OneDegree Flourishing in the Middle East
Expanding Horizons: OneDegree, a virtual insurer based in Hong Kong, aims for increased growth in the Middle East, also looking towards Europe and Africa as potential markets.
Catching wind in the Middle East, Alvin Kwock Yin-lun, nine-year-old insurtech powerhouse OneDegree, is gunning for more growth. Embracing the digital asset landscape of Dubai, the company safeguards the virtual assets of 20 firms sanctioned by Dubai's Virtual Assets Regulatory Authority.
OneDegree, renowned for its "cybersecurity technology and comprehensive underwriting framework," has steered clear of any claims, losses, or incidents among its clients—a feat aligning with United Arab Emirates (UAE) regulations, including professional indemnity insurance and directors and officers insurance.
Fueled by success, OneDegree plans to create new products, such as mining risk insurance and smart contract wallets. The company took a significant stride in 2023, collaborating with Dubai Insurance, an UAE insurance veteran, to protect digital asset firms across the region. Over the past two fiscal years, Dubai Insurance contributed to OneDegree financially, twice. Kwock, however, declined to reveal the exact size of these investments.
Since 2016, the insurer has netted over US$90 million in funding.
Digging Deeper
- Partnerships: OneDegree formed a strategic alliance with Dubai Insurance, allowing it to operate within UAE borders. Moreover, it partnered with Walaa, a reinsurance capital provider, fortifying its international digital asset insurance portfolio[1][5].
- Products: Beyond digital asset insurance, OneDegree seeks to expand across Qatar, Bahrain, Saudi Arabia, and more Middle Eastern markets, catering to local market requirements[4].
- Funding: Apart from Dubai Insurance's investments, OneDegree secured additional reinsurance capital from Walaa, boosting its financial resilience[1].
- Future: The company aims to surge forward in the GCC region, setting sights on countries like Qatar and Saudi Arabia, while simultaneously targeting expansion in Europe and other global regions[4].
[1] ft.com/content/9d1c6306-a581-4c2d-a68e-795d881bb8a9[2] novinite.com/384394.html[3] moneycontrol.com/news/business/cybersecurity/hong-kong-based-firm-onedegree-raises-usd-85-million-to-boost-digital-asset-insurance-business-4903771.html[4] www.arabnews.com/node/1934491/business-economy[5] publicizing.com/onedegree-to-provide-digital-asset-insurance-in-the-uae-in-strategic-partnership-with-leading-gulf-insurer/
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Technology plays a pivotal role in OneDegree's digital asset insurance offerings, utilizing its cybersecurity technology to safeguard client assets. In finance, the company has secured significant investments, reaching over US$90 million since its inception in 2016. The partnership with Dubai Insurance has been instrumental in enabling OneDegree to expand its business within the UAE and the Gulf Cooperation Council (GCC) region, aiming for further growth in Qatar and Saudi Arabia, while exploring opportunities in Europe and other global markets.
