Dubai International Financial Centre (DIFC) announced sustained performance in the reinsurance sector. The sector grew by 17.4% in 2019, representing the highest volume of premiums ever written in the market, further reinforcing the Centre’s position as the leading reinsurance hub in the region.
The DIFC confirmed that Gross Written Premiums (GWP) for Q1 2020 reached $472 million, on par with the same period during Q1 2019, reflecting continued industry stability and resilience.
The premiums cover different areas including marine, aviation, transport, health, property damage and liability, alongside other sectors. This growth was characterised by reinsurers, coverholders, managing general agents, and reinsurance brokers prioritising DIFC’s world-class enabling and dynamic business environment over other global financial centres to gain access to the MEASA region.
During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.
The recent emergence of InsurTech pioneers now represent a total of 10 insurance-related institutions registered at the Centre. As part of DIFC’s vision to shape the future of finance, InsurTech is transforming the industry through developments through digitalisation, innovation and collaboration. Start-ups are able to collaborate with insurance and reinsurance leaders to deliver solutions that address the growing requirements for the future insurance industry including AIG, AXA Gulf, Cigna Insurance Middle East S.A.L., Insurance House, MetLife, Noor Takaful (Ethical Insurance) and Zurich Insurance Company Ltd (DIFC.
Also published on Medium.
