added.

Euler Hermes regional chief executive Jef Vincent assured the business community in Bahrain that the policy holders will enjoy the quality of service that Euler-Hermes are known for elsewhere in the world, with the local support of BKIC.-TradeArabia News Service