Lost your cryptos? No problem, we have insurance now
Everyone is in contact with insurance now and then. We need vehicle insurance, to cover for physical damage or bodily injury in traffic, we take home loans and need to cover it with insurance. Some of us have health insurance for ourselves and our families, we can have our even mobile phones insured. And lets not get started on insurances offered for businesses.
Insurance companies have covered almost everything until now. Travel or abroad, at home or in traffic. But one sector has remained untouched. Cryptocurrencies - the volatility and unpredictability of the sector has kept the insurers at bay.
img credz: pixabay.com
Crypto heists, hacks, lost keys for billions of dollars worth of cryptos should scare most businesses, but we have to start tapping the untapped eventually. Several bigger companies are looking into insuring anything crypto now.
Aon, a London-based risk management and insurance behemoth of a company, with approxiately half of the market share, Allianz, A German insurer who has been in this business for more than a year, AIG and many others are convinced that the market for various crypto-related insurance cases will start booming this year, making the insurers hefty profit.
img credz: pixabay.com
Although one could consider the crypto conditions too dangerous to be insured, the insurance behemoths seem to choose their clientele well. And you can be sure they do all their homework, educating clients and burden them with legal contracts. As of today, not a single case is known, where insurers have had to pony out any of their funds.
Anything goes. Cryptosphere is the wildest ride of decades
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Coinbase and CoinbasePro are actually insured which is pretty interesting, although they only cover your cash in the account.... pretty soon they are going to insure all cryptos on their exchanges I would think!
oh, thanks for this piece of information :)
Not surprised by crypto insurance....but still pretty odd to hear, cool though.
Uncomplicated article. I learned a lot of interesting and cognitive. I'm screwed up with you, I'll be glad to reciprocal subscription))