The insurance market in the Middle East has always piqued my interest, particularly in the GCC, where the participants are as diverse and active as the population. The DIFC (Dubai Insurance Financial Centre) provides a home for insurers, reinsurers, and brokers alike, making the UAE a particularly forward-thinking model. Apart from the unusual, there were some familiar faces, with worldwide heritage insurers such as Norwich Union, General Accident, Commercial Union, and Northern Assurance establishing offices around the Middle East. In recent years, this ever-changing world has certainly not remained static.
Big names including Allianz-AGCS, Asia Capital Re, AXA, AXIS Capital, Beazley, Generali, Munich Re Syndicate, and Swiss Re have left the region since 2017. In addition to the remarkable twists that have occurred during the last five years, it appears like more twists are on the way.