AOL signals vote of confidence with DIFC Letter of IntentPress Release 23 Sep 2003 01:19 pm
DIFC Committed to Position Region as Leading Insurance and Reinsurance Hub
DIFC is committed to developing the region's significant potential to become a leading insurance and reinsurance centre. Out of the $2.3 trillion global insurance market, the region currently accounts for less than $10 billion in annual premiums. Yet a significant and growing proportion of Fortune 500 companies are located in Dubai, and demand for insurance services is expected to grow at 10 to 20 per cent over the next ten years.
The DIFC offers a hub for insurance and reinsurance companies, brokers, captives and other service providers, enabling them to establish their regional operations in a single location in the Centre.
Naser Nabulsi, Chief Executive Officer of the DIFC, said:
"We are delighted to have received the Letter of Intent from Aon, the world's largest insurance broking and risk management consulting organisation.
"The Company's intention to apply for a licence represents further resounding endorsement of the DIFC's commitment to develop a world class international insurance and reinsurance centre, serving not just Dubai and the UAE but the region as a whole.
"We continue to see strong interest from leading financial international institutions such as Aon, attracted by our world-class regulatory structure and working environment. We look forward to welcoming them to the DIFC and working together to realise the growth potential of this dynamic region."
Massoud A. Shaheen, Managing Director for the Middle East region, said:
"Aon as a global corporation continually seeks new ways to provide innovative and optimum solutions for our clients and we are excited by the benefits we can offer our customers by joining forces with DIFC, particularly in areas such as Captive Insurance and Risk Management.
We believe the region offers attractive growth opportunities and see the establishment of DIFC as positioning the Middle East as a key player in the financial and insurance industries worldwide."