Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa and South Asia (MEASA) region, has solidified its position as a key centre for the insurance and reinsurance industry. The Centre achieved its highest gross written premiums (GWP) in its 20-year history, reaching nearly USD 2.6 billion in 2023, reflecting a significant 23% increase from USD 2.1 billion in 2022.
This growth is accompanied by a 20% year-on-year surge in registrations of insurance and reinsurance companies setting up at DIFC. This upswing includes the first-ever re-domiciliation of a Guernsey-based captive insurer.
DIFC's robust regulatory environment, recognized globally, has made it a top-tier hub for Managing General Agents (MGAs). MGAs now represent 43% of all new registrations, enabling partnerships between cedants and brokers.
Several factors are driving demand for insurance and reinsurance in the region, including rising oil prices, increased spending on infrastructure, a focus on sustainable projects, and low insurance penetration rates. DIFC's commitment to innovation, including the integration of Artificial Intelligence (AI) and novel distribution channels, further strengthens its position in the evolving insurance landscape.
A number of prominent companies have joined DIFC's thriving insurance sector in the past year. These include Alif Limited, Arc Insurance and Reinsurance Limited, BharatRe Global Ltd., and Proton Reinsurance Limited, the first company to receive an insurance innovation testing license.
"DIFC is now home to over 120 registered insurers, reinsurers, captives, MGAs and insurance-related entities, solidifying our position as a global hub for the industry," said Arif Amiri, Chief Executive Officer of DIFC Authority. "Our platform empowers businesses to achieve their growth ambitions, as evidenced by our record-breaking GWP of nearly USD 2.6 billion in 2023. Our ongoing partnership with the global reinsurance industry for the Dubai World Insurance Congress reflects DIFC's dedication to fostering economic growth and shaping the future of finance."
DIFC will continue to co-host the Dubai World Insurance Congress (DWIC), a premier global insurance event expected to convene over 1,300 delegates from more than 73 countries on April 29-30, 2024, at Atlantis, The Palm. This represents a nearly 20% increase in attendance compared to the previous year. Key industry leaders, including Vicky Carter, Chair of Global Capital Solutions, and Andrew Horton, Group Chief Executive Officer of QBE, will be among the esteemed speakers.
The Congress will explore critical themes that will shape the future of the insurance industry, including attracting capital, developing talent, embracing innovation, leveraging artificial intelligence, navigating emerging risks, and nurturing talent. A highlight of the event will be a Shark Tank-style pitch session featuring participants from Lloyd's Lab, an accelerator program designed to stimulate industry innovation.