Dubai International Financial Centre (DIFC) has reported a remarkable 35 percent increase in gross written premiums, rising from $2.6 billion to $3.5 billion during 2024, according to Alya AlZarouni, chief operating officer at DIFC Authority. AlZarouni made these remarks as DIFC currently hosts the largest gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. This event is welcoming 1,700 attendees from 82 countries, solidifying DIFC’s position as the premier insurance and (re)insurance hub in the region. Attendees have scheduled over 6,000 deal-making meetings.
Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress has seen attendance grow from 1,300 delegates in 2023, with registrations closing a month prior to the event due to unprecedented demand. The event, WAM reported, has been extended to three days, focusing on emerging trends in the industry, including climate change, geographic updates, technological transformations, and new ways of modeling risks.
Highlighting opportunities in insurance sector
During the first day of the Congress, DIFC and its research partner Asia House unveiled an exclusive report titled ‘Embedding Resilience: Opportunities for the Global Insurance Industry.’ This report highlights significant prospects for insurers and reinsurers as the sector seeks to reduce the gap between insured and uninsured assets while ushering in much-needed investment.
Commenting on the report and the contribution of Dubai International Financial Centre’s insurance sector to Dubai’s economy, Arif Amiri, chief executive officer of DIFC Authority, stated: “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 percent to reach a record high of USD 3.5 billion. Over 125 insurance and reinsurance entities call DIFC their home, and we urge them to capitalize on the themes identified in our first-ever report on opportunities for the global insurance industry.”
Growing demand in the global insurance market
The report emphasizes that the $8 trillion global insurance industry is expanding, fueled by strong demand for its capacity to enhance resilience against extreme weather events and cyberattacks, both of which are increasing in frequency and severity. This growth is echoed in the Middle East, where the insurance sector is buoyed by the need to safeguard capital flows into the region’s burgeoning construction and energy mega-projects.
The Middle East insurance sector is thriving and well-positioned for continued expansion, driven by heavy regional investment in mega tourism, retail, and infrastructure projects aimed at diversifying economies away from fossil fuel production. For instance, Dubai was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism during the first half of 2024.
Read more: UAE’s insurance sector to grow 20 percent in 2025: S&P
Increasing consumer awareness
Consumer awareness in the region and the uptake of insurance products are also on the rise. Partly due to a favorable regulatory environment, the Dubai International Financial Centre is attracting more captive insurers and InsurTechs, further enhancing its role as a global hub for managing general agents (MGAs). The increase in MGAs will strengthen the local insurance market, broaden product choices, and enhance the utilization of insurance.
Insurers are increasingly exploring how artificial intelligence (AI) can streamline claims processing, enhance customization, and improve the distribution of products and services. InsurTechs, once viewed as potential competitors, are now shifting towards collaboration with established firms to mitigate regulatory and investment costs. Additionally, Web3 and crypto assets present new growth opportunities in insurance as decentralized finance emerges as a key trend in global finance.
Dubai International Financial Centre is committed to fortifying the insurance ecosystem through ongoing engagement, transparent communication, access to timely data, and opportunities to nurture talent and provide education. These meaningful advantages will encourage insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance.
