As the year 2022 comes to a close, it's time to take a look at the performance of the insurance market in the United Arab Emirates (UAE). The country has a diverse and rapidly growing economy and the insurance industry is no exception to growth. First and foremost, it's important to note that the insurance industry in the UAE has been growing at a steady pace in recent years.

Blockchain technology is used with smart contracts that self-execute when prescribed conditions are met. This new P2P insurance model is doing away with traditional premium payments, using instead a digital wallet where every member puts his or her premium in an escrow-type account that will be used only if a claim is made. In this model, none of the members carry an exposure greater than the amount they put into their digital wallets. If no claims are made, all digital wallets keep their money.