Research reveals insurers are poorly prepared to provide solutions around blockchain and cryptoassets
Research (1) released today from Evertas, the world’s first cryptoasset insurance company, reveals that last year just 12% of senior insurance executives interviewed thought their industry was well prepared for providing insurance against risks relating to blockchain and cryptoassets. Some 76% claimed preparations here were ‘poor’. When asked how difficult they think it is for brokers to place insurance around crypto assets and blockchain, 55% of senior insurance executives interviewed described it as ‘very difficult’, and a further 19% as ‘slightly difficult’. Only 6% described it as ‘easy’ to do.
Evertas’ findings reveal the huge potential this market offers insurers, as 78% of professionals in the sector said they expect demand for insurance to cover blockchain assets to increase 2019 and 2022, and 76% said this about crypto assets. One in three said they expected demand for insurance cover for both areas to increase ‘dramatically’ during this time period.
J Gdanski, CEO and Founder of Evertas, said: “The growth of blockchain and cryptoassets is phenomenal, but our research suggests the insurance industry is poorly prepared for this. This not only poses a reputational and commercial risk to insurers and brokers; it also represents a huge growth market for those willing to invest in this sector to understand the risks involved and develop appropriate solutions and cover to adequately address and insure against these.”
Notes to editors:
(1) Evertas commissioned research company PollRight survey 51 senior insurance professionals in 2019. For further information please call Phil Anderson at Perception A on 0044 7767 491 519.
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.