Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has signed a memorandum of understanding (MoU) with EC3 Brokers to implement a Group Health Insurance Master Policy.

The Group Health scheme will be available to over 2,400 active registered firms in DIFC who provide health insurance to their 25,600 professionals. It is the first scheme of this nature to be developed in Dubai’s financial centre and in the region.

The agreement is for EC3 to facilitate the purchase of cost-effective health insurance for DIFC registered companies across all sectors. The scheme will provide participating companies access to mandatory health cover for their employees and dependents, and will support SMEs in gaining access to high-level coverage while streamlining their costs that are comprehensive and reasonable.

As part of the agreement, EC3 Brokers will act as an intermediary to facilitate the tendering process to shortlist the insurer and the third party administrator contractual partners in the UAE. Criteria will be agreed by both DIFC and EC3 Brokers.

Commenting on the agreement, Arif Amiri, CEO of DIFC Authority, said: “This agreement paves the way for DIFC to provide clients with a new benefit that adds value, saves them money and provides a high level of health insurance cover for the 25,600 people working in the Centre. We are looking forward to working with EC3 to deliver this insurance policy to our clients.”

Steve Hart, SEO of EC3 Brokers MEA, said: “As a leading reinsurance broker and consultant within the MEA region, we are pleased to announce the signing of a strategic MoU alongside the Dubai International Financial Centre. The new agreement aims to develop a group health insurance scheme facilitating the purchase of cost-effective health insurance for all participating entities in the DIFC. We look forward to launching this exciting endeavour.”

Serge Calfa, Regional Director – Treaty of EC3 Brokers MEA, said: “EC3 Brokers’ treaty team is uniquely positioned within the region in supporting the DIFC with its vision by drawing on their experience in all the required relevant fields such as reinsurance, direct health insurance and various activities in managing and servicing the complete value chain of health care and risk-taking businesses.”

Dubai continues to be recognised on the global stage as a dynamic business environment where innovation thrives. DIFC offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment, complemented by a diverse and cosmopolitan talent pool and a vibrant business community.

Located in the DIFC, EC3 Brokers Limited is licensed by the Dubai Financial Services Authority (DFSA) to conduct the regulated financial services of “Insurance Intermediation” and “Insurance Management”.