OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company have announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.
OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.
VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.
Robin Scott, General Manager of Middle East for OneDegree, said, “UAE has only strengthened its position as a digital asset hub since our market entry last year. There are hundreds of companies setting up across the Emirates and looking to obtain key licenses. For this they need strong, tailored insurance policies. It’s fantastic that we are now able to offer the full suite of OneInfinity digital asset products to these inspiring companies.”
Abdellatif Abuqurah, CEO of Dubai Insurance, added, “We are thrilled to work with OneDegree on this important development in the UAE. Dubai Insurance is committed to bringing the most innovative insurance products to the UAE. Custodial risk insurance is something brand new to the market but that satisfies an urgent demand as UAE cements its position as a global leader in digital assets.”
OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers).
In addition, OneDegree, recently partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance company where Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during 24 Fintech event in Riyadh KSA.
