The global Insurtech market revenue was valued at $533 million in 2018 and is expected to reach over $1 billion by 2023, numerous UAE-based insurance firms are recognising the potential of this fast-growing sector.
Wednesday 07, August 2019 BY KUDAKWASHE MUZORIWA
Dubai International Financial Centre-based (DIFC) Addenda has signed five regional insurance firms to its new blockchain platform, according to local newswire, WAM.
The DIFC stated that Aman Insurance, Al Wathba Insurance together with National Takaful Company (Watania), Noor Takaful and Oriental Insurance are the first companies to adopt Addenda’s technology, demonstrating the first use-case for a blockchain transaction in the regional insurance industry.
DIFC seeks to shape the future of finance as well as unlock the potential of fintech and insurtech in the region. Addenda graduated from the second cohort of DIFC’s FinTech Hive accelerator programme in 2018.