UAE: Insurance sector in DIFC posts record-high premiums in 2023

Source: Middle East Insurance Review | Jun 2024

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022.

DIFC also announced a 20% increase in the registration of insurance and reinsurance firms, including the first re-domiciliation of a Guernsey-based captive.

DIFC has strengthened its position as a global hub for Managing General Agents (MGAs), which represent 43% of new registrations.

The centre houses global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd’s service companies and coverholders, consultancy companies, compliance firms and risk management organisations. M

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