Latest news with #DubaiWorldInsuranceCongress
Hi Dubai
a day ago
- Business
- Hi Dubai
Transamerica Life Bermuda Secures DFSA Licence to Expand in Dubai's DIFC
Transamerica Life Bermuda has received regulatory approval from the Dubai Financial Services Authority (DFSA) to establish operations within Dubai International Financial Centre (DIFC), marking a major step in its global expansion strategy. The move positions the high-net-worth life insurer at the heart of the Middle East's leading financial hub, allowing it to better support regional distribution partners and tap into the growing demand for wealth management and insurance solutions. Kristine Ung, CEO of Transamerica Life Bermuda, called the licence 'a significant milestone,' highlighting the Middle East's rising status as a global financial centre. The firm, known for its expertise in large sums assured and complex client needs, brings nearly 180 years of heritage through its parent companies Aegon and Transamerica. Adnan Ladki has been appointed as Head of DIFC for the insurer and will lead efforts to strengthen its presence and partnerships in the region. DIFC officials welcomed the addition. 'Our progressive laws continue to attract leading global insurers,' said Salmaan Jaffery, Chief Business Development Officer at DIFC Authority. He noted that over 125 insurance-related entities now operate in DIFC, reinforcing its role as the region's primary insurance and reinsurance hub. The Centre, benchmarked against top regulatory regimes such as London and Hong Kong, continues to draw top-ranked firms and foster industry collaboration through platforms like the Dubai World Insurance Congress. Transamerica Life Bermuda's entry into DIFC reflects both the company's international ambitions and the Centre's growing appeal to global financial leaders seeking access to MEASA markets. News Source: Dubai Media Office
Mid East Info
29-04-2025
- Business
- Mid East Info
DIFC announces 35% leap in insurance business during largest ever Dubai World Insurance Congress - Middle East Business News and Information
DIFC welcomes 1,700 professionals from 82 countries to the largest ever Dubai World Insurance Congress Centre announced 35% leap in insurance and (re)insurance business with Gross Written Premiums at USD 3.5bn generated by 125 insurance-related entities Launch of first ever report into the outlook for the global insurance industry during the Dubai World Insurance Congress 2025 encompassed within the Future of Finance series Dubai, UAE; April 2025: Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, is currently hosting the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. The event is welcoming 1,700 attendees from 82 countries, consolidating DIFC position as the only insurance and (re)insurance hub in the region. Over 6,000 deal-making meetings have been scheduled by attendees. Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress attendance has grown from 1,300 delegates in 2024, with registrations closing a month before the event due to unprecedented demand. The event has been extended to three days and focusing on new trends in the industry including climate change, geographic updates, technological transformations, emerging risks, new ways of modelling risks and more. Reflecting the magnitude of insurance and (re)insurance business being undertaken in DIFC, during the opening session of the Dubai World Insurance Congress Alya AlZarouni, Chief Operating Officer at DIFC Authority announced the Centre recorded a 35 per cent leap in gross written premiums from USD 2.6bn to USD 3.5bn during 2024. During day one of the Congress, DIFC and its research partner Asia House, unveiled an exclusive report titled 'Embedding Resilience: Opportunities for the Global Insurance Industry' highlighting significant prospects for insurers and reinsurers as the sector seeks to narrow the gap between insured and uninsured assets, and ushering in much needed investment. Commenting on the report, and the contribution of DIFC's insurance sector to Dubai's economy, Arif Amiri, Chief Executive Officer of DIFC Authority commented: '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. 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 USD 3.5bn. 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 highlights that The USD 8trn global insurance industry is growing, spurred on by strong demand for its capacity to make economies and businesses more resilient to extreme weather events and cyberattacks, both of which are growing infrequency and severity. This boom is echoed in the Middle East, where the sector has been buoyed by a need for insurance to safeguard capital flows into the region's growing construction and energy mega-projects. The Middle East insurance sector is thriving and well-positioned to continue expanding on the back of heavy regional investment in mega tourism, retail and infrastructure projects aimed at diversifying economies away from fossil fuel production. Dubai, for example, was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism in the first half of 2024. Consumer awareness in the region and uptake of insurance products is also growing. In part due to a favourable regulatory environment, Dubai International Financial Centre (DIFC) is attracting more captive insurers, InsurTechs, and building on its role as a global hub for managing general agents (MGAs). More MGAs will strengthen the local insurance market, increase choice of products, and widen the use of insurance. Insurers are exploring how artificial intelligence (AI) can streamline claims processing, customisation and distributing products and services. InsurTechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Web3 and crypto assets, meanwhile, offer insurance growth opportunities as decentralised finance emerges as a key global finance trend. DIFC strives to fortify the insurance ecosystem through continuous engagement, transparent communications, access to timely data and scope to nurture talent and provide education. These are meaningful advantages that will encourage most insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance. About Dubai International Financial Centre: Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies – making up the largest and most diverse pool of industry talent in the region. The Centre's vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region's most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai's most sought-after business and lifestyle destinations.
