Insurance Companies Calculate Risks of Offering Crypto Coverage

[kreslik.news]

According to a Reuters report, several major insurance companies are exploring offering insurance products that will protect customers against cryptocurrency theft.

Although little attention has been paid to developments in the insurance industry with regards to cryptocurrency-related products, there are already several companies that already offer protection against crypto theft–Mitsui Sumitomo Insurance, Chubb, and XL Catlin, which now offers up to $25 million in coverage per incident.

Head of XL Catlin’s North American crime covering underwriting Greg Bangs told Reuters that “the first challenge for us was to figure out if there was a product here.”

There is certainly no shortage ... (read more)