This insurance provides the security that an investor needs and allows them to grow their investment safe in the knowledge that they will be covered in the unlikely event it is stolen. While the companies did not directly purchase bitcoin or ethereum, they did participate in investment vehicles that derives their value from cryptocurrencies in the form of shares of grayscale bitcoin trust or grayscale ethereum trust. So ultimately, insurers will be looking for greater regulatory clarity in the coming years before extending coverage further for more competitive pricing points, and they’re going to have to get there relatively quickly too. Insurance professional and actuary with 15 years of experience in a broad range of insurance and reinsurance roles including cfo of uk life operations for a global reinsurer.

The underlying technology also offers insurers promise through things like potentially enabling smart contracts and claims handling on the ethereum blockchain that will improve back-office functions, chen said. J. Gdanski, founder and chief executive of evertas, said the company partners with incumbent insurers and provides a “bridge” to a burgeoning part of the financial sector that's only going to grow in terms of assets and importance. The firm cites a lack of capacity as the biggest issue holding back the wider adoption of crypto. Clearly crypto is still a volatile market – the average price ofnfts plummeted almost 70% from a peak of around $4,000 in mid-february to around $1,400 last week – but this shouldn’t be an excuse for inaction. Whether or not you believe crypto is an attractive long-term investment, cryptocurrencies already play a role in the global economy and are likely here to stay.

If your company has made an investment into crypto – whether large or small – it is in your best interest to ensure its protection through insurance coverage. Merger and acquisition (m&a) activity in the blockchain/digital asset space is also expected to grow. The total value of crypto mergers and acquisitions in the first half of 2020 reached a record $597 million, surpassing the total from 2019, with the average deal size more than doubling. Increased regulatory guidance continues to make it more acceptable for traditional financial institutions to accelerate their expansion into digital asset-related activities.

Policies offering insurance for cryptocurrency are relatively new, but there are a few different carriers offering coverage for your business’s crypto assets. There are a few different types of policies your business should consider, including crime, custody, decentralized finance, Cryptocurrency insurance directors and officers, and errors and omissions policies. Hcp national can help you secure the best coverage of your financial assets for the lowest premium. Those who hold digital assets or are working with them will need to speak to insurance agents who are experienced in transferring risks regarding cryptocurrency.

Raised $100 million in growth capital from a roster of partners that included starr insurance, liberty mutual insurance, and others, joining previous life insurance and annuity-centered partners massmutual and new york life. According to gemini, a crypto exchange, an estimated 21.2 million u.S. Adults, or roughly 14%, own some form of crypto, and there is demand for more. Carriers have started to unlock the power of conversational data, mostly through chatbots, but often fail to follow three key principles during the transition. The process for gathering enough data so machine learning can detect species in images is the same process for detecting fraud in the vehicle industry.

Insurance providers still largely see cryptocurrency as a risky investment. That’s led to “sky high” premiums for bitcoin, ethereum and other crypto investors. It’s tough to pinpoint exactly what to expect in a highly volatile cryptocurrency market, but industry experts seem to agree on a few key themes in early 2021.