Magazine date:
Feb 2010 Given the high number of large local and international firms established in Dubai Financial Center, captive insurance companies are poised to report a swift growth. Dubai Holding and Mubadala are among the first companies to set up such operations. Other applications are underway. Companies paying insurance premiums of at least 1.5 million USD are perfect candidates. Such a scheme may be achieved by establishing a specialized division within the parent company or by outsourcing the management of the captive insurance company. The Emirates do not have a framework governing this type of activities, hence, the need to establish the operation in other countries such as Bahrain, Qatar, Bermuda, the Isle of Man or Malaysia.