Crypto asset writer expands capability
Evertas, the American crypto asset insurer with an island-based subsidiary licensed by the Bermuda Monetary Authority, has added Australia and Hong Kong to the growing list of countries where it has the ability to write policies protecting against the theft or loss of crypto assets.
The company has previously announced crypto asset 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 crypto currency 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.”
Evertas said less than three per cent of global crypto assets are thought to be insured.
It added that this shortfall is more one of supply than demand, as crypto asset 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 crypto assets.
The company also announced the availability of “slashing” policies, protecting the contents of custodial wallets against loss due to technology failures.
Evertas said its rapid expansion into new geographies is a result of its being a Lloyd’s of London cover holder, which allows the company to offer rated, licensed insurance policies backed by Lloyd's.
Evertas said it is the only crypto asset insurer to be granted Lloyd’s cover holder status.
In 2021 alone, it said, about $4 billion in crypto assets were stolen, with a tiny fraction of those losses protected by insurance.
Mr Gdanski claims that broader crypto asset 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 crypto asset insurance company focused on covering the full spectrum of crypto risks for institutional holders of crypto assets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals.
Evertas Insurance Ltd is licensed by the BMA as a Class 3A insurer.