Chaucer has doubled its re/insurance business in Dubai since 2020 as well as the size of its re/insurance book, said the group in a recent announcement.
The Dubai office has gone from strength to strength since Chaucer MENA opened its doors in 2017, increasing its book size 40% y-o-y, the re/insurer highlighted.
The office, headed by Senior Executive Officer, Fawzi Omari, is now celebrating its five-year anniversary. It was initially established to help Chaucer deliver bespoke risk solutions and service expertise to clients in the Middle East and North Africa.
It offers insurance and reinsurance (facultative and treaty) across six lines: Political Violence, Political Risk and Credit, Casualty, Property, Energy and Marine.
Fawzi Omari, Senior Executive Officer at Chaucer, commented: “I’m extremely proud of all that we have accomplished within a relatively short period of time. Despite the major challenges posed by the pandemic, we’ve seen our book size grow significantly.”
“Key to this has been our wealth of knowledge of the local markets, our people-first approach and our practice of adapting our products to meet the needs of our clients.”
“The five years in which we have been operating have been characterised by steady and consistent growth, something that we will look to replicate in our next five years and beyond.”
Chaucer now looks to the future with growth in renewable business as its key focus over the next five years.
The MENA region has attracted substantial investment in clean energy, with the UAE pledging to invest $163.5bn in clean and renewable energy projects over the next three decades in order to meet its target of net zero emissions by 2050.
Investment in infrastructure to support this growth will require considerable re/insurance capacity, the firm explained.
Growing the book of renewable energy complements the ESG strategy at a group level within Chaucer.
