The Dubai International Financial Centre (DIFC) has granted several licenses to insurance and reinsurance firms in recent months, with the sector on track for 20% year-on-year growth.
In the first half of the year, gross written premiums rose 18% on H1 2022 and 34% on H1 2021 to USD 1.2 billion, as the DIFC reports a record-breaking inflow of insurance peers over the past five years.
The centre says that there’s now a 43% representation of Managing General Agents from Africa, Asia, Europe and the Middle East, contributing to the USD 2.1 billion DIFC market.
Hensley Wynne Furlonge Partners (Middle East) Ltd, MNK Re Ltd, Optio Re MENA Ltd, Swan Insurance Management Agency Ltd, Waica Reinsurance (DIFC) Ltd, and YOA Risk Services Ltd, have all recently joined the DIFC market.
The new additions join the likes of AIG, Berkshire Hathaway, Zurich, Marsh, Aon, and WTW.
According to the DIFC, the new joiners cover a range of insurance and reinsurance lines that will enable them to expand across the region. This includes transactional risk insurance within the M&A process, medical, personal accident, travel, property, engineering, liability, and also marine.
The DIFC also announces that Virtual I Technologies Ltd, an insurtech from the DIFC Innovation Hub, has become the first insurtech to upgrade and obtain a regulatory licence from the Dubai Financial Services Authority (DFSA).
Arif Amiri, Chief Executive Officer (CEO) of DIFC Authority, commented: “DIFC has been delighted to welcome an impressive stream of new insurance and reinsurance companies during the first nine months of 2023, on track for 20 per cent annual growth. Today, we are home to more than 100 registered insurers, reinsurers, captives and insurance-related entities who are using our platform to achieve their growth ambitions.
“Our world-class laws and regulations are comparable to other advanced markets across the globe and enable our insurers and reinsurers to confidently operate in the jurisdiction, tap into new growth opportunities in the region, and collectively contribute to the Centre’s vision of driving the future of finance.”
DIFC notes that it has driven the development of the re/insurance industry over the east two decades by co-hosting the Dubai World Insurance Congress.
In fact, an independent survey conducted during the Congress identified that 87% of respondents are confident in the MEASA market and the strategic opportunities it holds. It further highlighted that property, health, energy, cyber, and liability lines of business hold the most potential for the MEASA region.
