{"id":58678,"date":"2024-04-28T11:49:50","date_gmt":"2024-04-28T07:49:50","guid":{"rendered":"https:\/\/blog.dubaicityguide.com\/site\/?p=58678"},"modified":"2024-04-28T11:49:50","modified_gmt":"2024-04-28T07:49:50","slug":"difc-delivers-record-23-per-cent-yoy-growth-in-underwriting-volumes-reaching-an-annual-usd-2-6bn-in-gross-written-premiums","status":"publish","type":"post","link":"https:\/\/blog.dubaicityguide.com\/site\/difc-delivers-record-23-per-cent-yoy-growth-in-underwriting-volumes-reaching-an-annual-usd-2-6bn-in-gross-written-premiums\/","title":{"rendered":"DIFC delivers record 23 per cent YoY growth in underwriting volumes reaching an annual USD 2.6bn in gross written premiums"},"content":{"rendered":"

Dubai International Financial Centre<\/a> (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 (GWP) recorded in its 20-year history at close to USD 2.6bn,\u00a0up 23 per cent from\u00a0USD 2.1bn in 2022.<\/p>\n

Supporting the record high in GWP, the Centre also announced a 20 per cent increase in registration of insurance and reinsurance firms in DIFC, including the first re-domiciliation of a Guernsey-based captive.<\/p>\n

DIFC has strengthened its position as a top-tier global hub for Managing General Agents (MGAs), which represent 43 per cent of new registrations owing to its globally recognised regulatory environment that enables partnerships with cedants and brokers.<\/p>\n

Additionally, global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd\u2019s 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. DIFC\u2019s (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 that are reshaping the future.<\/p>\n

Alif Limited, Arc Insurance and Reinsurance Limited, Barents Risk Management Limited, BharatRe Global Ltd., Chedid Reinsurance Brokers (DIFC) Limited, Hensley Wynne Furlonge Partners (Middle East) Ltd, Octare Group Ltd., Pacific Prime International Limited, PEX Re Limited, Swan Insurance Management Agency Ltd, Waica Reinsurance (DIFC) Ltd, YOA Risk Services Ltd, and Proton Reinsurance Limited, the first Insurance Innovation Testing Licensee, are among some of the companies to join DIFC\u2019s burgeoning insurance sector in the past 12 months.<\/p>\n

Arif Amiri, Chief Executive Officer, DIFC Authority<\/strong>, said: \u201cDIFC 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 USD 2.6bn gross written premiums during 2023, the highest in the Centre\u2019s history. Our ongoing partnership with Global Reinsurance for the Dubai World Insurance Congress, reflects DIFC\u2019s commitment to driving economic growth and the future of finance.\u201d<\/p>\n

DIFC also remains the co-host of the Dubai World Insurance Congress (DWIC), one of the biggest global insurance events, which is set to convene over 1,300 delegates, almost a 20 per cent increase compared with last year, from over 73 countries on 29-30 April at Atlantis, The Palm.\u00a0Notable speakers include Vicky Carter, Chair of Global Capital Solutions and Andrew Horton, Group Chief Executive Officer of QBE. The key themes at this year\u2019s Congress which will reshape the industry\u2019s future include attracting capital, building capacity, embracing innovation, nurturing artificial intelligence, navigating volatile risks and developing talent. The event will also showcase a shark-tank style pitch by participants from the Lloyd\u2019s Lab, an accelerator programme designed to stimulate innovation in the industry.<\/p>\n

A survey conducted at DWIC in 2023, found that 87 per cent of respondents were confident in the MEASA market and the strategic opportunities it holds. Property, health, energy, cyber and liability lines of business hold the most potential for the MEASA region, the survey found. In 2023, 85 per cent of respondents said they are confident in renewals and their ability to retain clients.<\/p>\n

Over 20 years, DIFC has driven the development of the insurance and reinsurance industry, attracting sectoral talent and technical expertise to access key markets in the Middle East, Asia, and Africa. The Centre is also home to renowned insurance brokers, five of whom are among the top ranked entities by AM Best. This has supported the powerful growth in brokered premiums by 61 per cent vis-\u00e0-vis 2022, crossing the USD 2bn mark, reaffirming DIFC\u2019s position as a recognised global market for insurance and reinsurance placements.<\/p>\n

About Dubai International Financial Centre<\/strong><\/p>\n

Dubai International Financial Centre (DIFC) is one of the world\u2019s most advanced financial\u202fcentres, and the leading financial hub for the Middle East,\u202fAfrica,\u202fand South Asia (MEASA), which comprises 72 countries with an approximate population of 3bn and an estimated GDP of USD 8trn.<\/p>\n

With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia,\u202fEurope,\u202fand the Americas through Dubai.<\/p>\n

DIFC is home to an internationally\u202frecognised, independent regulator and a proven judicial system with an English common law framework, as well as the region\u2019s largest financial ecosystem of over 41,500 professionals working across over 5,500 active registered companies \u2013 making up the largest and most diverse pool of industry talent in the region.<\/p>\n

The Centre\u2019s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region\u2019s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator\u202fprogrammes, and funding for growth-stage start-ups.<\/p>\n

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments,\u202fhotels\u202fand public spaces, DIFC continues to be one of Dubai\u2019s most sought-after business and lifestyle destinations.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 (GWP) recorded in its 20-year history at close to USD 2.6bn,\u00a0up 23 per cent from\u00a0USD 2.1bn in […]<\/p>\n","protected":false},"author":1,"featured_media":58679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/58678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=58678"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/58678\/revisions"}],"predecessor-version":[{"id":58680,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/58678\/revisions\/58680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/58679"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=58678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=58678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=58678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}