DIFC partners with industry leaders to propel insurance sector

Business Bureau, Gulf Today

Dubai International Financial Centre (DIFC), a global top 10 International Financial Centre and the leading financial hub in the Middle East, Africa and South Asia (MEASA), has signed individual memorandums of understanding (MoU) with two leading institutions to fuel the region’s insurance sector by upskilling talent as well as promoting efficiency and improvement.

MoUs were signed with Lloyd’s, the world’s leading insurance and reinsurance marketplace as well as UK headquartered Chartered Insurance Institute (CII), with the aim of developing talent within the local insurance and reinsurance landscape in line with global best practice.

The UAE’s insurance market is forecast to reach $16.3 billion in 2019, according to the Higher Technical Committee of the Emirates Insurance Association, driven by an increase in infrastructure spending and investments in the lead up to Expo 2020 Dubai.1

As part of the collaboration, DIFC will join forces with Lloyd’s and the CII to develop a number of courses alongside the roll-out of a series of events and programmes developed in partnership with DIFC Academy. The collaboration between the leading sector entities is aligned with the strategic goals of DIFC to be a centre of excellence for insurance and reinsurance driven by an exceptional workforce, and will be the first range of certified insurance courses offered by the esteemed DIFC Academy.

Alya Al Zarouni, Executive Vice President of Operations at DIFC Authority, said: “DIFC is committed to driving the future of finance by equipping the next generation of workforce with essential knowledge and qualifications. Our collaboration with leading entities including CII and Lloyd’s will enable us to provide an exceptional service to more than 100 active insurance and reinsurance firms. Our robust ecosystem and cluster economies allow us to accommodate multiple areas of practice in all life, non-life and Islamic practices”.

Commenting on the partnership, Sonja Rottiers, CEO of Lloyd’s Insurance Company and Regional Director, EMEA said: “As Lloyd’s Dubai we are delighted to have signed this MoU with the DIFC Authority. The region is changing significantly and the need for training, development and expertise in the Middle East region is ever increasing. Through the MoU we aim to create a mutually beneficial partnership whereby the specialist expertise of the Lloyd’s market is able to support the regional development of the insurance and reinsurance markets through bespoke training programmes, as well as to support the DIFC Authority’s ambition in becoming a major training, research and development hub for the industry.”

Sian Fisher, CEO of the Chartered Insurance Institute stated: “The world is becoming a smaller place and the regulatory framework is becoming more aligned, so the sharing of experience, common issues and good practice standards is an activity that the Chartered Insurance Institute must engage in, to create a vibrant international profession.

“This is the first step in delivering an historic collaboration with such an important institution for the greater good of the public, our profession and the next generation of professionals who will be looking to adopt and promote the policies and framework of the CII for the long term benefit of their customers.”

As part of the DIFC’s efforts to support continued professional development and strengthen the regional talent pool, the DIFC Academy offers world-class financial and legal education through strategic partnerships with 26 leading educational institutions and government entities. To date, the DIFC has seen more than 5,500 graduates successfully undertake executive education courses and programmes in finance, business and law, as well as two dedicated Masters of Laws (LLM) programmes.

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.

With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 24,000 professionals working across over 2,289 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.