The Dubai International Financial Centre (DIFC) has reported the highest gross written premiums (GWP) in its history at close to $2.6 billion in 2023, an increase of 23% on the prior year’s $2.1 billion.
Alongside the highest GWP in 20 years, the DIFC also saw a 20% rise in registration of insurance and reinsurance companies, including the first re-domiciliation of a Guernsey-based captive.
Premium brokered in DIFC exceeded $2 billion in 2023, an increase of 61% on 2022’s $1.2 billion, as the centre bolstered its position as a hub for MGAs, which represent 43% of new registrations.
“DIFC is now home to more than 120 registered insurers, reinsurers, captives, MGAs, and insurance-related entities, reaffirming our position as a global hub for the industry,” said Arif Amiri, Chief Executive Officer, DIFC Authority.
“Our platform enables clients to achieve their growth ambitions, which was reflected in the achievement of close to USD 2.6bn gross written premiums during 2023, the highest in the Centre’s history,” added Amiri.
DIFC notes that its re/insurance industry has also been strengthened via its rate of cultural innovation, which includes the integration of new technologies such as artificial intelligence, and new distribution techniques that are reshaping the future.
Some of the companies to join DIFC’s insurance sector over the past year includes: Alif Limited, Arc Insurance and Reinsurance Limited, Barents Risk Management Limited, BharatRe Global Ltd., Chedid Reinsurance Brokers (DIFC) Limited, Hensley Wynne Furlonge Partners (Middle East) Ltd, Octare Group Ltd., Pacific Prime International Limited, PEX Re Limited, Swan Insurance Management Agency Ltd, Waica Reinsurance (DIFC) Ltd, YOA Risk Services Ltd, and Proton Reinsurance Limited.
