The Dubai International Financial Centre (DIFC) has reported its highest gross written premiums (GWP) in its 20-year history, reaching $2.6 billion in 2023. This represents a 23% increase compared to the previous year.
DIFC is a prominent financial hub connecting the Middle East, Africa, and South Asia regions to global economies. It offers a range of amenities including dining, retail, and residential options.
According to Arab News, the DIFC saw a 20% increase in registrations of insurance and reinsurance firms, including the entry of the first captive from Guernsey.
The Emirates News Agency noted that DIFC has strengthened its position as the main hub for the insurance and reinsurance industry, with managing general agents (MGAs) making up 43% of new registrations.
The centre’s growth is attributed to its established regulatory framework, facilitating collaborations with cedants and brokers. The influx of global insurers, reinsurers, brokers, captives, MGAs, and other industry players into DIFC is influenced by factors such as stable oil prices, increased infrastructure spending, a focus on sustainable projects, and low insurance penetration in the region.
Entities joining DIFC’s insurance sector in the past year include Alif Limited, Arc Insurance and Reinsurance Limited, Barents Risk Management Limited, and BharatRe Global Ltd.
Arif Amiri, CEO of the DIFC Authority, highlighted the centre’s role as a global industry hub, hosting over 120 registered insurers, reinsurers, captives, MGAs, and related entities.
DIFC’s significance in the insurance sector is further emphasised by its co-hosting of the Dubai World Insurance Congress (DWIC), which discusses key themes shaping the industry, including innovation, capital attraction, and talent development.
Over two decades, DIFC has fostered the growth of the insurance and reinsurance industry, attracting talent and expertise to key markets in the Middle East, Asia, and Africa.
The centre hosts major insurance brokers, five of which are top-ranked by AM Best. This has contributed to a 61% increase in brokered premiums compared to 2022, surpassing the $2 billion mark.
