The Dubai-registered International General Insurance Holdings has posted a net profit of $31.26m for the full year 2013. This marks an increase of 24 per cent compared with $25.25m in 2012.

The company, which provides insurance and reinsurance for industries such as energy, marine, aviation and ports, as well as political violence, posted $240m in gross underwritten premium, compared with $225.57m in 2013.

Commenting on the results, the insurer’s chief executive officer, Wasef Jabsheh, said that although the firm achieved record profits last year, 2014 will be a “fairly tough year due to increased competition”.

The firm has a marketing and underwriting office in Dubai International Financial Centre, with operations in Jordan as well as the UK and Malaysia.

The Gulf insurance market is attracting a lot of insurance firms eager to capitalise on the region’s infrastructure boom.