Dubai International Financial Centre (DIFC) Authority announced a significant 35 percent increase in gross written premiums, rising from USD 2.6 billion to USD 3.5 billion in 2024. This announcement was made by Alya AlZarouni, the Chief Operating Officer at DIFC, during the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress.

The Congress welcomed 1,700 attendees from 82 countries, reinforcing DIFC’s status as the premier hub for insurance and reinsurance in the region. The event saw more than 6,000 deal-making meetings scheduled, emphasizing the growing importance of the insurance sector in Dubai’s economy. The attendance this year marked an increase from 1 300 delegates in the previous year, with registrations closing a month in advance due to high demand.

On the first day of the Congress, DIFC, in partnership with Asia House, released an exclusive report titled ‘Embedding Resilience: Opportunities for the Global Insurance Industry.’ This report highlights opportunities for insurers and reinsurers to address the gap between insured and uninsured assets and to attract necessary investment. AlZarouni emphasized that Dubai’s progressive regulations and stable environment make it an attractive base for insurance firms, as evidenced by the record gross written premiums achieved in 2024.

The report pointed out that the USD 8 trillion global insurance industry is expanding, driven by increased demand for resilience against extreme weather events and cyberattacks. The Middle East insurance sector is also flourishing, supported by investments in major projects in tourism, retail, and infrastructure, which are essential for diversifying economies away from fossil fuels.

In addition, consumer awareness regarding insurance products is improving in the region. The DIFC is successfully attracting more captive insurers and InsurTech companies, enhancing the variety and availability of insurance options. Insurers are also leveraging artificial intelligence to improve claims processing and product distribution, while InsurTechs are moving towards collaboration with traditional firms to lower costs and meet regulatory requirements.

DIFC is committed to strengthening the insurance ecosystem through ongoing engagement, transparent communication, and access to timely data. These efforts are designed to promote Dubai as a global hub for insurance and reinsurance, encouraging more firms to establish their presence in the region.