Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums (GWP) recorded in its 20-year history of $2.6 billion in 2023, up 23 per cent from $2.1 billion in 2022.

 

Supporting the record high in GWP, the centre also announced a 20 per cent increase in registration of insurance and reinsurance firms in DIFC, including the first re-domiciliation of a Guernsey-based captive.

 

DIFC has strengthened its position as a top-tier global hub for Managing General Agents (MGAs), which represent 43 per cent of new registrations owing to its globally recognised regulatory environment that enables partnerships with cedants and brokers.

 

Additionally, global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd’s service companies and coverholders, consultancy companies, compliance firms, and risk management organisations prefer operating from DIFC, in part due to buoyant oil prices, increased infrastructure spending, a focus on sustainable projects, and low insurance penetration in the region. DIFC’s (re)insurance industry has been further bolstered through its rate of cultural innovation, which includes the steady integration of new technologies such as artificial intelligence (AI) and new distribution techniques that are reshaping the future. 

 

Alif Limited, Arc Insurance and Reinsurance Limited, Barents Risk Management Limited, BharatRe Global Ltd., Chedid Reinsurance Brokers (DIFC) Limited, Hensley Wynne Furlonge Partners (Middle East) Ltd, Octare Group Ltd., Pacific Prime International Limited, PEX Re Limited, Swan Insurance Management Agency Ltd, Waica Reinsurance (DIFC) Ltd, YOA Risk Services Ltd, and Proton Reinsurance Limited, the first Insurance Innovation Testing Licensee, are among some of the companies to join DIFC’s burgeoning insurance sector in the past 12 months.  

 

Arif Amiri, Chief Executive Officer, DIFC Authority, said: “DIFC is now home to more than 120 registered insurers, reinsurers, captives, MGAs, and insurance-related entities, reaffirming our position as a global hub for the industry. Our platform enables clients to achieve their growth ambitions, which was reflected in the achievement of close to USD 2.6bn gross written premiums during 2023, the highest in the Centre’s history. Our ongoing partnership with Global Reinsurance for the Dubai World Insurance Congress, reflects DIFC’s commitment to driving economic growth and the future of finance.”

 

DIFC also remains the co-host of the Dubai World Insurance Congress (DWIC), one of the biggest global insurance events, which is set to convene over 1,300 delegates, almost a 20 per cent increase compared with last year, from over 73 countries on 29-30 April at Atlantis, The Palm. –TradeArabia News Service