Premiums lift growth for insurers at DIFC

VOLUMES WRITTEN HIT $427M IN FIRST QUARTER OF 2020

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, yesterday reported sustained performance in the reinsurance sector.

The sector grew by 17.4 per cent in 2019, representing the highest volume of premiums ever written in the market, further reinforcing the Centre’s position as the leading reinsurance hub in the region. The DIFC confirmed that 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.

Regional reinsurance hub

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.

During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.

“Our strong performance in reinsurance sector in Q1 2020 and throughout 2019 stems from our long standing commitment to the sector. Our approach also allows InsurTech start-ups to collaborate with top reinsurance leaders in DIFC to address tomorrow’s requirements,” said Arif Amiri, Chief Executive Officer of DIFC Authority.