Bitcoin 

Bitcoin Is a “Chaos Hedge, or Schmuck Insurance”

Morgan Creek Capital CEO Mark Yusko called Bitcoin (BTC) a “chaos hedge, or schmuck insurance,” in an interview with CNBC Fast Money on Aug. 14. Yusko made the comment while explaining the folly in paying too much heed to the daily price movements of BTC. Should we park the narrative of Bitcoin price’s correlation with global turmoil? The interviewer noted that people had been making a big thing of BTC’s recent bull run and apparent correlation with global turmoil. As the turmoil appeared to have gotten worse, and Bitcoin had…

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Blockchain 

Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem

German financial services giant Allianz Global Corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers. Experimentations with blockchain technology Allianz is working on a token-based blockchain system, expecting it to streamline international insurance payments for its corporate customers, Forbes reported on Aug. 8. An Allianz spokesperson told Forbes that the company is still in the experimentation phase, although the basic core infrastructure of the ecosystem has already been built and tested. The spokesperson further explained that Allianz will next examine…

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Ethereum 

Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency

The Nigeria Deposit Insurance Corporation (NDIC), a federal insurance overseer and safety net provider, has issued a public warning about relying on cryptocurrency transactions in a press release on July 25. According to the press release, managing director and CEO of NDIC Umaru Ibrahim said that relying on cryptocurrencies is very risky, because they are unregulated and unbacked by central banks in most financial jurisdictions.  Much like the United States’s Federal Deposit Insurance Corporation, the NDIC provides a safety net for depositors and aims to protect the banking system from…

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Ethereum 

OKEx Skips Warren Buffett Lunch, Donates $4.5M to Insurance Fund

Cryptocurrency exchange OKEx has donated $4.5 million in Bitcoin (BTC) to its perpetual swap market insurance fund as a show of support for the Warren Buffett Power Lunch. More protection for traders In a press release shared with Cointelegraph on July 23, the Malta-based crypto exchange revealed its contribution to the perpetual swap market insurance, whose amount is equivalent to what Tron’s Justin Sun paid to have lunch with Warren Buffett.  Andy Cheung, head of operations of OKEx, commented on the contribution saying that “the Power Lunch is a significant…

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Bitcoin 

Coinbase Looks to Launch a Captive Insurance Company with Aon: Report

United States’ biggest cryptocurrency exchange, Coinbase, is reportedly looking to launch a captive insurance company, industry news outlet Coindesk reports on July 10. Per the report, industry sources told the outlet that Coinbase is looking to launch its captive insurance company in partnership with insurance brokerage firm Aon.  According to accountancy news outlet CPAJournal, “a captive insurance company is a subsidiary formed by a private company to finance its retained losses in a formal structure under the guidance of an appropriate state insurance department.” Such a solution allows the company…

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Blockchain 

Blockchain-Based Insurance Platform for Farmers Launches in Sri Lanka

Decentralized insurtech firm Etherisc has launched a blockchain-based insurance platform for farmers in Sri Lanka The platform is the result of a partnership with the insurance company Aon and the charity Oxfam in Sri Lanka, according to a press release by Aon on July 1. As per the report, the aim of the insurance platform is to provide a way for Sri Lankan farmers to access risk protection in the face of potential crop-obliterating weather conditions. The report states that almost 200 farmers have enrolled to use this platform for…

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Blockchain 

Blockchain Disruption of the Insurance Sector

The business of insurance is enormously complex: The process of evaluating and managing a variety of risks that individuals and organizations face every day inevitably involves coordination of the multiple parties’ efforts and reconciliation of extensive records. Both aspects make the insurance sector an appealing ground for blockchain-based optimization — and indeed, distributed ledger technology is a prominent feature of a rising tide of technological innovations, collectively known as insuretech, that seek to bring new efficiencies into the industry. As Cointelegraph previously reported, research firm MarketsandMarkets in 2018 projected that the…

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Blockchain 

MetLife’s LumenLab Using Blockchain to Automate Life Insurance Claims

MetLife subsidiary LumenLab is using blockchain technology to automate life insurance claims, according to a news release published on June 17. Known as “Lifechain,” the collaboration with Singapore Press Holdings and NTUC Income will enable bereaved families who place obituaries in a local newspaper to instantly trigger searches to see whether their loved one had a life insurance policy. This month, 1,000 Income policyholders will be randomly selected to take part in a pilot scheme. The technology works by submitting the deceased’s National Registration Identity Card to Lifechain as hashed data once consent from…

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Bitcoin 

Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive research of the industry, Old Mutual has arrived at a decision not to insure equipment used for digital currency mining because of the unregulated nature of the industry. Among other reasons, the company also named cryptocurrencies’ exposure to fraudulent activity and modified electronic infrastructure of mining equipment that leads to overheating and other malfunctions. Christelle Colman, an…

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Bitcoin 

Major Insurance Broker Aon Secures Crime Coverage for Crypto Custody Solutions Firm

Aon — a leading insurance broker that purports to occupy 50% of the crypto-insurance market — will reportedly provide crypto custody solutions provider Metaco with crime insurance coverage via a panel of London insurers. The news was revealed in a Metaco press release published by fintech news outlet Finextra on June 11. Lausanne-based Metaco is part-owned by Swiss telecoms giant Swisscom, the country’s national postal service, Swisspost and banking technology vendor Avaloq. The insurers — none of whose names have been disclosed — will reportedly provide the crime insurance coverage…

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