UAE: DIFC Insurance Association is formed
Source: Middle East Insurance Review | May 2015
The DIFC Insurance Association has been incorporated as a non-profit body in the Dubai International Financial Centre (DIFC) and is ready to welcome corporate applicants, said Dr Bassel Hindawi, one of the three initial founding members of the Association.
“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,” said Dr Hindawi, who was engaged as an external advisor by the DIFC to set up the association.
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, actuarial, advisory and consulting, and risk management firms. A general meeting will be soon held soon to elect a board for the association.
The other two founding members of the Association are Mr Mark Cooper, former Sector Head - Insurance, Reinsurance & Captives, Business Development with the DIFC, who is now the Country Manager for Lloyd’s Dubai; and Mr Wayne Jones, Partner with Clyde & Co, which has been engaged to assist in the incorporation of the association.
The DIFC Insurance Association will 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 specialised centre of excellence. 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.