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DUBAI pROVIDES
NEW ALTERNATIVE
Intelligent Insurer asks Abdulla Al Awar, managing
director of the dubai International financial Centre,
to explain why the region has such tremendous
potential as a captive insurance hub.
With Aon, heritage and Marsh already established in the
dubai International financial Centre (dIfC), why are captive
management companies attracted to dubai?
Captive managers are recognising the many and varied growth and development
opportunities for the insurance sector in the region. This is being driven by an increasing
awareness of regional risk management organisations. historically, insurance penetration
levels have been relatively low here—approximately two percent of gross domestic product
(gdP), compared to eight percent in the US. This appears to be changing, to the benefit of
the insurance industry.
The increasing demand for insurance will inevitably spur the growth of the captive sector.
We have spoken with many organisations that have expressed a desire to investigate all of
the tools available to them to ensure that they are optimising their insurance programme. In
almost all cases, they have recognised the benefits that a captive can provide.
September 2009 | INTELLIGENT INSURER | 39
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