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 at close to US$2.6 bn, up 23 percent from $2.1 bn in 2022.
DIFC reports record high in Gross Written Premiums (GWP) alongside a 20% rise in registration of insurance and reinsurance firms. Notably, the first re-domiciliation of a Guernsey-based captive occurred. Managing General Agents (MGAs) dominate new registrations, constituting 43%. DIFC's appeal as a global hub stems from its robust regulatory framework, attracting diverse entities such as insurers, reinsurers, brokers, captives, and consultancy firms. Factors driving this trend include buoyant oil prices, infrastructure investments, sustainability projects, and low insurance penetration in the region. Cultural innovation and technological integration, including AI, shape the sector's future. Notable entrants include Alif Limited, Arc Insurance and Reinsurance Limited, and Proton Reinsurance Limited.
DIFC CEO Arif Amiri highlights the center's growth with over 120 registered insurers, achieving a record-high Gross Written Premiums (GWP) of nearly USD 2.6 billion in 2023. DIFC continues to host major industry events like the Dubai World Insurance Congress (DWIC), expecting a 20% increase in delegates this year. DWIC will focus on themes such as innovation, AI, and talent development. A survey at DWIC 2023 revealed strong confidence in the MEASA market, particularly in property, health, energy, cyber, and liability sectors, with 85% expressing confidence in renewals and client retention.
Over 20 years, DIFC has driven the development of the insurance and reinsurance industry, attracting sectoral talent and technical expertise to access key markets in the Middle East, Asia, and Africa. The Centre is also home to renowned insurance brokers, five of whom are among the top ranked entities by AM Best. This has supported the powerful growth in brokered premiums by 61 per cent vis-à-vis 2022, crossing the USD 2bn mark, reaffirming DIFC’s position as a recognised global market for insurance and reinsurance placements.
News Source: Emirates News Agency
