Global insurance broker Lockton said it has been granted a licence by the Dubai Financial Services Authority to operate as an insurance broker in the Dubai International Financial Centre (DIFC).

The opening of the Dubai office represents Lockton’s first footsteps into the Middle East and North African region, with further expansion planned for the future, said a company statement.

The office will be managed by Wael Khatib, who has been appointed president, Lockton Dubai, the statement added.

Dubai will be the regional hub for Lockton and it will operate as a treaty and facultative reinsurance operation, serving the needs of regional insurance companies.

The office will be equipped to handle all classes of business backed by the support of the firm’s wholesale operations in London and other locations.

Julian James, chief executive officer of Lockton International, said: 'We are pleased to announce this news, which reflects our long-term commitment to enhance our presence in the region and desire to be closer to our clients.'

'The new Dubai office will further improve the levels of service that our clients deserve. The importance of managing risk effectively has never been more important in today’s current financial market. We look forward to adding value to Middle Eastern clients and helping them to protect their assets,” he commented.

Nasser Al Shaali, chief executive officer of DIFC Authority, said, 'We are very happy to welcome Lockton, the world's largest privately held broker and the latest among several global insurance firms that have located themselves in DIFC to tap the vast opportunities offered by our region.'

'The Middle East’s highly untapped market, rising awareness levels, the rapid growth of insurable assets, and various government initiatives that have made insurance mandatory for some types of risks, are driving the expansion of its insurance market.'

'Among GCC countries, the UAE offers the most promising market for insurance companies, with the fastest growth rate and the highest premiums,' he added.-TradeArabia News Service