Insurance, reinsurance and captives.

DIFC as a global hub for the insurance and reinsurance industry.

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DIFC is the preferred choice for insurance and reinsurance companies in the region, with over USD 2bn gross written premiums annually.

To support the industry, DIFC offers a world-class legal and regulatory system. DIFC laws and regulations accommodate multiple areas of practice in all life and non-life and Islamic (takaful and retakaful) lines of insurance and reinsurance. The Centre offers reasonable capitalisation requirements and a risk-based capital approach that puts no up-front restrictions on insurers’ capital investment strategies.

DIFC also provides an attractive environment for captive insurance companies, with regulations that permit single parent, association, and group captives.

New opportunities in the industry are fuelled by a low base of insurance coverage, increasing health insurance mandates, and trillions of dollars in projects. The region also offers exciting niche opportunities in cyber risk, trade credit, political risk and financial lines.

All regulated companies follow the same set-up process. A range of licences are available, however, for different insurance and reinsurance activities.

This includes licences for effecting contracts of insurance, client relationship management licences, and representative office licences (for marketing, promotions, and referrals).

Smaller captive insurance companies that don’t have sufficient size to justify a captive can implement DIFC’s Protective Cell Companies structure, which offers lower formation costs and capital requirements.

3 easy steps to start setting up your business

Step one.

Submit LOI

First step is to provide DIFC with letter of intent (LOI).

Step two.

Obtain DFSA in-principle approval

Submit Regulatory Business Plan (RBP) and application documents to DFSA, and obtain in-principle approval.

Step three.

Setup

Complete the registration and incorporation process with ROC (including office setup, visas, bank accounts, etc.).
Once all conditions are fulfilled, DFSA grants a licence, and the entity may start the operations.

Handbooks and documents

  • Setting up a financial entity handbook
  • Financial checklist – limited liability partnership
  • Financial checklist – private company
  • Registrar of Companies – Table of fees
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