Hong Kong virtual insurer OneDegree in a recent interview with South China Morning Post noted that the company which has a regulated presence in the UAE has already signed 20 contracts insuring digital assets of companies licensed by Dubai’s Virtual Asset Regulatory Authority.
Companies signed up include crypto exchanges, and those who are providing trading and custody services.
Alvin Kwock Tin-Iun stated that so far no reported claims, losses or incidents among their clients have been made. He attributed the company’s success to its “cybersecurity technology and comprehensive underwriting framework”
Kwock said the company was developing new products, including mining risk insurance and smart contract wallets. In 2023, OneDegree partnered with Dubai Insurance, one of the oldest insurers in the UAE, to insure digital asset firms in the region. Over the past two years, Dubai Insurance had invested in OneDegree twice, Kwock said. He did not disclose the size of the investments.
Since 2016, the company has raised more than US$90 million in funding. “We’ve received funding every year,” Kwock said. “It’s growing every year.”
In 2024, OneDegree expanded its global reinsurance business by signing a deal with Walaa Cooperative Insurance in Saudi Arabia. Beyond the UAE and Saudi Arabia, the company said it was seeking opportunities in Qatar, Bahrain, Kuwait and Oman. It sees the Middle East as a springboard to Africa and Europe.
