Onshore Energy Conference — Dubai Onshore Energy Conference — Dubai 01 | Page 34

MAKING

NEW

CONNECTIONS

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Introducing a new financial association providing a stable
and secure platform for insurers in the region.

stablished in 2015, the DIFC Insurance
Association (DIFC IA) is a non-profit
association established to represent
the collective interests of Members
while acting as forum for the exchange of
views on market issues, and contribute to the
development of the insurance market at the
DIFC as a specialised center of excellence.
With the continued growth of the
(re)insurance market at the DIFC in terms
of size and number of firms, the DIFC IA
is well positioned to shape the market
for future growth and development.
The DIFC IA has ambitious plans to grow
and act as the voice and advocacy force for
companies operating in the DIFC. The journey

has begun. The Association currently has 36
Full Members and 12 Associate Members.
Membership in the Association is
voluntary, Full members is for insurance
firms established in the DIFC, including
reinsurers, regional offices, underwriting
agencies, coverholders, MGAs, insurance
management, and reinsurance brokers.
There is a separate category of membership
as Associate members for service providers
including law firms, actuarial firms, advisory
and consulting firms, rating agencies,
risk management firms, TPAs, etc.
The Association needs to position itself
to become a reference point for market
practitioners to interact and to promote and

OBJECTIVES OF THE DIFC INSURANCE ASSOCIATION NPIO
To represent the collective interests of members

within the DIFC and outside the DIFC.
To be a platform for dialogue amongst

members to exchange views on market
issues, discuss market practices in order to
improve transparency and professionalism.
 o improve market efficiency and facilitate and
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encourage co-operation amongst members.
 o contribute to the development of the DIFC as
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the premier (re)insurance market in the region,
and to promote best practice and high business
and ethical standards between members
within the DIFC (re)insurance community.
 o engage with regional insurance
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regulators and trade associations,
and assist regional governments and
legislators in raising standards and policy
development for the insurance industry.
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 o contribute to the development of better
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underwriting skills and upgrade expertise
in the region by promoting insurance and
risk management education, training
and arranging market seminars.
 o develop the DIFC market to become a
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specialised centre of excellence including
conducting research work, producing
industry reports, and developing
market data and statistics.
 o facilitate the better understanding of Takaful
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and Re-takaful business amongst market
players, and to contribute to the development of
Takaful and Re-takaful business from the DIFC.
 o interact with international bodies as
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may be necessary, including international
trade associations, international
standard setting bodies, and others
involved with the insurance industry.