The Dubai International Financial Centre (DIFC), has said it will continue to build its reinsurance operations as it released new figures which showed continued growth in the sector.
It reported that reinsurance grew by 17.4% last year as the DIFC continues to build what it described as “the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region”.
The growth in 2019 represented the highest volume of premiums ever written in the market. The centre reported Gross Written Premiums (GWP) for Q1 2020 reached $472 million, on par with the same period during Q1 2019, “reflecting continued industry stability and resilience”.
The premiums cover different areas including marine, aviation, transport, health, property damage and liability, alongside other sectors.
“This growth was characterised by reinsurers, coverholders, managing general agents, and reinsurance brokers prioritising DIFC’s world-class enabling and dynamic business environment over other global financial centres to gain access to the MEASA region,” it added.
Arif Amiri, Chief Executive Officer, DIFC Authority, said: “Our strong performance in the reinsurance sector in Q1 2020 and throughout 2019 stems from our long-standing commitment to the sector. Whilst providing the most proven legal and regulatory frameworks for insurance and reinsurance leaders in the region, our approach also allows InsurTech start-ups to collaborate with top reinsurance leaders in DIFC to address tomorrow’s requirements.
“As part of our focus on shaping the future of finance, we are embracing digitalisation, collaboration and talent which can deliver large-scale changes in the sector and create the next generation of financial services professionals. This is especially important as the insurance sector continues to evolve which requires us to be in a position to meet the industry’s evolving requirements, underlining our commitment to leading reinsurance sector growth in the region.”