THE LEADING REINSURANCE PLATFORM IN THE REGION. difc.ae

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Rolf Daniels
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1 difc.ae THE LEADING REINSURANCE PLATFORM IN THE REGION

2 WE VE CREATED THE ENVIRONMENT YOU REQUIRE We understand there are many factors that inform your decision to set up in a new jurisdiction. Our marketplace culture, offerings and experience make us your natural choice. AN ECOSYSTEM TO DRIVE GROWTH The Dubai International Financial Centre delivers an enabling ecosystem for insurance and reinsurance providers across the Middle East, Africa and South Asia (MEASA). The Centre is the leading reinsurance capacity provider in the region, across the major lines of property, casualty, construction and energy. SCALE AND NETWORKING Approximately 100 firms active in insurance and reinsurance, captives and industry support Insurance premiums written in DIFC exceed USD 1.3 billion annually Nearly a dozen Lloyd s syndicates, actuarial firms, loss adjustors and research, training and credit information agencies A market that doubled in three years Access to insurers and reinsurance brokers from across MEASA markets Technical underwriters on the ground, in the same time zone MULTITUDE OF PROVIDERS Subsidiaries and branches of existing companies and start-ups Non-life and life reinsurance Takaful (Islamic insurance) and Retakaful LEGAL AND REGULATORY FRAMEWORK Legal framework supports cross-border activities and products to help manage multijurisdictional risks SCALE AND NETWORKING MULTITUDE OF PROVIDERS LEGAL AND REGULATORY FRAMEWORK TAX BENEFITS COUNTERPARTY CONFIDENCE 100% foreign ownership permitted No restrictions on foreign talent or employees No restrictions on capital repatriation TAX BENEFITS Zero tax for 50 years on profits, capital or assets from 2004 Zero tax on employee income COUNTERPARTY CONFIDENCE Highly regarded, independent regulator Independent, English-speaking, common law judicial system Distinct from the UAE legal system AML and data protection regulations Risk-based regulatory approach 02 03

3 SUPPORTING A VARIETY OF ENTITIES REINSURANCE/INSURANCE The thriving MEASA region, with its USD 7.4 trillion GDP, remains one of the world s largest untapped insurance markets Growth is widely forecast across compulsory and traditional lines of business Niche opportunities include cyber risk, trade credit, political risk, luxury goods, and financial lines Increasing health insurance mandates across the GCC Insurance requirements for USD 4 trillion of projects under way or planned in the region s developing and frontier markets BROKERS DIFC offers access to carriers with the right underwriting expertise MANAGING GENERAL AGENTS & COVERHOLDERS DIFC is a convenient platform for start-ups, joint ventures and partnerships vested with underwriting authority from one or several insurers offering regional proficiency

4 LICENSED ACTIVITIES Effecting Contracts of Insurance or Carrying Out Contracts of Insurance Effecting Contracts of Insurance or Carrying Out Contracts of Insurance as a Captive Insurer Insurance Intermediation Insurance Management Representative Office 06 07

EFFICIENT LICENSING PROCESS With simple and straightforward licensing, registration and regulation, setting up and operating in DIFC is fast and efficient.

5 EFFICIENT LICENSING PROCESS With simple and straightforward licensing, registration and regulation, setting up and operating in DIFC is fast and efficient. The process includes: STAGE 1 Provide DIFC with letter of intent STAGE 2 Discussion with DFSA/DIFC Authority Type of activity/activities Finalise business model STAGE 3 Submit application documents to DFSA STAGE 4 Submit application documents to DIFC Registrar of Companies (ROC) Find suitable office space STAGE 5 DFSA issues In-Principle Approval ROC issues Commercial Licence Government Services issues Visas DFSA issues Full Licence 08 09

6 CONSIDERING DIFC? TAKE THE NEXT STEP GET IN TOUCH Setting up a representative office, a branch, or a new entity in a new jurisdiction can seem daunting, but DIFC has made the process transparent and efficient. Learn more at: Our specialised team offers no-obligation assistance. For more information, please contact: setup@difc.ae, we ll reply to you within 48 hours. DIFC, THE GROWTH PLATFORM FOR REINSURANCE IN THE REGION World-class regulation Large multi-lingual workforce Availability of service providers Experienced reinsurance set-up and structuring capabilities Highly regarded, independent regulator 10 11

7 Join the conversation T E. setup@difc.ae GATEWAY TO GROWTH ADVANCE. ENGAGE. ENJOY. INS 07/17

THE HOME OF BANKING AND CAPITAL MARKETS IN THE REGION. difc.ae

difc.ae THE HOME OF BANKING AND CAPITAL MARKETS IN THE REGION WE VE CREATED THE ENVIRONMENT YOU REQUIRE THE LARGEST AND MOST DIVERSE FINANCIAL CENTRE IN THE REGION With an ecosystem of around 1,800 firms,