Arif Amiri, Chief Executive Officer of the DIFC Authority highlights DIFC's 20-year service as a premium (re)insurance hub, achieving its highest gross written premiums ($2.6bn) amid evolving risks.
He emphasizes cultural innovation, geographical advantages, and emerging markets in MEASA, noting the region's growth potential due to low insurance penetration and technological adoption. To optimize client service, he stresses the importance of knowledge capabilities and adherence to international standards, building trust as a core aspect of the insurance value proposition.
DIFC, a premier (re)insurance hub, achieves record-high gross written premiums (GWP) nearing $2.6bn over its 20-year history. Emphasizing cultural innovation and advantageous geographical connectivity, DIFC fosters growth through Managing General Agents (MGAs), specialized intermediaries with underwriting authority. MGAs offer efficiency and flexibility, attracting reinsurers and serving underserved markets. DIFC's MGA sector constitutes 43% of the industry, significantly contributing to premium growth and strengthening its position as an insurance hub.
Insurance brokers within DIFC play a crucial role, understanding client needs and connecting them with tailored coverage options. DIFC hosts top-ranked brokers, witnessing a 61% increase in brokered premiums in 2023, surpassing $2 billion. Events like the Dubai World Insurance Congress promote innovation and thought leadership, facilitating market access and talent development. A world-class regulated insurance market within DIFC ensures trust and peace of mind through diverse product offerings and client-centric services, enhancing the (re)insurance sector's character and depth.
News Source: Emirates News Agency
