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Oct 2021

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Source: Middle East Insurance Review | Sep 2021

Oman: Dhofar Insurance signs bancassurance deal with ahlibank
Dhofar Insurance has signed an agreement with ahlibank to offer new products and services in Oman. The deal will allow the insurer to reach more customers.
The plans will offer to cover costs associated with death due to COVID-19 and death due to other causes. This includes paying for a casket, embalming and flight ticket for the transportation of the deceased’s body. Other benefits include provisions for total permanent disability while providing the cost of the airline ticket to the insured and insurance for permanent partial disability and temporary disability due to an accident.
The home insurance policy will provide a complete solution to mitigate loss and covers the building and the contents of the building and devices against any loss or damage. It covers sheltering against theft, protecting contents such as household items, furniture and installations within the criteria specified in the document.
Dhofar deputy CEO Omar Ahmed Al Sheikh said, “Through this agreement with the bank, which has a well-established market position and a wide range of customers, we strive to connect and add value to larger segments of the public and meet their needs.”
Under the agreement, ahlibank will strengthen its portfolio of insurance solutions offering its customers home and family insurance protection with long-term plans. The partnership with Dhofar Insurance will help protect individuals and their property from financial risks.
“Meeting the needs of customers is at the heart of our mission, taking into account the different circumstances that may arise in their lives,” said ahlibank assistant general manager, head of retail distribution Muneer Al Balushi.
In addition to the insurance provided by ahlibank for vehicles, personal accidents and travel, customers will be able to obtain financial security and peace of mind with the new family protection long-term plan.
UAE: VERYPT launches new products to protect cryptocurrency owners
Dubai-based Very Global Cryptocurrency Insurance (VERYPT) has launched insurance products to protect owners of cryptocurrency.
The cryptocurrency insurance company offers coverage in cases of asset and data loss by theft or hacking. It includes coverage for initial coin offerings, initial DEX offerings, initial exchange offerings and decentralised finance instruments. Volatility and high rates of fraud in cryptocurrencies make this a good time for crypto investors to consider insurance options, said VERYPT.
VERYPT’s global cyber currency benefits and coverage include payment processing, mining, custodians, financial services, platforms, wallets and infrastructure. It provides insurance and risk management services for innovative cryptocurrency and digital assets. The insurance provides security for investors betting on the growth of their investments. Clients’ investments are insured and they will be covered if their funds are stolen.
“Our very experienced insurance professionals manage all aspects of cyber insurance services, protecting all areas of our clients’ cyber currency world and the value of their accounts. Applying for coverage is ‘simple, smart and safe’. Insurance coverage includes general crime, cyber liability and digital assets ‘living’ in wallets or exchanges.
“We work with newly-formed enterprises, listed companies and small and medium businesses. Our experience is across many industries including construction, bonding, tech and media,” said VERYPT managing director Mohamed Mostafa. M 
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