Evertas expands cryptoasset insurance capacity into
CHICAGO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Australia and Hong Kong were added to the growing list of countries where insurance firm Evertas has the ability to write policies protecting against the theft or loss of cryptoassets. Evertas has previously announced cryptoasset policy writing capacity in the US, Canada and the UK.
“Both Australia and Hong Kong have been home to more than their fair share of blockchain innovation,” said Evertas co-founder and CEO J. Gdanski. “Some of the largest cryptocurrency exchanges were founded in Hong Kong, and both countries have much higher than average crypto adoption. Expanding into these markets makes sense and we’re eager to do business there and work to close the enormous coverage gap in Asia, as well.”
The coverage gap Gdanski refers to is based on the fact that less than 3% of global cryptoassets are thought to be insured. This shortfall is more one of supply than demand, as cryptoasset insurance capacity remains a fraction of what’s required.
Evertas also announced that thanks to newly expanded partnerships, it can offer crime and specie policies through a single underwriting. Specie is the name given to policies covering tangible, high value items, such as collectibles, and has been the policy type used to protect the majority of cryptoassets. The company also announced the availability of “slashing” policies, protecting the contents of custodial wallets against loss due to technology failures.
Evertas’ rapid expansion into new geographies is a result of its being a Lloyd’s of London coverholder, which allows the company to offer rated, licensed insurance policies backed by Lloyd’s. Evertas is the only cryptoasset insurer to be granted Lloyd’s coverholder status.
In 2021 alone, about $4 billion in cryptoassets were stolen, with a tiny fraction of those losses protected by insurance. Gdanski claims that broader cryptoasset adoption is being hindered by the unwillingness of major institutions to enter the market, and that, in turn, is a consequence of the lack of insurance capacity protecting against what could be significant losses in the event of a breach.
Evertas Inc. is a Chicago-based cryptoasset insurance company focused on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals. Licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority, Evertas offers the only full lifecycle cryptoasset insurance solution; a world leading underwriting framework, bespoke cryptoasset policy form and claims handling.
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