Saturday, January 25, 2020

DIFC Partners with Industry Leaders to Propel the Regional Insurance Landscape

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.

Lloyd’s, the world’s leading insurance and reinsurance marketplace, signed MoU’s. It aims to develop talent within the local insurance and reinsurance landscape in line with global best practice.

The UAE’s insurance market will reach USD 16.3 billion in 2019. This is according to the Higher Technical Committee of the Emirates Insurance Association. It is by an increase in infrastructure spending and investments in the lead up to Expo 2020 Dubai.

As part of the collaboration, DIFC will join forces with Lloyd’s and the CII to develop a number of courses. This will be alongside the roll-out of a series of events and programmes developed in partnership with DIFC Academy. The leading sector entities’ collaboration is aligns with the strategic goals of DIFC. It’ll be a centre of excellence for insurance and reinsurance driven by an exceptional workforce. 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. 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. The specialist expertise of the Lloyd’s market is able to support the regional development of the insurance and reinsurance markets. This is through 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.”

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. All successfully undertook executive education courses and programmes in finance, business and law. They also have two dedicated Masters of Laws (LLM) programmes.

MOST READ

BAC inks airport banking services agreement with NBB

Bahrain Airport Company (BAC), the operator and managing body of Bahrain International Airport (BIA), signed an agreement with National Bank of Bahrain (NBB) for...

Kapha Dosha

In Ayurvedic tradition the Kapha Dosha are the mind and body type associated with earth and water. It entails structure and stability in the...

Lamborghini Lambo V12 Vision GT

Lamborghini has released a new one-seat concept car called the Lambo V12 Vision GT that utilizes the same hybrid powertrain found in the one-of-63...

Profit – the first important goal of business by: Dhananjay Mahadev Datar

I frequently give business tips to the youth in my entrepreneurship awareness lectures. In one such lecture, a person asked me to describe the...

Lenovo is building another standalone VR headset

Lenovo hasn’t made the best bets in virtual reality so far. It seems like the company’s about to try again — according to a...

The Google Assistant will be able to read articles out loud in 42 languages

Google is “previewing” a new feature here at CES for the Google Assistant on Android phones that turns it into a supercharged screen reader....

Taqyeem Committee discusses categorization of Government Service Centres

The Chief Executive of the Information & eGovernment Authority (iGA), Mr. Mohammed Ali Al Qaed, chaired a meeting of the Government Service Centre Evaluation...

Gulf Air Reveals Nice as Leisure Boutique Destination for Summer 2020

Gulf Air - the Kingdom of Bahrain’s national carrier – in line with its boutique strategy to add boutique leisure destinations to its network,...

46th Bahrain Annual Fine Arts Exhibition opened

His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, deputized His Highness Shaikh Mohammed bin Mubarak Al Khalifa, the Deputy Prime...

AMH Signs Agreement with EMS Emirates Company

American Mission Hospital (AMH) have signed an agreement with Energy Management Services-Emirates Company (EMS) from UAE with local support of Mohammed Jalal & Sons...

AI to Enhance CSR Strategy by: Dr. Jassim Haji

Corporate Social Responsibility (CSR) is gaining more and more importance in the kingdom. Major industrial and financial companies in Bahrain are establishing solid CSR...

Zain Bahrain Announce ‘Zain Mega Contest’ Campaign

Zain Bahrain announced its latest promotional campaign ‘Zain Mega Contest’. It offers Zain’s customers the chance to win exciting monthly prizes. This includes cash...

Ministry of Education Visits Ebrahim K. Kanoo

As part of its ongoing co-operation and strong bilateral relations, a delegation from the Ministry of Education visited Ebrahim K. Kanoo Managing Director, Mr....

Bahrain JCW X-raid team victorious at 2020 Dakar Rally in Saudi Arabia

The Bahrain X-raid team has claimed victory at the Middle East’s first Dakar Rally. The route of Dakar 2020, hosted by Saudi Arabia, traveled...

CBB presents plan for digital transformation to financial institutions

In line with the directives of HM King Hamad bin Isa bin Salman Al Khalifa to the government to undertake the development of a...

Fatal error: Uncaught wfWAFStorageFileException: Unable to verify temporary file contents for atomic writing. in /home/bahrainthisweek/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php:52 Stack trace: #0 /home/bahrainthisweek/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php(659): wfWAFStorageFile::atomicFilePutContents('/home/bahrainth...', '<?php exit('Acc...') #1 [internal function]: wfWAFStorageFile->saveConfig('synced') #2 {main} thrown in /home/bahrainthisweek/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php on line 52