Abu Dhabi National Insurance Company (ADNIC) has been awarded the DIFC Master Health Insurance Scheme in partnership with the Dubai International Financial Centre Authority, effective 1 October, EC3 Brokers MEA announced in a statement.
The DIFC Master Health Insurance Scheme is intended to provide cost-effective health insurance for entities operating within the Dubai International Financial Centre (DIFC).
ADNIC emerged successful following a comprehensive competitive bidding process amongst a number of competing parties.
The scheme, which will be optional for DIFC firms, plans to provide cost-effective and efficient access to health insurance for employees in the DIFC and their dependants and will specifically support SMEs and start-ups in gaining access to high-level health benefit plans while streamlining their costs to be more comprehensive and reasonable.
Smaller firms often have difficulty in accessing group rates from health insurers and are required to make very detailed disclosures relating to the health and pre-existing conditions of staff for insurers to properly assess and price the risk related to them. The DIFC Master Health Insurance Scheme is intended to bring the pricing and other benefits usually only afforded to much larger employers.
MrArif Amiri, CEO of DIFC Authority, commenting on the health insurance programme, said,“The insurance scheme is a first for any free zone in the UAE and we hope it provides our over 2,500 firms and more than 25,000 professionals access to high quality health insurance at streamlined rates. Promoting this scheme is yet another way DIFC and Dubai continue to improve ease of doing business and ensure we remain the preferred working and living destination in the region for financial talent and their families.”
Mr Danny Driscoll, CEO of EC3 Brokers, said, “It is exciting to see the progression of the DIFC health scheme, and even more so now with the addition of Abu Dhabi National Insurance Company. It has been a pleasure working with the DIFC, and we are delighted to be a part of the creation of the facility to offer this product to the DIFC community. We look forward to continued success within the industry in the Middle East.”
Formed in 2013 by Mr Driscoll, EC3 Brokers is an independent commercial lines Lloyd’s broker, headquartered in London with subsidiaries in Dallas, the US and Dubai’s DIFC. EC3 is privately held and profitable. The majority of equity is held by management and staff although a meaningful portion is held by a very limited number of strategic investors.