by Richard Kilner

Marsh has today announced that it has been granted the first licence to carry out captive insurance management in Dubai.

The Dubai Financial Services Authority has authorised Marsh Management Services (Dubai) Limited, to offer captive insurance management services inside the Dubai International Financial Centre (DIFC).

Ronny Vellekoop, head of office for Marsh Management Services (Dubai) Limited, explained that the rapid rate of growth is creating not just opportunities for firms but also increasing corporate risks.

Vellekoop went on to say that firms were looking for a broader range of options when choosing to finance risk, and that although captive insurance is little used at present, he expects the innovative atmosphere of Dubai to rapidly change that situation.

The establishment of Marsh’s office is a signal that Dubai is both a regional and global hub, according to DIFC MD Abdulla Al Awar.