Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, recorded a 35% leap in gross written premiums to $3.5bn in 2024 from $2.6bn in 2023, according to DIFC Authority COO Ms Alya Al Zarouni.
She was speaking yesterday at the opening of the three-day Dubai World Insurance Congress which has attracted 1,700 attendees from 82 countries.
DIFC Authority CEO Arif Amiri, said, “DIFC is well positioned to broaden and deepen its role as the region’s leading insurance hub, thanks to its progressive and proportionate laws and regulations. DIFC’s proven and stable environment for financial services firms and the UAE’s visionary leadership have helped Dubai position itself as a strong base for insurance firms.”
Over 125 insurance and reinsurance entities are housed in the DIFC.
The DIFC, in a statement, said, “The Middle East insurance sector is thriving and well-positioned to continue expanding on the back of heavy regional investment in mega tourism, retail and infrastructure projects aimed at diversifying economies away from fossil fuel production. Dubai, for example, was ranked first globally for greenfield foreign direct investment projects in tourism in the first half of 2024.
“Consumer awareness in the region and uptake of insurance products is also growing. In part due to a favourable regulatory environment, Dubai International Financial Centre (DIFC) is attracting more captive insurers, InsurTechs, and building on its role as a global hub for managing general agents (MGAs). More MGAs will strengthen the local insurance market, increase choice of products, and widen the use of insurance.”