DUBAI, UAE, June 12, 2024 – The Dubai International Financial Centre Insurance Association (DIFCIA), an industry association comprised of the whole insurance, reinsurance, and wealth management sectors within the DIFC and wider insurance related services, has announced its reciprocal membership with ACORD, the standards-setting body for the global insurance industry. The DIFCIA, a founding member of the ACORD Global Advisory Council, represents a wide range of insurance decision-makers in Middle Eastern financial markets.
The DIFCIA represents a community of insurance professionals across agencies, brokers, consultancies, and more, offering opportunities for networking and advocacy within the industry. As an ACORD member, the DIFCIA can facilitate greater engagement with industry peers, contribute to ACORD Data Standards development, and drive increased efficiency and effectiveness for its members within the Middle East and global insurance ecosystem. ACORD’s reciprocal membership with the DIFCIA further enables collaboration and strategic partnerships between the two organizations.
The partnership was announced at the second meeting of the ACORD Global Advisory Council (GAC), which was hosted by the DIFCIA at their offices in Dubai. The GAC aligns key leaders across the global insurance industry in order to enable standardized data exchange across current and emerging insurance market hubs, such as London, Bermuda, Singapore, and Dubai. As a founding member of the GAC, the DIFCIA has been at the forefront of driving digital transformation across the industry’s established and emerging markets.
“On behalf of the ACORD Global Advisory Council, I’d like to thank the DIFCIA for their ongoing contributions to the group,” said GAC Chair Dave Matcham, Chief Executive, International Underwriting Association of London (IUA). “It’s clear that forward-thinking insurance organizations in Dubai, as in other global hubs, are keen to experience the benefits of global data standards as they look to transform their markets.”
“As ACORD continues its work increasing efficiencies for global data exchange, it is a pleasure to have the ongoing leadership and representation of the DIFC Insurance Association,” said Chris Newman, President International, ACORD. “Our reciprocal membership with the DIFCIA allows our organizations to serve our community even more effectively, as we continue driving digitalization across new geographies and stakeholders.”
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About DIFCIA
The DIFCIA (Dubai International Financial Centre Insurance Association) is headquartered in the DIFC and run by the members for the members. They were established in 2015 and are proud of being the first independent insurance association in the UAE. With nearly 100 acting technical committee members and growing affiliations with global associations, they provide a unique opportunity for the exchange of ideas, market information and best practice to enhance the industry. They protect and advance the interests of the members through their close relationships with regulators and authorities.
Membership of the DIFCIA brings a range of benefits, including an industry voice, advocacy, statistics, information, education and networking, and events.