Dubai International Financial Centre (DIFC) has reported the highest gross written premiums (GWP) recorded in its 20-year history at close to $2.6 billion, marking a 23% increase from the $2.1 billion reached in 2022.
DIFC also reported a 20% increase in the registration of insurance and reinsurance firms, including the first re-domiciliation of a Guernsey-based captive.
Managing General Agents (MGAs) made up 43% of new registrations, DIFC said, attributing the growth to its globally recognised regulatory environment that enables partnerships with cedants and brokers.
“Global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd’s service companies and coverholders, consultancy companies, compliance firms, and risk management organisations prefer operating from DIFC, in part due to buoyant oil prices, increased infrastructure spending, a focus on sustainable projects, and low insurance penetration in the region,” the centre said in a press release.
DIFC’s (re)insurance industry has been further bolstered through its rate of cultural innovation, which includes the steady integration of new technologies such as artificial intelligence (AI) and new distribution techniques.
DIFC is home to more than 120 registered insurers, reinsurers, captives, MGAs, and insurance-related entities. The centre recorded combined revenues of nearly Dh1.3 billion for the 2023 financial year, marking the fastest growth rate since inception and a 23% increase over 2022.
