Dubai International Financial Centre (DIFC) has granted several licences to insurance and reinsurance companies in recent months, the sector in the DIFC is on track for 20% annual growth, the financial centre said in a statement.
DIFC welcomed Hensley Wynne Furlonge Partners (Middle East), MNK Re, Optio Re MENA, Swan Insurance Management Agency, Waica Reinsurance and YOA Risk Services. They join others including AIG, Berkshire Hathaway, Zurich, Marsh, Aon and Willis.
The newcomers are engaged in a broad range of insurance and reinsurance lines including transactional risk insurance within the M&A process, medical, personal accident, travel, property, engineering, liability and marine.
Additionally, a company from the DIFC Innovation Hub, has become the first InsurTech to upgrade and obtain a regulatory licence from the Dubai Financial Services Authority. Virtual I Technologies created an AI-based risk assessment tool and has moved to the next phase of growth to be a capacity distributor based on a digital gateway platform for capacity providers, global agents, local agents and retail brokers.
Over the past five years, DIFC has seen an influx of insurance and reinsurance players with a 43% representation of MGAs from Africa, Asia, Europe and the Middle East contributing to the $2.1bn market. The continuing increase in company registrations from the sector provides a buoyant outlook for the workforce as well as gross written premiums, which have already increased by 18% to $1.2bn in the first six months of the year when compared to the same period in 2022 and by 34% since 2021.
DIFC Authority CEO Arif Amiri said that the centre is on track for 20% annual growth with more than 100 registered insurers, reinsurers, captives and insurance-related entities.
An independent survey conducted during the Dubai World Insurance Congress in March 2023 found that 87% of respondents were confident in the MEASA market and the strategic opportunities it holds.
The survey found that property, health, energy, cyber and liability lines of business hold the most potential for the MEASA region. Reflecting the growing sophistication of insurance markets and increasing demand for insurance/reinsurance, the survey showed that 85% of respondents are confident in 2023 renewals and the possibility of retaining clients. M