Zawya
28-04-2025
- Business
- Zawya
DIFC announces 35% leap in insurance business during largest ever Dubai World Insurance Congress
Centre announced 35% leap in insurance and (re)insurance business with Gross Written Premiums at USD 3.5bn generated by 125 insurance-related entities Launch of first ever report into the outlook for the global insurance industry during the Dubai World Insurance Congress 2025 encompassed within the Future of Finance series Dubai, UAE: Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, is currently hosting the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. The event is welcoming 1,700 attendees from 82 countries, consolidating DIFC position as the only insurance and (re)insurance hub in the region. Over 6,000 deal-making meetings have been scheduled by attendees. Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress attendance has grown from 1,300 delegates in 2024, with registrations closing a month before the event due to unprecedented demand. The event has been extended to three days and focusing on new trends in the industry including climate change, geographic updates, technological transformations, emerging risks, new ways of modelling risks and more. Reflecting the magnitude of insurance and (re)insurance business being undertaken in DIFC, during the opening session of the Dubai World Insurance Congress Alya AlZarouni, Chief Operating Officer at DIFC Authority announced the Centre recorded a 35 per cent leap in gross written premiums from USD 2.6bn to USD 3.5bn during 2024. During day one of the Congress, DIFC and its research partner Asia House, unveiled an exclusive report titled 'Embedding Resilience: Opportunities for the Global Insurance Industry' highlighting significant prospects for insurers and reinsurers as the sector seeks to narrow the gap between insured and uninsured assets, and ushering in much needed investment. Commenting on the report, and the contribution of DIFC's insurance sector to Dubai's economy, Arif Amiri, Chief Executive Officer of DIFC Authority commented: '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. 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 USD 3.5bn. 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 highlights that The USD 8trn global insurance industry is growing, spurred on by strong demand for its capacity to make economies and businesses more resilient to extreme weather events and cyberattacks, both of which are growing infrequency and severity. This boom is echoed in the Middle East, where the sector has been buoyed by a need for insurance to safeguard capital flows into the region's growing construction and energy mega-projects. The Middle East insurance sector is thriving and well-positioned to continue expanding on the back of heavy regional investment in mega tourism, retail and infrastructure projects aimed at diversifying economies away from fossil fuel production. Dubai, for example, was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism in the first half of 2024. Consumer awareness in the region and uptake of insurance products is also growing. In part due to a favourable regulatory environment, Dubai International Financial Centre (DIFC) is attracting more captive insurers, InsurTechs, and building on its role as a global hub for managing general agents (MGAs). More MGAs will strengthen the local insurance market, increase choice of products, and widen the use of insurance. Insurers are exploring how artificial intelligence (AI) can streamline claims processing, customisation and distributing products and services. InsurTechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Web3 and crypto assets, meanwhile, offer insurance growth opportunities as decentralised finance emerges as a key global finance trend. DIFC strives to fortify the insurance ecosystem through continuous engagement, transparent communications, access to timely data and scope to nurture talent and provide education. These are meaningful advantages that will encourage most insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance. About Dubai International Financial Centre Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies – making up the largest and most diverse pool of industry talent in the region. The Centre's vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region's most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai's most sought-after business and lifestyle destinations.
