Dubai reports record gross written premiums
Dubai says it has consolidated it position as the main hub for re/insurance in the Middle East, Africa and South Asia region after recording record gross written premiums in 2023.
Dubai International Financial Centre said GWP was close to $2.6 billion, up 23 per cent from $2.1 billion in 2022.
The Centre also said its had seen a 20 per cent increase in registration of insurance and reinsurance firms in DIFC, including the first re-domiciliation of a Guernsey-based captive.
It did not provide precise figures for new incorporations.
DIFC said it had also 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.
“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,” DIFC said in a statement.
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 $2.6 billion 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 said it will also co-host of the Dubai World Insurance Congress (DWIC), which is set to convene over 1,300 delegates, almost a 20% increase compared with last year, from over 73 countries on April29-30 at Atlantis, The Palm.
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