DIFC raise industry issues. The Association will assess and recommend market directives that are suitable and appropriate for the DIFC market. Working closely with the DFSA on regulatory changes affecting the insurance sector is essential.
The Association has the opportunity to promote best practice in the market broadly speaking and to portray the industry in a positive manner, as trustworthy and secure, as well as improve relationship between risk carriers and brokers when it comes to transparency and professionalism. 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.
The insurance market in the DIFC has and continues to show significant short and longterm potential. Momentum is building and with the opening of Lloyd’ s platform in the DIFC, the level of engagement and interest in the DIFC from the international reinsurance community is at an all-time high. In order for the market to capitalise on this momentum and increase its long-term growth prospects, it needs to have a more strategic and international driven agenda that engages with regulators and associations from around the world. The Association established three
Working Groups to tackle different areas in the Insurance Market; DFSA Regulations Working Group, Market Data Working Group and Life and Health Working Group.
In addition, the Association holds monthly speaker and market seminars, and will be working closely with the local insurance market.
The Association is well positioned to become a representative body for the reinsurers and brokers operating in the DIFC and to develop into a premiere hub to serve the industry in the region in every possible way. The DIFC IA remains open to great new ideas as it moves forward given the critical challenges facing the region. For further information, please contact: info @ difcia. org + 971 4 401 19376
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