UAE– Mubasher: Dubai International Financial Centre (DIFC) has entered into individual memoranda of understanding (MoUs) with Lloyd's Insurance Company, a global major insurance and reinsurance marketplace, and the UK-based Chartered Insurance Institute (CII), to strengthen the insurance sector across the region. 

The MoUs aim to upskill talents with essential knowledge and qualifications while enhancing efficiency and improvement as per the global best practice, said a press release on Monday.

The Emirati insurance market is likely to reach $16.3 billion in 2019 backed by higher infrastructure spending and investments ahead of Expo 2020 Dubai, according to the Higher Technical Committee of the Emirates Insurance Association.

Under the agreement, the entities will develop a number of courses in addition to numerous events and programmes in collaboration with the DIFC Academy.

“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,” said the executive vice president of operations at DIFC, Alya Al Zarouni.

Meanwhile, the CEO of Lloyd’s and regional director, EMEA, Sonja Rottiers, explained, “The region is changing significantly and the need for training, development, and expertise in the Middle East region is ever increasing.”

It is worth noting that the DIFC Academy offers excellent financial and legal education in partnership with 26 leading educational institutions as well as government entities. To date, more than 5,500 graduates have successfully completed executive education courses, whether in finance, business, or law, from the DIFC.