DIFC Forms New Insurance Association

The Dubai International Financial Centre (DIFC) announced that its Insurance Association “has been incorporated as a non-profit body in the DIFC and is ready to welcome corporate applicants.

Dr. Bassel Hindawi, one of the three initial founding members of the Association, who was also engaged as an external advisor by the DIFC to set up the association, commented: “With the continued growth of the (re)insurance market at the DIFC in terms of size and number of firms, there is indeed the need for a (re)insurance professional body that represents the interests of market players and shapes the market for future growth and development.

The DIFC said: “Corporate applications to join the Association as full members are open to insurance-related firms established in the DIFC. There will be a separate category of associate membership for service providers, including law firms, actuarial firms, advisory and consulting firms, and risk management firms, etc.

“A General Meeting will be held soon to elect a board for the association.”

The other two founding members of the Association, Mark Cooper, former Sector Head – Insurance, Reinsurance & Captives, Business Development with the DIFC, who is now the Country Manager for Lloyd’s Dubai, and Wayne Jones, Partner with Clyde & Co, the law firm that has been engaged to assist in the incorporation of the association.

“The DIFC Insurance Association is expected to represent the collective interests of members while acting as a forum for the exchange of views on market issues, and contribute to the development of the DIFC as a specialized centre of excellence,” the annouceme,nt said.

“Ultimately, the Association should promote the interests of the DIFC insurance market and the companies that operate out of the DIFC in all areas of their business,” said Dr. Hindawi.

Source: Dubai International Financial Centre (DIFC)