Will Cyberinsurance rescue and uplift crypto market?

brushtooth

member

Activity: 90

Merit: 11

Quote from: ChiBitCTy on February 11, 2018, 11:38:32 PM

I'm very interested by this subject but I thought I'd never get through to the end, not the easiest of reads. I've worked in the insurance industry for a long time and I can promise you one thing, if they see a new opportunity to make money they are going to go after it. However you mention that AIG has already started insuring cryptocurrency but that's not true ( http://bitcoinist.com/aig-blockchain-insurance-policy/ ).

Blockchain and cryptocurrency are two entirely different things. One is an actual means of payment and the other is the platform for which makes it work. We certainly might get to the point of insurance companies insuring actual "dollars" tied directly to crytpocurrency but that day has not come yet.

I feel there's an inevitability about the fact this will happen. People are able to insure their dollars or other currencies and so it's logical it will arise for cryptocurrencies too. I do not know exactly what shape that will take and the restrictions around it but as long as there is a demand for it then insurance providers will create the policies.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

I'm very interested by this subject but I thought I'd never get through to the end, not the easiest of reads. I've worked in the insurance industry for a long time and I can promise you one thing, if they see a new opportunity to make money they are going to go after it. However you mention that AIG has already started insuring cryptocurrency but that's not true ( http://bitcoinist.com/aig-blockchain-insurance-policy/ ).

Blockchain and cryptocurrency are two entirely different things. One is an actual means of payment and the other is the platform for which makes it work. We certainly might get to the point of insurance companies insuring actual "dollars" tied directly to crytpocurrency but that day has not come yet.

pooya87

legendary

Activity: 3472

Merit: 10611

according to statistics about 20-40 billion dollar is stolen through credit card fraud every year. an about half of these happen in US.

how much was lost in cryptocurrency world and from whom? from exchanges that are most probably lying about the "hack" and it was them who stole the money in first place. so they won't need any insurance because they don't want anyone snooping around in their shady business.

and as for users, protecting your cryptocurrencies is so easy that you can never be hacked if you do it right. and the reports of such incidents have not been high enough in comparison.
in short "market" doesn't need such uplifting in my opinion.

virendarnagpal

member

Activity: 672

Merit: 12

"Year 2017 was termed as year of Hacks" by one journalist and stated fears year 2018 to be worse than 2017. In the past too cheaters, decoits, thieves existed always to loot, cheat the hard earned money of hardworking innocent people. Previously the loot was in the form of hard cash, gold and other precious physical things and now with the change of scenario, as the storage of wealth have changed its form from physical wealth to digital wealth; the looters have also changed their style and have started looting digitally by hacking, phissing.
This trend has led the market to birth and growth of cyber insurance with the fastest growth recorded in the year 2017. There has been unprecedented growth of double digit in some countries. Insurance giants like AIG have already entered crypto insurance market as they are expecting very bright business prospects in crypto market.
I think it will provide some safety to the investors and with this the prices will gain upwards.

Topic: Will Cyberinsurance rescue and uplift crypto market? (Read 166 times)