Insurers jump onto cryptocurrency bandwagon

February 5 2018 by InsuranceAsia News Staff

With the surge in popularity of cryptocurrencies, insurers are seeing an opportunity to offer protection against digital money theft.

At present, just a few insurers are offering this type of insurance, including XL Catlin, Chubb and Mitsui Sumitomo Insurance, but other insurance companies are reportedly looking into theft coverage for companies that handle digital currencies such as bitcoin and ethereum that are traded between anonymous parties, according to a Reuters report.

While such products have so far elicited little attention, the emergence of such insurance products that are tied to the cryptocurrency world will mark an important step for the industry to develop greater mainstream recognition, industry experts so believe.

 

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