Dubai Insurance has launched a digital wallet that allows customers to pay insurance premiums in cryptocurrency and receive claims payouts, Cointelegraph reported on Jan. 28 local time.
The wallet is built on Zodia Custody infrastructure and operates under UAE regulation.
Jane Suren (제인 수렌), managing director for commercial in the Middle East and Africa at Zodia Custody, said insurers now need trusted infrastructure as digital asset adoption accelerates. Dubai Insurance was founded in 1970 and provides general and life insurance products across the UAE.
Cointelegraph said it has not disclosed which digital assets will be supported at this stage, and it is unclear whether it will apply across all insurance products.
Dubai Insurance's move comes as crypto-related experimentation expands across the global insurance industry.
In October last year, Meanwhile raised $82 million, and Delaware Life Insurance launched an annuity product allowing bitcoin-linked exposure, as the industry's use of cryptocurrencies gradually expands.
Chi-gyu Hwang
delight@d-today.co.kr