The Dubai International Financial Centre (DIFC) has revealed sustained growth for the reinsurance sector.
Gross written premiums grew by 17.4% in 2019 to almost US$2 billion, representing the highest volume of premiums ever written in the market. According to a statement by DIFC, this further reinforces its position as the leading reinsurance hub in the region.
Meanwhile, for the first quarter of 2020, GWP reached US$472 million, on par with the same period last year, reflecting continued industry stability despite global economic disruption. The premiums are mainly in the marine, aviation, transport, health, property damage and liability lines.
Over the past 16 years, DIFC has become one of the leading insurance centres in the Middle East, Africa, and South Asia (MEASA) region, the statement said. More than 100 registered insurance, reinsurance, captive firms and insurance-related entities are present in the market, including three of the top five global insurance companies.
“Our strong performance in the reinsurance sector in Q1 2020 and throughout 2019 stems from our long-standing commitment to the sector,” said Arif Amiri, chief executive of DIFC Authority. “While providing the most proven legal and regulatory frameworks for insurance and reinsurance leaders in the region, our approach also allows insurtech start-ups to collaborate with top reinsurance leaders in DIFC to address tomorrow’s requirements.”
