DIFC Achieves 23 Percent Year-over-Year Gross Written Premiums

Dubai International Financial Centre (DIFC) has recorded its highest gross written premiums (GWP) at nearly $2.6 billion in 2023, representing a 23 percent increase from the prior year's $2.1 billion, according to a recent DIFC statement.

The premiums brokered within DIFC also witnessed a substantial rise, surpassing $2 billion in 2023, marking a 61 percent increase from $1.2 billion in 2022.

As a global hub for the insurance and reinsurance industry, DIFC has experienced a 20 percent year-over-year growth in the registration of insurance and reinsurance firms. A notable aspect of this growth is the increasing prominence of managing general agents (MGAs), which accounted for 43 percent of new registrations. DIFC's robust regulatory environment and strategic partnerships with cedants and brokers have made it an attractive destination for MGAs.

DIFC's appeal extends to a wide range of insurance and reinsurance entities, including global insurers, reinsurers, brokers, captive insurers, and consultancy firms. Factors such as flexible oil prices, infrastructure spending, and a focus on sustainable projects have contributed to this trend, according to the DIFC statement.

Furthermore, DIFC's commitment to technological innovation, including the integration of artificial intelligence (AI) and new distribution techniques, has positioned it as a leader in industry change for reinsurance.

The roster of companies joining DIFC's insurance sector in the past year includes Alif Limited, Arc Insurance and Reinsurance Limited, BharatRe Global Ltd., and others.

Arif Amiri, CEO of DIFC Authority, said, "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. Our platform enables clients to achieve their growth ambitions, which was reflected in the achievement of close to $2.6 billion in gross written premiums during 2023, the highest in the Centre's history. Our ongoing partnership with Global Reinsurance for the Dubai World Insurance Congress reflects DIFC's commitment to driving economic growth and the future of finance."

The Dubai World Insurance Congress (DWIC) recently convened with over 1,300 delegates from 73 countries, exploring key themes such as attracting capital, building capacity, embracing innovation, nurturing artificial intelligence, navigating volatile risks, and developing talent.

As confidence in the Middle East, Africa, and Southern Asia (MEASA) market remains high, DIFC continues to drive the development of the insurance and reinsurance industry, attracting talent and expertise to access key markets in the Middle East, Asia, and Africa.