UAE: DIFC's reinsurance sector grows by 17% to nearly $2bn in 2019
Source: Middle East Insurance Review | Jul 2020
DIFC has announced sustained performance in the reinsurance sector.
The sector grew by 17.4% in 2019 to nearly $2bn in premiums, 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 also confirmed that GWP for 1Q2020 reached $472m, on par with 1Q2019, reflecting continued industry stability and resilience.
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 enabling and dynamic business environment.
DIFC Authority CEO Arif Amiri said, “Our strong performance in the reinsurance sector in 1Q2020 and throughout 2019 stems from our long-standing commitment to the sector. Whilst providing the most proven legal and regulatory frameworks for insurance and reinsurance leaders in the region, our approach also allows InsurTech startups to collaborate with top reinsurance leaders in DIFC to address tomorrow’s requirements.
“As part of our focus on shaping the future of finance, we are embracing digitalisation, collaboration and talent which can deliver large-scale changes in the sector and create the next generation of financial services professionals. This is especially important as the insurance sector continues to evolve which requires us to be in a position to meet the industry’s evolving requirements, underlining our commitment to leading reinsurance sector growth in the region.” M