Evertas, the world’s first cryptoasset insurance company, is warning that many insurers don’t have the data, expertise, or knowledge to effectively manage claims concerning cryptoassets and blockchain.
Evertas, which believes it has the only full-time team in the insurance industry able to deal with these claims, says these are often highly complex and cut across multiple fields that require specific cryptoasset and blockchain
knowledge as well as tools that are difficult for insurers to acquire or develop internally.
J Gdanski, CEO and Founder, Evertas said: “The insurance industry has already found itself unable to deal adequately with claims linked to ransomware, and losses concerning cryptoassets and blockchain are significantly more complex.
“There are a number of areas to address when it comes to how the insurance industry underwrites cryptoassets and the policies it offers, as well as how to manage claims for these assets. If a loss were to occur at an exchange with sophisticated security, it is likely that the insured will have greater depth of skills in investigating this than the insurance company itself.”