Dubai International Financial Centre (DIFC) has welcomed a new set of insurance and reinsurance players, close on the heels of granting licences to several companies in this sector.

The newcomers – Hensley Wynne Furlonge Partners (Middle East) Ltd, MNK Re Ltd, Optio Re MENA Ltd, Swan Insurance Management Agency Ltd, Waica Reinsurance (DIFC) Ltd and YOA Risk Services Ltd – have joined preeminent industry names including AIG, Berkshire Hathaway, Zurich, Marsh, Aon and Willis, to access the largest untapped market in the world through DIFC.

Over the past five years, DIFC has seen an influx of insurance and reinsurance players with a 43 per cent representation of Managing General Agents (MGAs) from Africa, Asia, Europe and Middle East contributing to the $2.1bn market.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “DIFC has been delighted to welcome an impressive stream of new insurance and reinsurance companies during the first nine months of 2023, on track for 20 per cent annual growth.”

They cover a broad range of insurance and reinsurance lines that will enable them to grow across the region, said a statement. These lines include transactional risk insurance within the M&A process, medical, personal accident, travel, property, engineering, liability and marine.

Additionally, supporting the Centre’s vision to drive the future of finance, Virtual I Technologies Ltd, an InsurTech company from the DIFC Innovation Hub, has become the first InsurTech to upgrade and obtain a regulatory licence from the Dubai Financial Services Authority (DFSA).

Virtual I Technologies Ltd has created the most sophisticated AI-based risk assessment tool in the world and has moved to the next phase of growth to be a capacity distributor based on a digital gateway platform between capacity providers, global agents, local agents, and retail brokers.

Over the past five years, DIFC has seen an influx of insurance and reinsurance players with a 43 per cent representation of Managing General Agents (MGAs) from Africa, Asia, Europe and Middle East contributing to the $2.1bn market.

Amiri said: “Today, we are home to more than 100 registered insurers, reinsurers, captives and insurance-related entities who are using our platform to achieve their growth ambitions. Our world-class laws and regulations are comparable to other advanced markets across the globe and enable our insurers and reinsurers to confidently operate in the jurisdiction, tap into new growth opportunities in the region, and collectively contribute to the Centre’s vision of driving the future of finance.” 

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