DIFC Logs 35% Growth in Premiums, Hosts Largest Ever Dubai World Insurance Congress

Alya AlZarouni, Chief Operating Officer of the Dubai International Financial Centre (DIFC) Authority, revealed that the Centre achieved a 35% increase in gross written premiums in 2024, surging from USD 2.6 billion to USD 3.5 billion.

This announcement comes as the DIFC hosts the largest-ever edition of the Dubai World Insurance Congress, which has drawn 1,700 participants from 82 countries, WAM reported.

The event reinforces DIFC's role as the region's sole hub for insurance and reinsurance, with more than 6,000 deal-making meetings scheduled throughout the congress. The Dubai World Insurance Congress, co-hosted by Global Reinsurance (GR), has seen a significant rise in participation, with delegate numbers increasing from 1,300 in 2024.

Due to overwhelming demand, registrations closed a month ahead of the event. Now extended to three days, the congress is spotlighting key industry developments such as climate change, regional market insights, technological advancements, emerging risks, and innovative risk modelling techniques.

DIFC Report Highlights Investment Opportunities

On the first day of the congress, DIFC, in collaboration with its research partner Asia House, released a new report titled Embedding Resilience: Opportunities for the Global Insurance Industry. The study outlines growth opportunities for insurers and reinsurers, with a focus on closing the protection gap and attracting critical investment into the sector.

"DIFC is well-positioned to broaden and deepen its role as the region's leading insurance hub, thanks to its progressive and proportionate laws and regulations," said Arif Amiri, Chief Executive Officer of DIFC Authority.

"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% to reach a record high of USD 3.5bn," he added.

Insurance Boom Fueled By Rising Global Risks, Middle East Mega Projects

The report notes that the USD eight trillion global insurance industry is expanding, driven by growing demand for protection against increasingly frequent and severe threats like extreme weather and cyberattacks.

This trend is mirrored in the Middle East, where insurance is essential to securing capital invested in major construction and energy projects. The region's insurance sector is thriving, supported by large-scale investments in tourism, retail, and infrastructure as part of broader efforts to diversify economies beyond oil.