Dubai Insurance has launched a crypto-enabled digital wallet, becoming the first insurance company in the United Arab Emirates (UAE) to allow policyholders to pay insurance premiums and receive claims settlements in digital assets. The wallet is built on institutional custody infrastructure provided by Zodia Custody, a digital asset custody startup founded by Standard Chartered.
The initiative is designed to streamline insurance workflows, offering greater transparency and operational modernization. The wallet supports the receipt of premiums and the payment of insurance claims in digital assets and operates within existing regulatory and compliance frameworks in the UAE. Abdellatif Abuqurah, CEO of Dubai Insurance, stated, "This initiative marks a defining moment for us and the insurance sector in UAE. By becoming the first insurance company to allow the receipt of premiums and payment of claims in digital assets through a secure digital wallet, we are redefining how insurance services are delivered."
Zane Suren, Managing Director for Commercial, Middle East and Africa at Zodia Custody, emphasized the need for trusted infrastructure: "Insurers need trusted infrastructure that allows policyholders to transact confidently with digital assets. Customers will have institutional-grade custody and controls that help make premium payments and claims settlement in digital assets secure, transparent, and operationally robust."
The launch is part of a broader global trend of insurers integrating digital assets. In October, Meanwhile raised $82 million to expand its Bitcoin-denominated insurance and savings products. In December, the Hong Kong Insurance Authority began reviewing changes to allow insurers to allocate capital to cryptocurrencies. On January 20, Delaware Life Insurance Company announced it would add limited Bitcoin-linked exposure to its retirement annuity portfolio through an index developed by BlackRock.
Dubai Insurance, founded in 1970, did not specify which digital assets will be supported at launch or whether the wallet will be rolled out across all its general and life insurance products. The move reinforces the UAE's position as a leading global fintech and blockchain innovation hub.
