DIFC Lloyd’s licence permits Lloyd’s underwriters to appoint DIFC-based cover holders to issue insurance for DIFC and non-UAE risks as well as reinsurance for DIFC, UAE and non-UAE risks. Credit: agsaz/Shutterstock.

Global insurance marketplace Lloyd’s has teamed up with the Dubai International Financial Centre (DIFC) Academy to foster the development of future talent in the insurance and reinsurance markets in the Middle East.  

The memorandum of understanding (MOU) is said to enhance the Lloyd’s Academy’s educational outreach, previously established in London. It will now support the growing need for skilled professionals in the region’s insurance industry. 

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The collaboration will see the DIFC Academy and Lloyd’s Academy undertake a series of events, educational boot camps and on-demand learning to bolster the talent pipeline within the insurance sector.  

DIFC Authority chief operating officer Alya AlZarouni said: “DIFC offers a world-class learning environment and guidance from renowned organisations to accelerate development of talent within the sector.  

“This initiative enables us to further develop a burgeoning sector in DIFC, representing more than 125 companies.” 

The collaboration builds upon a previous MOU signed in 2019 between DIFC and Lloyd’s, aimed at enhancing the regional insurance sector through talent upskilling, efficiency promotion and sectoral improvement. 

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Lloyd’s chief commercial officer and Lloyd’s Americas CEO Dawn Miller said: “The MOU between the Lloyd’s Academy and DIFC, to drive forward talent development and industry wide education, is another step forward on this journey.  I look forward to our continued work in the Middle East and helping the development of a talent pipeline into the fast-growing region.” 

The DIFC Academy offers a platform for educational institutes and has delivered professional development certifications and higher education courses to more than 32,000 graduates since its inception. 

DIFC Lloyd’s licence permits Lloyd’s underwriters to appoint DIFC-based cover holders to issue insurance for DIFC and non-United Arab Emirates (UAE) risks as well as reinsurance for DIFC, UAE and non-UAE risks. 

The DIFC stands as the global financial centre in the Middle East, Africa and South Asia region.