DIFC to foster 100 registrations by 2015, says chief financial officer

Rajesh Pareek

The number of insurance firms based in the Dubai International Financial Centre (DIFC) will increase from 60 to 100 by 2015, according to DIFC chief financial officer Rajesh Pareek.

Delivering a keynote address at the GR Executive Briefing LIVE in Dubai, Pareek (pictured) said that the number would reach 70 by the end of the year.

He added that insurers in the region were on track to write more than $1bn in premium by the end of the year.

He said: “For the past decade these have been focused on lines such as energy, marine, property, which stands us apart from other financial centres in the Middle East. Specialty lines such as political violence and general aviation are now being written from the DIFC.”

Pareek added that the centre was working with reinsurers in the DIFC to create a reinsurance association to represent their interests.