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Cryptoasset insurance: Research reveals insurers expect to invest heavily in the cryptoasset insurance market


Please see below a press release from Evertas, the world’s first cryptoasset insurance company, on new research revealing that 88% of senior insurance executives see the cryptoasset insurance market as attractive for insurers over the next five years.



Other key findings include:
• Some 90% of insurance executives expect the level of investment from insurers in their cryptoasset underwriting teams and propositions to increase between now and 2025, with 26% anticipating a ‘dramatic rise’.
• Overall, during this period, 92% anticipate the level of capacity the insurance sector provides to the cryptoasset market to grow, with 28% expecting a ‘dramatic increase’.
• However, Evertas warns that there is a complex interplay of risks concerning cryptoassets and blockchain systems that can lead to a wide range of losses and outages. Its findings reveal that 48% of insurance executives believe they only have a ‘poor’ or ‘average’ understanding of these, and 28% say the sector is not good at keeping abreast of the rapid changes here.

With the cryptoasset and blockchain markets growing rapidly, new research (1) from Evertas, the world’s first cryptoasset insurance company, reveals 88% of senior insurance executives see this market as attractive for insurers over the next five years.

Some 90% of insurance executives expect the level of investment from insurers in their cryptoasset underwriting teams and propositions to increase between now and 2025, with 26% anticipating a ‘dramatic rise’. Overall, during this period, 92% anticipate the level of capacity the insurance sector provides to the cryptoasset market to grow, with 28% expecting a ‘dramatic increase’.

However, Evertas warns that there is a complex interplay of risks concerning cryptoassets and blockchain systems that can lead to a wide range of losses and outages. Its findings reveal that 48% of insurance executives believe they only have a ‘poor’ or ‘average’ understanding of these, and 28% say the sector is not good at keeping abreast of the rapid changes here. Evertas believes the level of knowledge insurers have is much worse than its research findings suggest as the industry has invested little in understanding the cryptoasset and blockchain markets.

Raymond Zenkich, President and COO, Evertas, said: “Our research shows that insurers see the cryptoasset insurance sector as an attractive growth market. However, by providing only around $1 billion of insurance capacity for the sector, insurers have only really been dipping their toe in the water when it comes to insuring crypto and blockchain assets. However, as the sector matures and becomes increasingly accepted by regulators, corporates and governments, the insurance sector’s interest in it will also rise.”

Evertas believes it’s the only company in the world focused solely on providing insurance coverage for cryptoassets and users of blockchain systems. It has a unique offering providing a full suite of services for these assets – from risk audits, to underwriting, investigations and claims handling.

Founded in 2017, Evertas has a world-leading team led by an experienced group of executives including the founding Chief Insurance Officer (and founding member) of Lemonade, a blockchain team leader at Bank of New York, and a blockchain industry insurance expert. The founders have over 40 years of combined experience in the insurance sector, and more than ten in the crypto and blockchain markets.
Earlier this year, Evertas received its licence from the Bermuda Monetary Authority to start operating from the jurisdiction. It operates as a ‘Class 3A’ insurer. (2)

Notes to editors: 
(1) Evertas commissioned the market research company Pureprofile to interview 50 senior insurance executives (25 were based in the UK and 25 in the America) on their views on the cryptoasset and blockchain insurance sector. Interviews were conducted online during April 2020.
(2) CLASS 3A 
Small commercial insurers whose percentage of unrelated business represents 50% or more of net premiums written or net loss and loss expense provisions and where the unrelated business net premiums are less than $50 million.
Class 3A insurers are required to maintain minimum capital and surplus of $1 million.

About Evertas    
Evertas is the world’s first cryptoasset insurance company.  In February 2020, the company rebranded from BlockRe, which was founded in 2017.  
Evertas has a world-leading team led by an experienced group of executives including the founding Chief Insurance Officer (and founding member) of Lemonade, blockchain team leader at Bank of New York, and a blockchain industry insurance expert. Their backgrounds bring together an unrivalled cryptoasset/technology expertise with pragmatic and practical insurance industry expertise.  
The founders of Evertas have over 40 years of combined experience in the insurance sector, and more than ten in the crypto and blockchain markets.  


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Jeudi 18 Juin 2020
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