The Dubai International Financial Center announced that the total written premiums in the reinsurance sector within the center reached $ 472 million (more than 1.732 billion dirhams) during the first quarter of this year.
The Center said in a statement that these results come in the wake of the exceptional growth recorded during the past year, which witnessed the rise in the total insurance premiums written for the reinsurance sector in «Dubai International Financial» to about two billion dollars (7.34 billion dirhams), a growth of 17.4%, compared to a year 2018, indicating that this is the largest written insurance premium in the history of the center at the sector level, thus strengthening its position in the regional center in the reinsurance sector.
The center pointed out that insurance premiums cover several areas, including the sectors of maritime and land and air transport, health care, and damage to buildings and properties, pointing out that this significant growth came as a result of the preference of policyholders, reinsurance brokers and insurance agencies, to the Dubai International Financial Center over others. One of the global centers, because of its dynamic environment to reach all parts of the Middle East, Africa and South Asia.
He pointed out that the pioneers of the insurance technology sector represent a total of 10 companies operating in the field of insurance registered in the financial position, noting that the insurance technology works to promote the digital transformation of the sector, through the development of areas of digitization and innovation, and strengthening the bonds of cooperation with major insurance and re-insurance companies, This is done by providing solutions that meet the growing needs of the future insurance sector, including AIG, AXA Gulf, Signna Insurance Middle East, Insurance House, Metlife, and Noor Takaful Company (Family Takaful) and Zurich Insurance Company Limited.
"Our success in achieving the highest growth rate in the first quarter of this year, and throughout 2019 in the reinsurance sector, confirms our long-term commitment to this sector, and our development of special legal and regulatory frameworks," said Aref Amiri, CEO of the Dubai International Financial Center Authority. In the region, where we worked to provide cooperation opportunities between emerging companies in the insurance technology sector with major reinsurance companies in the Dubai International Financial Center, to meet the requirements of the future. ”
He added: «In line with our directives to lead the future of the financial sector, the financial center adopts digitization and strengthened cooperation, and build competencies that can provide fundamental changes in the sector, and contribute to preparing the next generation of specialists in financial services, as the insurance sector continues to develop, what "It requires us to be ready to adapt to all changes, which confirms our commitment to lead the scene in the growth of the reinsurance sector."
Amiri pointed out that the Dubai International Financial Center seeks to attract European and Asian reinsurance companies to contribute to expanding their business activity, as the center provides a global platform that regional companies benefit from to reach their global growth goals, pointing out that a partnership agreement has been signed with the insurance company and re The world's leading insurance company "Lloyds" and the "Chartered Insurance Institute".
During the 16 years of its establishment, the Dubai International Financial Center managed to establish its position as a leading reinsurance center in the region, as it currently includes more than 100 companies registered globally, including insurance companies, reinsurance companies, insurance holding companies, in addition to the bodies associated with the sector Insurance that provides services to the market, which includes three of the five largest companies in the world.
The list of global companies, whose headquarters are located in the financial center, includes: Munich Re, Lloyds, Berkshire Hathaway, RGA, Korean Reinsurance Company, AIG , Zurich Insurance Company, Marsh Insurance Brokerage, and AON Company.
The growth of premiums last year is the largest in the history of the “center” in the reinsurance sector.