10 Jul Blockchain News: Research shows insurance industry has massive knowledge gap of digital assets
Originally published: Blockchain News, 8 July 2020
Cryptoasset Insurance Company, Evertas says there is a serious problem of ‘phantom’ knowledge of digital assets from insurers.
New research conducted by Evertas amongst senior insurance executives reveals:
- New research reveals 68 per cent of senior insurance executives believe the quality of underwriting of cryptoassets within the industry is good. Similarly, 76 per cent believe the pricing of insurance cover for cryptoassets is strong, and 42 per cent say the claims process is good or excellent
- Evertas says although its research reveals senior insurance executives believe the insurance sector has a good understanding of the risks around cryptoassets and that underwriting, pricing and claims are effective, the reality is they are not. Proof of this can be found in the market’s woeful lack of capacity for the cryptoasset and blockchain markets
Evertas commissioned the market research company Pureprofile to interview 50 senior insurance executives (25 were based in the UK and 25 in America) on their views on the cryptoasset and blockchain insurance sector. Interviews were conducted online during April 2020.