Wednesday, July 24, 2024

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Dubai registered (re)insurers jumps 20%, including Guernsey captive re-domestication

The Dubai International Financial Centre (DIFC) has increased the registration of insurance and reinsurance firms by 20%, including the first re-domestication of a Guernsey-based captive.

The DIFC has increased his gross written premium (GWP) by 23% to $2.6bn, up from $2.1bn in 2022.

“DIFC is now home to more than 120 registered insurers, reinsurers, captives, MGAs, and insurance-related entities, reaffirming our position as a global hub for the industry,” said Arif Amiri, CEO at DIFC Authority.

“Our ongoing partnership with Global Reinsurance for the Dubai World Insurance Congress, reflects DIFC’s commitment to driving economic growth and the future of finance.”

The DIFC’s said the (re)insurance industry in Dubai has been bolstered through its cultural innovation, which includes the integration of new technologies such as AI and new distribution techniques.

Captive Intelligence reported in March that Dubai had licensed one new captive in 2023, taking the total number of captives domiciled in the jurisdiction to five, compared to four in 2022.

Assets under management (AuM) in the jurisdiction almost doubled in 2023 to $550m, compared to $280m in 2022.