The center attracted a new group within 9 months
Dubai International Financial Corporation sets to achieve exceptional growth in the number of insurance companies by 20%
100 insurance and reinsurance companies currently operating in the Dubai International Financial Centre. From the source
Arif Amiri: "DIFC has a world-class regulatory environment that enables insurance and reinsurance companies to operate with confidence."
image
The Dubai International Financial Centre (DIFC) has confirmed that it will continue to strengthen its position as a global hub for the insurance and reinsurance sector, with several new companies joining the sector during the first nine months of this year, and the sector is heading for an exceptional annual growth of 20%.
Hensley Win Forlong Partners (Middle East), MNKRE, Opteo Re MENA, Swan Insurance Management Agency, Waica Reinsurance (DIFC) and YOA Risk Management have joined the current list of other industry notables such as: AIG, Berkshire Hathaway, Zurich, Marsh, IN and Wellis are all seeking access to the world's largest untapped insurance market through the Dubai International Financial Centre (DIFC).
Coverage areas
According to DIFC, the new companies cover a wide range of insurance and reinsurance lines that will enable them to expand and grow across the region, including: mergers and acquisitions transaction risk insurance, health insurance services, accident insurance, travel insurance, and specialized property, engineering, liability and maritime transport services.
In support of the Centre's vision of leading the future of the financial sector, VirtualEye Technologies, the insurtech company operating within Innovation Hub in the DIFC, became the first insurtech company to receive a regulatory license from the DFSA, and has created the world's most advanced AI-based risk assessment tool and moved into the next phase of growth, distributing insurance capacity based on a digital platform that supports local insurance agents and brokers. and internationals.
Record turnout
Over the past five years, the DIFC has received a record turnout from entities linked to the insurance and reinsurance sector, with 43 per cent of them from Africa, Asia, Europe and the Middle East accounting for 2 per cent of administrative agents, with a contribution to the DIFC market amounting to US$1.<> billion.
The continued increase in companies in this sector augurs well for the growth prospects for the workforce and gross written premiums, which have already increased by 18% to reach US$1.2 billion in the first six months of the year compared to the same period in 2022, and have increased by 34% since 2021.
Exceptional growth
Arif Amiri, Chief Executive Officer of the DIFC Authority, said: "We are delighted that a new group of insurance and reinsurance companies have joined the DIFC in the first nine months of this year and move towards an exceptional year-on-year growth of 20 per cent.
"More than 100 insurance and reinsurance companies and other entities associated with the insurance sector currently operate in the DIFC, and they are leveraging our enabling platform to contribute to their ambitions to accelerate growth."
Amiri continued: "DIFC enjoys a world-class regulatory environment that enables insurance and reinsurance companies to operate confidently and conduct their activities to seize the region's favourable growth opportunities and jointly contribute to achieving the Centre's vision of leading the future of the financial sector."