Insurance Archives -
Dan Peate, a venture capitalist and entrepreneur in Southern California, was thinking of buying a Tesla Model X a few years ago — until he called his insurance company and found out how much his premiums would rise.
“They quoted me $ 10,000 a year,” Peate recalled.
For all the concern over accidents…
Dear Liz: I am 25 and work two part-time jobs, neither of which offers health insurance. Once I’m 26, I will no longer be able to remain on my parents’ policy. Do I need a full-time job to receive health benefits, or do I have other options?
Answer: You currently have other options, but you may…
With cyberattacks on the rise, Gibraltar Blockchain Exchange (GBX) has announced an insurance policy to cover its digital assets in partnership with Gibraltar-based Callaghan Insurance. Cryptocurrencies held in both the hot and cold wallets of the trading platform will be insured.
Cyber Insurance for Cryptocurrencies
“We are delighted to announce the introduction of insurance coverage … this represents an important step in attracting users who require strict assurances around the security of their assets,” Nick Cowan, chief executive officer of GBX, said in a statement on Dec. 10.
Cowan said his exchange, licensed by the Gibraltar Financial Services Commission only last month, was “committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”
The insurance cover ensures that assets in the custody of the GBX are insured. It also means digital currencies held by the exchange for investors will be covered, “providing additional reassurance to a wide variety of traders around security and transparency,” stated the CEO.
Cyber Attacks on the Rise
Attacks by hackers on exchanges are not uncommon in the fledgling cryptocurrency industry. Estimated losses from cyber crime have topped $ 930 million so far this year, according to data by U.S. security firm Ciphertrace.
As thefts have rocked exchanges worldwide, some platforms have woken up to the need to not only strengthen their security to safeguard investor funds, but also to buy insurance to cover potential losses. This is particularly crucial in an industry that has drawn its share of unsophisticated investors who trade with a certain degree of naivety in many cases, lured by the promise of quick riches.
Incidents of fraud and stolen funds can smear a market struggling to build confidence in the absence of regulatory oversight. Exchanges will also have to worry about the costs associated with investigating and closing a breach in the event of a hack, loss of business, public relations to repair confidence and other issues. Given these factors, it is of little surprise that GBX has opted to invest in cyber insurance.
Gibraltar Developing Into a Cryptocurrency Hub
Bruno Callaghan, managing director of Callaghan Insurance Brokers, said: “I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the distributed ledger technology arena.”
GBX, a unit of the GSX Group, owners of the Gibraltar Stock Exchange, was recently granted a full license to operate by the country’s financial regulator. In the past 24 hours, about $ 6.5 million worth of BTC had been traded on the platform, according to Coingecko.
Gibraltar is positioning itself to be a major center for cryptocurrency development. Earlier this year, the European territory introduced a purpose-built distributed ledger regulatory framework. GBX chief executive officer Nick Cowan said the partnership with Callaghan Insurance “highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development.”
What do you think about cyber insurance cover for cryptocurrency exchanges? Let us know in the comments section below.
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Need to calculate your bitcoin holdings? Check our tools section.
The post Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar appeared first on Bitcoin News.
Former GE employees said federal investigators are questioning them about intricate details in a legacy insurance business that led to accounting problems at the conglomerate.
WSJ.com: US Business
In recent crypto exchange news, Coincheck has successfully reinstated deposits and trading services for all cryptocurrencies that were live on the exchange before it was hacked in January. Bhex, an exchange founded by Huobi’s former chief technology officer, has announced that it will start operations at the end of the month, while 1,452.6 BTC was recently added to the Bitmex Insurance Fund in a single day.
Coincheck Resumes All Pre-Hack Trading
Coincheck has reinstated deposits and purchases for XRP and FCT. As such, it has now resumed services for all cryptocurrencies that were live at the time of the NEM hack in January, when roughly $ 530 million of funds were taken from the exchange.
Coincheck has now reinstated most of its services, including new account signups, yen deposits and withdrawals, cryptocurrency deposits and trade, and its lending service. Still, it still has yet to reinstate yen deposits through convenience stores, as well as its Coincheck Payment platform and leveraged transactions for new positions.
A press release issued by the company states that it has been “working to improve its management structure and internal control” since the hack.
1,452.6 BTC Added to Bitmex Insurance Fund in 1 Day
The Bitmex Insurance Fund now holds 18,851 BTC, following the addition of 1,452,6 BTC on Nov. 25. The significant increase pushed the amount of BTC held by the fund from 16,713.4 up to 18,166.
