Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, 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 re reinsurance hub in the region. Over 6,000 deal-making meetings have been scheduled by attendees.
Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress attendance has grown from 1,300 delegates in 2024, with registrations closing a month before the event due to unprecedented demand. The event has been extended to three days and focuses 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 (re)insurance business being undertaken in DIFC, during the opening session of the Dubai World Insurance Congress, Alya AlZarouni, Chief Operating Officer at DIFC Authority announced the Centre recorded a 35 per cent leap in gross written premiums from USD 2.6bn to USD 3.5bn 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’, highlighting significant prospects for insurers and reinsurers as the sector seeks to narrow the gap between insured and uninsured assets, and ushering in much needed investment.
Commenting on the report, and the contribution of DIFC’s insurance sector to Dubai’s economy, Arif Amiri, Chief Executive Officer of DIFC Authority, commented: “DIFC is well positioned to broaden and deepen its role as the region’s leading insurance hub, thanks to its progressive and proportionate laws and regulations. DIFC’s proven and stable environment for financial services firms and the UAE’s visionary leadership have helped Dubai position itself as a strong base for insurance firms as evidenced through gross written premiums for 2024 surging by 35 per cent to reach a record high of USD 3.5bn. Over 125 insurance and reinsurance entities call DIFC their home, and we urge them to capitalise on the themes identified in our first-ever report on opportunities for the global insurance industry.”
The report highlights that the USD 8 trillion global insurance industry is growing, spurred on by strong demand for its capacity to make economies and businesses more resilient to extreme weather events and cyberattacks, both of which are growing in frequency and severity. This boom is echoed in the Middle East, where the sector has been buoyed by a need for insurance to safeguard capital flows into the region’s growing construction and energy mega-projects.
The Middle East insurance sector is thriving and well-positioned to continue expanding on the back of heavy regional investment in mega tourism, retail, and infrastructure projects aimed at diversifying economies away from fossil fuel production. Dubai, for example, was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism in the first half of 2024.
Consumer awareness in the region and uptake of insurance products are also growing. In part due to a favourable regulatory environment, Dubai International Financial Centre (DIFC) is attracting more captive insurers, InsurTechs, and building on its role as a global hub for managing general agents (MGAs). More MGAs will strengthen the local insurance market, increase the choice of products, and widen the use of insurance.
Insurers are exploring how artificial intelligence (AI) can streamline claims processing, customisation, and distribution of products and services. InsurTechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Web3 and crypto assets, meanwhile, offer insurance growth opportunities as decentralised finance emerges as a key global finance trend.
DIFC strives to fortify the insurance ecosystem through continuous engagement, transparent communications, access to timely data, and scope to nurture talent and provide education. These are meaningful advantages that will encourage most insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance.
