Insurance premiums written in the Dubai International Financial Center will reach $2.6 billion in 2023, with a growth of 23%

Dubai, April 28 / WAM / The Dubai International Financial Center has strengthened its position as a major global center for the insurance and reinsurance sector, by recording the highest total in written insurance premiums throughout its history extending over 20 years, amounting to approximately $2.6 billion in the year 2023, an increase of 23% compared to $2.1 billion in 2022.
The center announced in a press release issued today a 20% increase in the number of insurance and reinsurance companies joining its client base… indicating that it has strengthened its position as a world-class center for general insurance agencies, which represent 43% of new registered companies, thanks to its regulatory environment. World-class services that enable partnerships with agents and brokers.
He noted that international insurance companies, reinsurance companies, insurance and reinsurance brokers, captive insurance companies, general insurance agencies, Lloyd’s agents, consulting companies, compliance companies, and risk management organizations prefer to conduct their business from the Dubai International Financial Center and attributed this to the rise in Oil prices, increased spending on infrastructure, focus on sustainable projects, and decreased penetration of insurance activities in the region.
He explained that the insurance and reinsurance sector in the Dubai International Financial Center has been further strengthened through the rate of cultural innovation, which includes the continuous integration of new technologies such as artificial intelligence, and new distribution methods that are reshaping the future of the sector.
He pointed out that among the companies that have joined the thriving insurance sector in the Dubai International Financial Center during the past twelve months are “Hensley Wayne Furlong Partners (Middle East), “Swan Insurance Management Agency,” and “Wika Reinsurance (Dubai Center). Global Financial), YOA Risk Management Limited, Octair Group, Parents Risk Management, Bharat Re Global, Shadeed Reinsurance Brokerage (DIFC), and Bix Re Limited, Aleef, Ark Insurance and Reinsurance Limited, Pacific Prime International, and Proton Reinsurance, which is the first company to obtain a license to test innovation in the insurance field.
Arif Amiri, CEO of the Dubai International Financial Center Authority, said: “The center currently hosts more than 120 insurance, reinsurance, captive insurance companies, general insurance agencies, and other entities related to the insurance sector, which reaffirms our established position as a global center for this sector.”
He added: “Our platform allows customers to benefit from its potential to achieve their growth ambitions, which was reflected in achieving approximately $2.6 billion in total insurance premiums written during the year 2023, which is the highest in the center’s history… and reflects the continuation of our partnership with Global Re Insurance.” ‘In hosting the Dubai International Insurance Conference, the Center is committed to continuing to lead economic growth and the future of the financial sector.’
The Dubai International Financial Center is also participating in hosting the Dubai International Insurance Conference, one of the largest global insurance events, from April 29 to 30 at the Atlantis, The Palm, Dubai, which is scheduled to bring together more than 1,300 participants from more than 73 countries, with an increase in the participation rate. Nearly 20% more than last year.
The conference includes a number of prominent speakers, including Vicky Carter, Chairman of the Board of Directors of Global Capital Solutions, and Andrew Horton, CEO of QBE Group.

The main topics covered by this year’s conference, which will contribute to reshaping the future of the sector, include attracting capital, building capabilities, embracing innovation, supporting artificial intelligence applications, dealing with changing risks, and developing talent.
The event includes a presentation similar to the “Shark Tank” entrepreneurship and innovation programme, presented by participants from “Lloyd’s Laboratory”, one of the accelerator programs designed to stimulate innovation in the insurance sector.
An opinion poll conducted at the Dubai International Insurance Conference in 2023 revealed that 87% of participants expressed their confidence in the Middle East, Africa and South Asia market and the strategic opportunities it provides.

The survey also revealed that business areas related to property, health, energy, cyber risk and liability have the greatest potential in the Middle East, Africa and South Asia region.

In 2023, 85% of participants expressed confidence in renewing insurance policies and their ability to retain customers.