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HDFC Life opens office in DIFC

Dubai - Dubai

Dubai International Financial Centre (DIFC) on Tuesday welcomed one of India's leading insurers HDFC Standard Life Insurance Company Limited (HDFC Life) to its diverse portfolio of clients.
HDFC International Life and Re Company Limited (HDFC International Life & Re), a wholly owned subsidiary of HDFC Life, has received a licence from the independent regulator, Dubai Financial Services Authority (DFSA) to operate in the DIFC, the first Indian reinsurance firm to do so.
"Built on the basis of a clear, stable and international competitive regulatory and legal system, we are confident DIFC's supportive infrastructure and diverse client cluster will enable India's leading insurer to access the region's key markets and expand its growing business portfolio," Arif Amiri, chief executive officer of DIFC Authority, said.
The incorporation of HDFC Life's first international subsidiary aligns with its objective to serve as a reinsurance partner to life insurers in the UAE and across the GCC, a region with a growing insurance and reinsurance market set to reach $62.1 billion by 2020. This comes at a time when the reinsurance sector is well poised to boost and impact the future growth and investment climate of the region.
"Serving as a hub for large underwriting platforms, including Lloyd's, DIFC offers a variety of services which we are confident will benefit HDFC Life as it expands its operations," Amiri said.
The move further cements DIFC as a top insurance and reinsurance hub with over 75 firms, more than 200 underwriters and premiums worth $1.27 billion.
"While HDFC Life continues to go from strength to strength in India, we felt that this was the right time to expand our global footprint. Dubai continues to serve as a gateway for global business and investment into the region," Sameer Yogishwar, chief executive officer of HDFC International Life & Re, said. - business@khaleejtimes.com