DIFC Achieves Record $2.6 Billion in Gross Written Premiums, Solidifying its Position as Regional Insurance Hub

UAE, 29 April, 2024 : Dubai International Financial Centre (DIFC) has marked a milestone in its 20-year history with a record high in gross written premiums (GWP) reaching nearly $2.6 billion, a significant 23% increase from 2022. This achievement solidifies DIFC's status as the primary hub for the (re)insurance industry in the Middle East, Africa, and South Asia (MEASA) region.

The surge in GWP is complemented by a 20% rise in the registration of insurance and reinsurance firms within DIFC, including the notable first re-domiciliation of a Guernsey-based captive.

DIFC has emerged as a top-tier global hub for Managing General Agents (MGAs), with 43% of new registrations attributed to them, thanks to its internationally recognized regulatory environment conducive to partnerships with cedants and brokers.

The (re) insurance sector in DIFC continues to attract global players such as insurers, reinsurers, brokers, captives, and consultancies, drawn by factors including buoyant oil prices, increased infrastructure spending, and a focus on sustainable projects. Furthermore, the industry's cultural innovation, incorporating technologies like artificial intelligence (AI) and new distribution techniques, is reshaping its future trajectory.

Arif Amiri, CEO of DIFC Authority, emphasized DIFC's role as a global industry hub, with over 120 registered insurance-related entities, facilitating growth ambitions and achieving record GWP.

DIFC's partnership with the Dubai World Insurance Congress (DWIC), set to convene over 1,300 delegates from 73 countries, underscores its commitment to driving economic growth and shaping the future of finance. Key themes at DWIC include attracting capital, embracing innovation, and developing talent to navigate volatile risks.

Source : www.gulfnews.com