Dubai: Alya AlZarouni, Chief Operating Officer at Dubai International Financial Centre (DIFC) Authority, announced the Centre recorded a 35 percent leap in gross written premiums from USD 2.6 billion to USD 3.5 billion during 2024. He made the remarks as the Dubai International Financial Centre (DIFC) is currently hosting the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. The event is welcoming 1,700 attendees from 82 countries, consolidating DIFC's position as the only insurance and reinsurance hub in the region. Over 6,000 deal-making meetings have been scheduled by attendees.
According to Emirates News Agency, the Dubai World Insurance Congress is co-hosted by Global Reinsurance (GR), with attendance growing from 1,300 delegates in 2024. Registrations closed a month before the event due to high demand. The event has been extended to three days, focusing on new trends in the industry, including climate change, geographic updates, technological transformations, emerging risks, new ways of modelling risks, and more.
Reflecting the magnitude of insurance and reinsurance business being undertaken in DIFC, during the opening session of the Congress, AlZarouni announced the Centre recorded a 35 percent leap in gross written premiums from USD 2.6 billion to USD 3.5 billion during 2024.
During day one of the Congress, DIFC and its research partner Asia House unveiled an exclusive report titled 'Embedding Resilience: Opportunities for the Global Insurance Industry.' The report highlights significant prospects for insurers and reinsurers as the sector seeks to narrow the gap between insured and uninsured assets and usher in much-needed investment.
Commenting on the report and DIFC's contribution to Dubai's economy, Arif Amiri, Chief Executive Officer of DIFC Authority, stated that DIFC is well-positioned to broaden its role as the region's leading insurance hub. This is attributed to its progressive laws and regulations, stable environment for financial services firms, and the UAE's visionary leadership. Over 125 insurance and reinsurance entities are based in DIFC, and they are encouraged to capitalize on the themes identified in the report.
The report outlines that the USD 8 trillion global insurance industry is expanding, driven by demand for resilience against extreme weather events and cyberattacks. This growth is mirrored in the Middle East, where insurance safeguards capital flows into the region's construction and energy mega-projects.
The Middle East insurance sector is thriving, bolstered by regional investment in tourism, retail, and infrastructure projects. Dubai was ranked first globally for greenfield foreign direct investment projects in tourism in the first half of 2024.
Consumer awareness and uptake of insurance products are growing in the region, aided by a favorable regulatory environment. DIFC is attracting more captive insurers and InsurTechs, strengthening the local insurance market and widening product use.
Insurers are exploring artificial intelligence for streamlining claims processing, product customization, and distribution. InsurTechs are collaborating with incumbents to manage regulatory and investment costs. Web3 and crypto assets present growth opportunities as decentralized finance becomes a global trend.
DIFC aims to enhance the insurance ecosystem through engagement, transparent communication, timely data access, talent nurturing, and education. These advantages encourage insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance.