To introduce a variety of insurance solutions for businesses operating in emerging areas such as digital assets, blockchain, artificial intelligence, biotech, and the space economy, two insurance companies in the United Arab Emirates have teamed. To safeguard them from hazards, Liva Group and Relm Insurance MENA will provide some tailored products to both new and established businesses.
Joseph Ziolkowski, CEO and founder of Relm Insurance, stated at a media roundtable, “We are concentrating on giving these companies access to the insurance products they need, to grow their business, and to stay protected.” “Some fundamental insurance coverages that any business will require are products like directors’ and officers’ liability insurance, professional liability insurance, and cybercrime insurance.
Additionally, he stated that the entire insurance sector has learnt from the sophisticated attack on Bybit, a cryptocurrency exchange based in Dubai that cost the company about Dh5.51 billion.
The reason of the loss, whether insurance is in place, and if insurance will respond to that loss will all be hot topics of conversation, he added. However, they are significant occasions. It provides more insight into the various sources of vulnerability present in this economy, raises knowledge of the efficacy of market-available coverage, and returns to risk management.
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