Hi Dubai
28-04-2025
- Business
- Hi Dubai
DIFC announces 35% leap in insurance business during largest ever Dubai World Insurance Congress
DIFC welcomes 1,700 professionals from 82 countries to the largest ever Dubai World Insurance Congress Centre announced 35% leap in insurance and (re)insurance business with Gross Written Premiums at USD 3.5bn generated by 125 insurance-related entities Launch of the first-ever report into the outlook for the global insurance industry during the Dubai World Insurance Congress 2025, encompassed within the Future of Finance series Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, is currently hosting the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. The event is welcoming 1,700 attendees from 82 countries, consolidating DIFC position as the only insurance and (re)insurance hub in the region. Over 6,000 deal-making meetings have been scheduled by attendees. Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress attendance has grown from 1,300 delegates in 2024, with registrations closing a month before the event due to unprecedented demand. The event has been extended to three days and focusing on new trends in the industry including climate change, geographic updates, technological transformations, emerging risks, new ways of modelling risks and more. Reflecting the magnitude of insurance and (re)insurance business being undertaken in DIFC, during the opening session of the Dubai World Insurance Congress Alya AlZarouni, Chief Operating Officer at DIFC Authority announced the Centre recorded a 35 per cent leap in gross written premiums from USD 2.6bn to USD 3.5bn during 2024. During day one of the Congress, DIFC and its research partner Asia House, unveiled an exclusive report titled 'Embedding Resilience: Opportunities for the Global Insurance Industry' highlighting significant prospects for insurers and reinsurers as the sector seeks to narrow the gap between insured and uninsured assets, and ushering in much needed investment. Commenting on the report, and the contribution of DIFC's insurance sector to Dubai's economy, Arif Amiri, Chief Executive Officer of DIFC Authority, commented: 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. 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 USD 3.5bn. 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 highlights that The USD 8trn global insurance industry is growing, spurred on by strong demand for its capacity to make economies and businesses more resilient to extreme weather events and cyberattacks, both of which are growing infrequency and severity. This boom is echoed in the Middle East, where the sector has been buoyed by a need for insurance to safeguard capital flows into the region's growing construction and energy mega-projects. The Middle East insurance sector is thriving and well-positioned to continue expanding on the back of heavy regional investment in mega tourism, retail and infrastructure projects aimed at diversifying economies away from fossil fuel production. Dubai, for example, was ranked first globally for greenfield foreign direct investment (FDI) projects in tourism in the first half of 2024. Consumer awareness in the region and uptake of insurance products is also growing. In part due to a favourable regulatory environment, Dubai International Financial Centre (DIFC) is attracting more captive insurers, InsurTechs, and building on its role as a global hub for managing general agents (MGAs). More MGAs will strengthen the local insurance market, increase choice of products, and widen the use of insurance. Insurers are exploring how artificial intelligence (AI) can streamline claims processing, customisation and distributing products and services. InsurTechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Web3 and crypto assets, meanwhile, offer insurance growth opportunities as decentralised finance emerges as a key global finance trend. DIFC strives to fortify the insurance ecosystem through continuous engagement, transparent communications, access to timely data and scope to nurture talent and provide education. These are meaningful advantages that will encourage most insurers to recommend Dubai and DIFC as a global hub for insurance and reinsurance. The report can be accessed here. News Source: Burson
Yahoo
15-04-2025
- Business
- Yahoo
AM Best to Speak, Sponsor and Exhibit at Dubai World Insurance Congress 2025
DUBAI, United Arab Emirates, April 15, 2025--(BUSINESS WIRE)--AM Best will join a panel discussion, as well as sponsor and exhibit, at the annual Dubai World Insurance Congress (DWIC), which will take place 28-30 April 2025, in Dubai. On Monday, 28 April, Greg Carter, managing director, analytics, EMEA and Asia-Pacific, will take part in a panel discussion on the insurance protection gap in the Middle East-Africa-Southern Asia (MEASA) region. The session, titled, "MEASA Nat Cat: Closing the Protection Gap," will explore growth opportunities for the Dubai International Financial Centre (DIFC), as well as other potential developments such as government-led backstops and public-private partnerships. The session is scheduled for 10 a.m. GST. AM Best is a silver sponsor of the 2025 Dubai World Insurance Congress, which will be held at Atlantis, The Palm. Also present at the event will be Nick Charteris-Black, managing director, market development, Europe, Middle East and Africa and Vasilis Katsipis, general manager, MENA, South and Central Asia, along with Dr Edem Kuenyehia, director, market development (Africa) and communications – EMEA. AM Best executives will be conducting scheduled bilateral meetings with industry stakeholders. Delegates interested in meeting with AM Best to understand more about its rating and assessment services, research and insurance insights, can schedule a meeting by contacting Bouchra Abou Nader at DWIC delegates can also drop in at Stand C in the Atlantis Ballroom to discuss Best's Credit Ratings and Best's Performance Assessments for DUAEs, as well as other AM Best insurance sector reports, data and analytic resources and rating services, relevant to the EMEA regions. The DWIC, hosted by Global Reinsurance (GR) and the DIFC, offers a forum connecting the Middle East's (re)insurance markets with counterparts from Europe, Asia, Africa and the Americas. For more information on the event, view the Dubai World Insurance Congress event page. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Bouchra Abou Nader Executive Assistant +97 14 375 2780 Sign in to access your portfolio
