iSwiss’s new challenge: iSwiss Reinsurance obtains licence for reinsurance business in the United Arab Emirates

The year 2024 brings important news for the Swiss iSwiss Group: iSwiss Reinsurance, a new group company, has recently been granted a reinsurance licence by the United Arab Emirates authorities.

iSwiss Reinsurance, which is headquartered in Dubai, is thus entering an important but little-known market for the general public: that of reinsurance companies. Until now, business in this market has been the prerogative of the big American giants, but the entry of the iSwiss group company looks set to change this balance.

The reinsurance market involves companies that provide their services to insurance companies. It is the latter that takes out policies with end-consumers that guarantee against damage or adverse events, assuming the risk arising from the occurrence of the adverse event. And it is precisely the reinsurance companies that carry part of this risk under their agreements with the insurance companies, receiving a payment that takes the form of a premium.

Thus, the activity of reinsurance companies is crucial for the smooth functioning and soundness of the insurance system as a whole. Without this activity, insurance companies would risk seeing their financial soundness undermined when significant events occur, resulting in claims to be paid to consumers.

Reinsurance companies cover at least part of the losses insurance companies face in such cases, providing stability to the system and also allowing consumers to obtain the compensation they are contractually entitled to.

Companies that demonstrate the necessary solidity and security precisely, as emphasised by Christopher Aleo, CEO of the iSwiss Group, can only fill a role of great importance when iSwiss Reinsurance receives its licence.

“iSwiss Reinsurance has shown that it has all the credentials to be a reliable player in the reinsurance sector. Obtaining the licence from the UAE authorities required a complex process, during which the characteristics of the group company were carefully analysed. This is precisely why obtaining the licence represents the achievement of an important goal and, at the same time, demonstrates the solidity of the iSwiss group as a whole.”

“The next steps,” continues Aleo, “will be to evaluate the applications iSwiss Insurance has already received from various insurance companies. After assessing the maximum level of exposure to be achieved, it will be possible for iSwiss Insurance to conclude the first contracts already during the coming months.”

The iSwiss Group’s activity in the insurance sector also continues successfully with iSwiss Insurance, the group’s insurance company, which closed in 2023 with a total insured value of an impressive USD 16.8 billion. This is a significant milestone and a record for the company, which establishes itself as one of the most active in the area of digitising policies and guaranteeing them through blockchain technology.