ABU DHABI: Abu Dhabi Global Market (ADGM) has announced plans to establish an Insurance Association within its jurisdiction, marking a significant step in the UAE’s bid to strengthen its insurance and reinsurance sectors.
This initiative aims to create a unified platform to foster industry growth, innovation, and collaboration among key stakeholders, positioning the UAE as a formidable player in the global insurance landscape.
The new association will act as a collective voice for the sector, working closely with regulators, policymakers, and industry leaders to address emerging opportunities and challenges.
It will also play a critical role in advancing professional standards and promoting best practices, aligning with the UAE’s broader economic and financial development goals.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, emphasised the initiative’s importance and said ADGM welcomes the proposal to set up an insurance association within ADGM, which underscores the continued development of the insurance sector and ADGM’s position as a leading financial centre.
“The strong interest in insurance and reinsurance reflects the sector’s potential, and this association, initiated by market participants, will bring significant benefit to those operating within ADGM’s ecosystem and beyond,” Ramamurthy added.
A rising insurance hub
The establishment of this association reflects the UAE’s growing prominence as an insurance and reinsurance hub, with Abu Dhabi and Dubai leading the charge. Dubai International Financial Centre (DIFC) has already established a strong insurance ecosystem, housing numerous global insurance and reinsurance firms.
The addition of ADGM’s Insurance Association is set to complement this by providing further opportunities for market participants and enhancing the UAE’s appeal as a destination for insurance-related business.
The UAE’s progressive regulatory framework, coupled with its strategic location bridging East and West, positions it as a market that could potentially rival established insurance hubs in developed economies.
As the global insurance industry evolves to tackle challenges like climate risk and digital transformation, the UAE’s dual financial centres are well-equipped to attract international insurers looking for growth opportunities.
Writing new chapter in insurance
ADGM announced that further details about the Insurance Association’s structure, membership, and activities will be shared soon, signaling a new chapter in the UAE’s insurance ambitions.
This development not only reinforces ADGM’s status as a leading financial hub but also underlines the UAE’s aspiration to emerge as a global leader in the insurance and reinsurance markets.
