The Dubai International Financial Centre (DIFC) is currently hosting the largest gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress.

The event, attended by 1,700 delegates from 82 countries, further establishes DIFC’s role as the region’s main centre for insurance and reinsurance.

More than 6,000 meetings have been scheduled among participants.

Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress has grown from 1,300 delegates in 2024, with registration closing a month before the event due to high demand.

The Congress has expanded to three days this year, with discussions covering industry trends including climate change, geographic developments, technological advancements, emerging risks, and new methods of risk modelling.

During the opening session, Alya AlZarouni, Chief Operating Officer at DIFC Authority, announced that the Centre had recorded a 35 per cent increase in gross written premiums, rising from US$2.6 billion to US$3.5 billion during 2024.

On the first day of the Congress, DIFC and its research partner Asia House launched a report titled Embedding Resilience: Opportunities for the Global Insurance Industry, identifying prospects for insurers and reinsurers as the sector works to address the gap between insured and uninsured assets and encourages further investment.

Commenting on the findings, Arif Amiri, Chief Executive Officer of DIFC Authority, stated:

“ 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 per cent 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 capitalise on the themes identified in our first-ever report on opportunities for the global insurance industry.”

The report outlines that the US$8 trillion global insurance sector continues to expand, supported by growing demand for solutions that increase economic and business resilience to climate events and cyber risks, both of which are becoming more frequent and severe.

This trend is reflected in the Middle East, where insurance is increasingly necessary to protect the capital invested in large construction and energy projects.

The regional insurance industry is expected to benefit from ongoing investment in tourism, retail, and infrastructure initiatives aimed at diversifying economies beyond fossil fuels. Dubai, for example, ranked first globally for greenfield foreign direct investment (FDI) in tourism during the first half of 2024.

Consumer awareness and adoption of insurance products are also rising in the region.

Supported by a favourable regulatory framework, DIFC is attracting more captive insurers, insurtech firms, and is strengthening its position as a centre for managing general agents (MGAs).

The presence of more MGAs is anticipated to enhance the market by increasing product variety and insurance uptake.

Insurers are increasingly examining the use of AI to improve claims processing, personalise products, and enhance service distribution.

Collaboration between established insurers and insurtechs is also growing, as firms seek to manage regulatory challenges and investment costs more effectively.

The emergence of Web3 technologies and crypto assets presents further opportunities for growth as decentralised finance becomes more prominent.

Featured image: Alya AlZarouni, Chief Operating Officer at DIFC Authority