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The reinsurance industry starts 2024 with a momentous event that is set to change scenarios that had been established for decades: iSwiss Reinsurance, a company of the Swiss iSwiss Group, has, in fact, been granted a licence for reinsurance business by the authorities of the United Arab Emirates.
This is important news for a market where the dominance of American companies seemed unassailable, and it is a chance for the iSwiss Group to grow its operations in the insurance sector further.
“Reinsurance companies are little known to the uninitiated,” said Christopher Aleo, CEO of the iSwiss Group, commenting on the reinsurance company’s recent milestone, “but they are one of the cornerstones of the global insurance system. The role of reinsurance companies, i.e. to assume, against payment of a premium, part of the risk that insurance companies have to cover for their clients in the event of a claim, allows them to maintain financial stability and ensure compensation even in the event of exceptional events.”
It is precisely for this reason that reinsurance companies are one of the lynchpins of the system and guarantee its smooth functioning.
The process of obtaining the licence from the Dubai authorities was long: the soundness of iSwiss Reinsurance was put under the magnifying glass as a guarantee for future clients. Future clients who already seem very interested in working with the company, as Aleo explained.
“We have already had several contacts with potential customers: now is the time to assess the maximum exposure the company will be able to achieve and then move on to conclude the various agreements. We expect to close the first contracts as early as this year.”
A significant milestone that has been reached by iSwiss Reinsurance, which has its headquarters in Dubai, is further proof of the excellent health of the entire iSwiss group. The decision to focus on the reinsurance sector is important because it leads the group to operate in a market where competition is intense, as are the possibilities for growth. A gamble that has a good chance of being a winner, as has already happened with iSwiss Insurance, the group’s retail insurance company.
ISwiss Insurance ended 2023 with an insured value of USD 16.8 billion, an all-time record for this company, which has earned an important position in the global insurance market. This is thanks to customers’ wide range of contracts, from life to surety policies.
But also thanks to its ability to make the most innovative technological tools. This ability has earned iSwiss Insurance leadership in the insurance tech sector, with the most extensive digitisation of policies and their guarantee through the most advanced blockchain technology.
