The Dubai International Financial Centre (DIFC) is hosting the Dubai World Insurance Congress, the most significant event for insurance and reinsurance professionals. It takes place in Dubai and brings together 1,700 people from 82 countries. This shows that DIFC is becoming the region’s central hub for the insurance industry.
Over 6,000 meetings have been planned between the participants, making it a very active networking event.
The event is co-hosted by Global Reinsurance (GR) and has grown a lot since last year, when it had 1,300 participants. This year, the demand was so high that registration closed a month early. The Congress has also expanded to three full days, with talks on important topics like
- Climate change
- New developments in different regions
- Technology in Insurance
- New and emerging risks
- Better ways to predict and model risk
At the event’s opening, Alya AlZarouni, Chief Operating Officer at DIFC, shared that the total value of insurance premiums handled at DIFC grew by 35% in 2024, going from $2.6 billion to $3.5 billion.
Also, on the first day, DIFC and its research partner, Asia House, launched a report called “Embedding Resilience: Opportunities for the Global Insurance Industry.” This report highlights new opportunities for insurance companies, focusing on how to close the gap between insured and uninsured assets and encourage more investment in the industry.
“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 US$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.”
The global insurance industry, worth US$8 trillion, continues growing. This growth is driven by the increasing need for protection against climate change and cyber risks, which are becoming more common and severe.
Insurance is becoming more critical in the Middle East to protect investments in large construction and energy projects.
The regional insurance market is expected to grow further thanks to ongoing tourism, retail, and infrastructure investments. These efforts are part of a broader plan to diversify economies beyond oil and gas. For example, Dubai ranked first in the world for attracting greenfield foreign direct investment (FDI) in tourism during the first half of 2024.
People in the region are also becoming more aware of insurance and are using more insurance products.
DIFC is benefiting from a strong and supportive regulatory environment. As a result, it attracts more people.
- Captive insurers (companies that insure their risks),
- Insurtech companies (firms using technology in insurance) and
- Managing General Agents (MGAs).
The increase in MGAs is expected to bring more insurance products to the market and boost overall insurance usage.
Insurance companies are also starting to use artificial intelligence (AI) to:
- Speed up claims processing,
- Offer personalized insurance products and
- Improve how insurance services are delivered.
Collaboration between traditional insurers and insurtech companies is growing, helping firms handle regulatory requirements and reduce investment costs.
Finally, new technologies like Web3 and crypto assets open up more opportunities, especially as decentralized finance (DeFi) becomes more popular.
Read also – Vietnam Airlines Deepens Collaboration with Dutch Fintech Firm Adyen
