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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Blockchain 

State Farm and USAA Test Blockchain Platform for Insurance Claims Process

United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) are testing a blockchain-based subrogation solution with real claims data. State farm announced the development in an official press release on May 30. The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims. The platform purportedly allows them to automatically compile total payments, net the balance, and conduct a regularly scheduled payment between insurers. State farm states that the blockchain solution is being tested with real claims data.…

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Bitcoin 

Cryptocurrency Custodian Anchorage Adds Insurance Coverage

Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets, it announced in a blog post on May 29. In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz —  announced insurance coverage for institutions that covers digital assets under custody. The coverage comes as the result of a partnership with major insurance broker Aon.  Previously, Aon stated that the firm was seeing more cryptocurrency-specific protections catering to the new cryptocurrency industry. Anchorage outlined in the post that not…

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Blockchain 

Crypto Wallet Secures $50 Million Insurance for Customer Crypto Assets

Crypto securities company Curv has partnered with insurance company Munich Re to obtain $50 million in coverage, according to a Curv press release on May 10. This new insurance is designed to cover any cases in which a bad actor was able to gain access to either Curv or the customer’s shares, both of which would be needed in order to sign off on an illicit transaction. As is stated in the press release: “Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction…

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Bitcoin 

France Passes Bill to Allow Insurance Providers to Invest in Crypto and Tokens

French insurance markets can now invest in cryptocurrencies, following the passage of a new law, foreign exchange news agency FXStreet reports April 11. On April 11, the National Assembly of France adopted a bill that is designed to stimulate local business development, including redirecting savings from individuals to businesses, according to local news agency Les Echos. According to Reuters, the Assemblee Nationale voted 147 in favor and 50 against. Known as “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte) the act reportedly allows insurance providers in France…

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Blockchain 

Blockchain Insurance Initiative B3i Expands Its Group of Investors

Swiss blockchain-based insurance transaction platform B3i has expanded its group of investors in its ongoing funding round, according to a press release published on April 3. Per the release, B3i has added three new insurer and reinsurers to participate in the company’s current funding round. B3i notes in the announcement that the first phase of the product scheduled to be launched in the fourth quarter of 2019 is being evaluated, while invitations for the second wave of investors are being extended. Additionally, B3i formed a Board of Directors that includes…

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Blockchain 

Insurance Blockchain Startup B3i Raises $16 Million

Zurich-based blockchain startup B3i Service AG has increased its capital by $16 million in February, according to recently published filings from the Swiss commercial register. B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about $16 million, having maximized its capital to 22,475,945 Swiss francs ($22.6 million). According to the filings, the company raised 8.27 million Swiss francs ($8.34 million) in the form of cash, while the…

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Ethereum 

Chinese Insurance Giant Ping An Partners With Decentralized AI Startup SingularityNET

Chinese insurance giant Ping An has partnered with Ethereum (ETH)-based decentralized artificial intelligence (AI) startup SingularityNET. The latter company announced the collaboration in a press release published on Medium on March 14. Per the release, the collaboration will at first focus on Optical Character Recognition (OCR), Computer Vision (CV) and model training. SingularityNET notes that the scope of the partnership is expected to expand to multiple industries and initiatives in the future. The announcement has been made shortly after SingularityNET officially launched a beta version of its Ethereum-based decentralized marketplace…

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