ECICS was set up in 1975 by the Singapore government to encourage and support the growth of Small and Medium Enterprises (SMEs), trade, and export during Singapore's developing years. ECICS was eventually privatised and became a fully licensed general insurer (under Monetary Authority of Singapore) in 2013, allowing ECICS to underwrite a full range of general insurance business product lines.

ECICS, now a subsidiary of IFS Capital Limited, a financial group listed on the Singapore Exchange (SGX), continues to maintain its Singaporean roots and is dedicated to serving the local market. It offers insurance protection for individuals and their families.