According to Bitmex, the insurance fund is used to avoid auto-deleveraging traders’ positions. It “grows from liquidations that were able to be executed in the market at a price better than the bankruptcy price of that particular position.”
The significant increase in the fund’s holdings was noted on Twitter. “Bull case for #Bitcoin: Soon most $ BTC will be locked up in the @BitMEXdotcom insurance fund,” WhalePanda tweeted. At the time of writing, the fund’s BTC holdings had increased by 685 since Nov. 25.
Former Huobi CTO to Launch Bhex Exchange
Bhex, an exchange founded by former Huobi Chief Technology Officer James Ju, has announced that it will launch operations at the end of his month. The exchange claims to have raised $ 15 million in equity financing, with Huobi, Genesis Capital and Okex among its investors.
A press release issued by the exchange asserts that Bhex’s founding members hail from a number of major technology and finance companies, including Google, Alibaba, Tencent, Baidu and Barclays Capital. Bhex has established offices in Singapore, the U.S. and the U.K.
Are you concerned about the Bitmex Insurance Fund’s BTC holdings? Share your thoughts in the comments section below.
Images courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Exchange News: Coincheck Resumes All Trading, Bitmex Insurance Fund Grows appeared first on Bitcoin News.
Sarah Barazza doesn’t have health insurance, but money was the last thing on her mind as she and her 15-month-old son raced to the hospital in an ambulance last year. The toddler’s airway had become swollen from croup, and he struggled to breathe.
“Wow, I’m so grateful I don’t have to worry about…
You’ve probably heard the “bundle and save” line from insurance companies, promising big discounts if you get all of your policies from the same carrier.
It’s often true that getting two or more policies from the same company will mean discounts — as much as 25% off homeowners insurance — depending…
A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.
Introducing Hacking Insurance
A major South Korean insurance company, Hanwha Insurance, is reportedly introducing a new type of cyber insurance product this month aimed at providing compensation for hacking damages of domestic crypto exchanges, local media reported this week.
The Asia Times described:
Cyber insurance, which [crypto] exchanges have joined in the past, is a compensation for the leakage of personal information, but the new product also compensates for the damage caused by hacking.
Hanwha Insurance was quoted revealing that they “plan to start negotiations with individual exchanges for insurance from next month.” However, the company added that “even if the exchange wants to join, it will require much coordination, as the insurance and reinsurance companies need to meet in order to get insurance.”
The publication noted, “exchanges may be reluctant to take out insurance if sufficient compensation is not provided or the premium is too high.”
Rising Demand for Hacking Insurance
While Bithumb already has two insurance policies, one with Hyundai Marine & Fire Insurance Co. and the other with Heungkuk Fire & Marine Insurance Co., CBC News noted that they do not cover hacking damages, adding:
Bithumb has two cyber comprehensive insurance policies [covering] violation of information maintenance, data loss and theft, cyber threats, and compensation for investor personal information leakage.
Few Exchanges Are Currently Insured
In June, Business Korea reported that the Korean Blockchain Association was in talks with Hyundai Marine & Fire Insurance Co. and Hanwha General Insurance Co. over how to provide insurance coverage for crypto exchanges of any size. The publication detailed:
The association has been continuously holding negotiations with insurers from April on behalf of its member exchanges. This is because insurance companies are reluctant to accept cryptocurrency exchanges as their policyholders due to their credibility and security issues.
The association has 23 members that are crypto exchanges, including the country’s largest four. Upbit, Bithumb, Coinone, and Korbit already have insurance but the coverage amounts are low. According to the news outlet, Bithumb is insured up to 6 billion won (~$ 5.3 million), Upbit up to 5 billion won (~$ 4.5 million), and the other two exchanges up to 3 billion won (~$ 2.7 million) each.
What do you think of insurance companies offering coverage for hacking damages? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post Major Korean Insurer to Offer Crypto Exchanges Insurance for Hacking Damages appeared first on Bitcoin News.
It never fails to astonish that the biggest critics of Obamacare seem to have no clue how insurance works.
They wrap their criticism in high-minded declarations of “choice” and “personal freedom,” but the bottom line is that insurance — all insurance, not just health coverage — is a tool for risk…
Harvey Weinstein is locked in a messy battle with insurance companies over his steadily mounting legal bills, the AP reports. The insurance giant Chubb and other carriers that wrote liability policies for Weinstein and his film company are arguing in court that they shouldn’t have to pay for his defense…