Leading financial hub in the Middle East, Africa and South Asia (MEASA), The Dubai International Financial Centre (DIFC), has signed two key memorandums of understandings (MoU) designed to drive the region’s insurance sector by upskilling talent as well as promoting efficiency and improvement.
It’s hoped the MoUs, signed with Lloyd’s and the Chartered Insurance Institute (CII), will help develop talent within the local re/insurance landscape in line with global best practice.
The Higher Technical Committee of the Emirates Insurance Association estimates that the UAE’s insurance market is forecast to reach $16.3 billion in 2019, driven by an increase in infrastructure spending and investments.
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.
It’s hoped this collaboration will see DIFC become a centre of excellence for re/insurance driven by an exceptional workforce, and will be the first range of certified insurance courses offered by the esteemed DIFC Academy.
“DIFC is committed to driving the future of finance by equipping the next generation of workforce with essential knowledge and qualifications,” said Alya Al Zarouni, Executive Vice President of Operations at DIFC Authority.
“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, Chief Executive Officer of Lloyd’s Insurance Company and Regional Director, EMEA added, “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, noted, “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.”