Crypto: Dubai Insurance Launches Crypto Wallet Premium Payments, Claims...

The digital wallet allows insurance premiums and claims to be settled in crypto through a regulated custody partnership with Zodia Custody.

Dubai Insurance has launched a crypto-enabled digital wallet that allows policyholders to pay insurance premiums and receive claims settlements in digital assets.

The wallet is designed to support the receipt of premiums and the payment of insurance claims in digital assets and is built on institutional custody infrastructure provided by Zodia Custody.

The company said the wallet operates within existing regulatory and compliance frameworks in the United Arab Emirates (UAE), and described it as the first such offering in the country’s insurance sector.

Zane Suren, managing director for commercial, Middle East and Africa at Zodia Custody, said as digital asset adoption accelerates, “insurers need trusted infrastructure that allows policyholders to transact confidently with digital assets.”

Dubai Insurance was founded in 1970 and offers general and life insurance products across the UAE.

The company didn’t say which digital assets will be supported at launch or whether the wallet will be rolled out across all insurance products. Cointelegraph reached out to Dubai Insurance seeking comment but had not received a response at time of publication.

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The move by Dubai Insurance is part of a broader trend of insurers experimenting with digital assets across products, investments and regulatory frameworks.

In October, Meanwhile raised $82 million in a funding round led by Bain Capital Crypto and Haun Ventures to expand its Bitcoin-denominated insurance and savings products. The company offers life insurance, annuities, savings products and insurance bonds with premiums, policy values and claims managed entirely in Bitcoin.

Source: CoinTelegraph