RATE Group | Report: Banks are Secretly Offering Cryptocurrency Insurance to Businesses
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Report: Banks are Secretly Offering Cryptocurrency Insurance to Businesses

22 Jul Report: Banks are Secretly Offering Cryptocurrency Insurance to Businesses

Posted at 08:12h in Cryptocurrency News by

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Despite the notorious hacks and thefts surrounding the cryptocurrency sector, big-name insurance firms alike Allianz and AIG are quietly making their presence felt in the industry, offering insurance deals to digital asset businesses.

Crypto-Insurance Making its Mark Felt

As reported by Bloomberg on July 19, 2018, companies like XL Group, Allianz, AIG, and Chubb are creating customized insurance packages for protecting cryptocurrency businesses.

Interestingly, London-based Aon reportedly captures over 50% of the cryptocurrency insurance market, with new industry-specific protection deals surfacing regularly.

New York-based Marsh & McLennan notes the year has seen “brisk” business in the field of crypto-insurers, revealing the company even has a dedicated team working on blockchain policies for the burgeoning sector.

In line with the high valuation of cryptocurrencies, reports state the premiums for crypto-insurances are over five times those of traditional corporate policies on an…

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