The Dubai International Financial Centre’s (DIFC) re/insurance business increased by 35% as gross written premiums (GWP) hit $3.5 billion, generated by 125 insurance-related entities in 2024, compared to $2.6 billion in 2023.
The Middle East insurance sector is thriving and well-positioned to continue expanding through heavy regional investment in mega tourism, retail, and infrastructure projects aimed at diversifying economies away from fossil fuel production.
Additionally, Dubai was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism in the first half of 2024. This is propelled by growth in consumer awareness in the region and insurance products.
DIFC continues to attract more captive insurers, InsurTechs, and build on its role as a global hub for managing general agents (MGA) due to a favourable regulatory environment.
As insurers explore the integration of artificial intelligence in daily operations, insurtechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Meanwhile, Web3 and crypto assets offer insurance growth opportunities as decentralised finance emerges as a key global finance trend.
DIFC stated, “it strives to fortify the insurance ecosystem through continuous engagement, transparent communications, access to timely data and scope to nurture talent and provide education.”
Arif Amiri, Chief Executive Officer, DIFC Authority said, “DIFC is well-positioned to broaden and deepen its role as the region’s leading insurance hub, thanks to its progressive and proportionate laws and regulations.
“DIFC’s proven and stable environment for financial services firms and the UAE’s visionary leadership have helped Dubai position itself as a strong base for insurance firms as evidenced through gross written premiums for 2024 surging by 35% to reach a record high of $3.5 billion. Over 125 insurance and reinsurance entities call DIFC their home, and we urge them to capitalise on the themes identified in our first-ever report on opportunities for the global insurance industry.”
