DIFC Roundtable at DWIC 2025: Charting the Path for Global Strength and Momentum
14 July 2025
Senior re/insurance leaders gathered at a closed-door roundtable hosted by the Dubai International Financial Centre (DIFC) Authority during DWIC 2025. The discussion focused on building resilience across the insurance sector, touching on AI, cyber risk, managing general agents (MGAs), and growth opportunities in the Middle East.
The session, moderated by Gracita Aoa De Gracia, DIFC’s head of insurance and reinsurance, was held under the Chatham House rule to encourage open and honest dialogue. It coincided with the release of a DIFC–Asia House executive report titled Embedding Resilience: Opportunities in the Global Insurance Industry, which provided context for the conversation.
Geopolitics, Cyber, and Climate: Risks Presenting Opportunities
Participants highlighted how geopolitical tensions, cyber threats, and climate change are reshaping the risk landscape. One key insight was the insurance industry’s ability to thrive amid uncertainty, as change generates both risk and opportunity.
Cyber risk is set for significant growth, driven by rising ransomware attacks, phishing, and system outages. Importantly, cyber is now viewed as an enterprise-wide concern, not just an IT issue. The widening protection gap was also discussed: catastrophic losses exceeded $140 billion in 2024, with insurance covering only a fraction. The same applies to cyber losses, which reach into the trillions globally while insurance penetration remains low.
Middle East Growth Fueled by Infrastructure and Regulation
The DIFC’s role as a hub for international re/insurance expansion stood out. Several attendees praised its regulatory framework that enables swift market entry, particularly benefiting MGAs. The MGA model allows lean teams to launch quickly and scale in a fast-growing but relatively small market.
Some caution was voiced regarding MGAs, noting their value depends on filling capacity gaps or offering specialist knowledge. Without unique products or services, MGAs may struggle, especially during claims. Despite this, a diverse ecosystem of carriers, MGAs, brokers, and insurtechs has driven DIFC’s premium growth from $2.6 billion to $3.5 billion in recent years.
Relocation of global talent to the DIFC was noted as a factor attracting business that might otherwise go elsewhere. Growth is linked not just to product offerings but also to regional and structural advantages.
AI’s Impact on Operations and Underwriting
AI adoption is accelerating across the sector. It’s becoming essential for competitiveness, especially in back-office areas like claims handling, accumulation analysis, and credit control. On the front end, AI supports distribution and pricing in retail and SME segments, particularly for personal lines.
However, in complex commercial lines, human judgment remains critical. AI’s role is currently to assist, not replace, underwriters. There’s concern that AI-led market followers could weaken underwriting discipline, while leaders maintain standards.
For those interested in practical AI applications in insurance, exploring courses on AI tailored for different job roles can provide valuable insights.
Opportunities in Green Energy, Infrastructure, and Specialty Lines
The Gulf region’s surge in infrastructure and renewable energy projects is increasing demand for construction insurance. Property, energy, and renewables are growing fast, bringing new layers of complexity to traditional lines.
Specialty lines such as cyber, political violence, event cancellation, and directors’ and officers’ liability are gaining traction. The DIFC’s environment is making it easier for insurers to underwrite these risks locally, responding to rising regional demand.
Lower insurance penetration, especially in Saudi Arabia compared to the UAE, signals significant growth potential even in mature products like D&O.
Building Resilience Through Talent and Market Relevance
Closing remarks emphasized the importance of talent and market relevance for sustainable growth. Tony Saada, chairman of Price Forbes Dubai, highlighted opportunities in medical and life insurance driven by demographic shifts and rising treatment costs. He also pointed to agricultural insurance as a growing need due to climate change.
Alternative capital and insurance-linked securities are reshaping reinsurance. Brokers and MGAs are expected to increasingly access financial markets for capacity support, reinforcing the sector’s resilience.
Andy Woodward of Lloyd’s raised concerns about a talent shortage limiting growth, noting the intense competition for skilled professionals in the DIFC.
Jeongwan Oh from Korean Re DIFC stressed the need for strong modelling, pricing, and cyber capabilities to convert opportunities into healthy growth.
Peter Englund of Zurich Insurance highlighted the region’s macroeconomic strengths and the DIFC’s role in helping manage risks effectively. He encouraged focusing on resilience services that maintain market relevance.
Henri Labat at IGI Dubai pointed out that future growth depends on attracting the right talent to sustain the DIFC’s dynamic market environment.
The roundtable ended with a consensus that resilience means more than surviving shocks—it requires proactive preparation for what lies ahead.
Your membership also unlocks:
