The Dubai International Financial Centre's reinsurance sector grew 17.4 per cent in 2019, as gross written premiums reached $2 billion (Dh7.34bn) representing the highest volume ever in the market.
“Our strong performance in the reinsurance sector in the first quarter of 2020 and throughout 2019 stems from our long-standing commitment to the sector,” Arif Amiri, chief executive of DIFC Authority, said. “While providing the most proven legal and regulatory frameworks for insurance and reinsurance leaders in the region, our approach also allows InsurTech start-ups to collaborate with top reinsurance leaders in DIFC to address tomorrow’s requirements.”
In the first quarter of this year, gross written premiums reached $472 million, on par with the same period last year, according to the statement from DIFC on Saturday. The premiums covered a variety of sectors including marine, aviation, transport, health, property damage, liability and other sectors.
“As part of our focus on shaping the future of finance, we are embracing digitalisation, collaboration and talent which can deliver large-scale changes in the sector and create the next generation of financial services professionals.”
DIFC has emerged as the leading reinsurance hub in the Middle East, Africa and South Asia region in the last 16 years. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies.
The centre has attracted globally renowned entities such as Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and Aon.
The financial free zone plans to attract further reinsurers from Europe and Asia to increase the centre’s capacity, and provide an international platform to regional players for their global benchmarking growth plans. In December, DIFC signed agreements with Lloyd’s, a top insurance and reinsurance marketplace as well as UK-headquartered Chartered Insurance Institute, to develop talent within the local insurance and reinsurance industry in line with international best practice.
A total of 10 InsurTech start-ups are also registered at the centre, DIFC said.
Earlier this month, the free zone rolled out a new group health insurance policy to help registered firms offer cost-effective cover for their employees.
The Group Health Insurance Master Policy will be facilitated by EC3 Brokers, a reinsurance firm licensed by Dubai Financial Services Authority, and made available to more than 2,400 registered firms in the free zone who provide health cover to 25,600 employees.
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
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Killing of Qassem Suleimani
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
