Cryptocurrency insurance industry

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AXA is the first all-lines insurer in Switzerland to allow its customers to pay their bills with Bitcoin. This represents an investment in the company's digital future in response to growing customer demand for more choice when it comes to payments.

AXA conducted market research at the end of , asking people aged 18 to 55 for their thoughts on cryptocurrencies. Even then, around a third of respondents said that they already owned some or were interested in them. The coronavirus pandemic has accelerated the digital transformation further over the past year and thus fueled the spread of cryptocurrencies.

To meet this growing demand, AXA is now allowing its customers to pay their bills with Bitcoin. AXA is the first all-lines insurer to offer this solution. The new payment option is available to all private customers from the start of April. All you need is the reference number, the amount, and your own Bitcoin wallet. In future, the new payment option will appear on bills sent by e-mail. Customers who wish to pay with Bitcoin can simply go online to invoice.

The amount in Swiss francs is converted into bitcoins in the background, and the payment can then be completed quickly and easily on the computer or smartphone. Customers who receive their bills by post or directly on MyAXA can of course also use this new option to pay their premiums. A progress bar shows how long the indicated exchange rate between Bitcoin and Swiss francs remains valid. The person who pays the premium bears no exchange rate risk during this time.

If the time runs out before a transaction is concluded, the exchange rate is updated, and the timer starts over. AXA doesn't charge any special fees for Bitcoin payments. The range of payment options and services that can be used via the Web and the MyAXA app will continue to expand going forward.

No, that's not possible for now. We want to gather some experience with Bitcoin first before deciding on the next steps. The bitcoins go to the crypto broker Bitcoin Suisse, which converts them into Swiss francs.

AXA holds no bitcoins on its balance sheet. No, the only information the external partners inapay for the user interface and Bitcoin Suisse for payment processing need is the reference number and the amount shown on your bill. These can't be used to work out personal information. Unfortunately, this payment option can't be offered for life insurance products for regulatory reasons.

AXA doesn't charge any fee for using the Bitcoin payment option. The Bitcoin exchange rate provided by the broker includes a commission of 1. The information about the new payment option currently appears only on bills sent by e-mail. You can of course also use the service via invoice.

AXA is working on a number of blockchain-related projects. It joined the cardossier association back in and is represented on its Board. The association, which also has importers and driver and vehicle licensing offices among its members, has developed a platform that uses blockchain technology to track a vehicle's entire life cycle with a view to making the market more transparent and more efficient. AXA Switzerland also sponsors the University of Basel's Blockchain Challenge, working with students to investigate how a traditional insurer can tap into the growing market for smart contracts.

The steadily rising importance of digital solutions is also increasing the risk of cyber attacks, which is why AXA is working to ensure that its customers are better protected online. It launched a new cyber campaign focusing on digital themes in January. A quick screenshot here, an image or two downloaded there or the odd streaming video: the Internet is a mine of information and media content.

But even the virtual world is not outside the law: Most content is subject to copyright. What is allowed? What is prohibited?

And what are the potential legal consequences of copyright infringement? At hotels, supermarkets, or online shopping from your couch at home: You can quickly pull out your credit card — and your trip, groceries, or new shoes are paid for. Credit cards are practical, no question about it. We use cookies and analysis tools to improve your user experience, to personalize advertising by AXA and our advertising partner companies, and to provide social media functions.

Unfortunately you cannot change your cookie settings via our Cookie Preference Center if you use Internet Explorer If you would like to change your settings, please use an up-to-date browser. By using our website with this browser, you consent to the use of cookies. You are using an outdated browser. There may be optical and technical problems. Leading the way with cryptocurrency AXA is the first all-lines insurer to offer this solution. Bitcoin makes payments easy In future, the new payment option will appear on bills sent by e-mail.

Screenshots: inapay. Important questions and answers Can I also pay with other cryptocurrencies? Do the bitcoins go directly into a wallet owned by AXA? Will my information be shared with external partners?

What are the fees? Cyber attacks: how can I protect my company? Copyright law and the Internet: What is allowed? What to do in the case of credit card fraud — and how can I protect myself against it? Associated articles Trend. Caution when Christmas shopping online: where the pitfalls of online shopping lurk.

Cryptocurrency Insurance 101

Cryptocurrency is a digital or virtual asset that relies on cryptography to verify and secure transactions. Most cryptocurrencies have no central regulatory authority i. The insurance market has been slow to enter the cryptocurrency world, but some insurers have, and others are starting to explore this new terrain. Similar to stock investments, there is no insurance against the possible loss or depreciation in the value of your cryptocurrency. Investments go hand in hand with significant risk so insurance companies are not eager to insure such activity. Instead, the available cryptocurrency insurance protects against unexpected occurrences such as transaction failures and theft, which can be just as devastating and often times more abrupt than plunges in the market.

Casualty Insurance Company has started accepting cryptocurrency for premium payments. The reason why: to increase its competitive market.

DeFi players reach out to govt over crypto law

In this article we take a wider look at cryptocurrencies and what insurers need to do to ready themselves for the incoming wave. Enjoy our insight? Subscribe here to receive our articles straight to your inbox. Cryptocurrencies are electronic decentralised currencies that use encryption techniques to enable global financial transactions without the need for a central authority. The fast growth and success of cryptocurrency projects has been accompanied by the booming ecosystem of supporting products and services. For example, crypto infrastructure providers such as Ethereum , the leader in this space, Polkadot and Chainlink have set up to provide the rails on which crypto and blockchain see other Oxbow Partners blockchain articles businesses can be built. Alongside these sit crypto trading platforms, such as Coinbase and Binance , which allow corporate and retail investors to trade a range of digital assets.

Five things to consider about cryptocurrencies

cryptocurrency insurance industry

Ryan Haar is a former personal finance reporter for NextAdvisor. She previously wrote for Bloomberg News, The…. Ethereum, the second-biggest cryptocurrency , notched its own new all-time high recently as well. But the industry is only in its infancy and constantly evolving. Expect continued conversations about cryptocurrency regulation.

Notably, it includes a dynamic limit that increases or decreases in line with the price changes of crypto assets, meaning the insured will also be indemnified for the underlying value of their asset even if this fluctuates over the policy period.

Insurance, cryptocurrency, and bitcoin

Adventurers in what is perhaps the most lucrative and risky corner of the cryptocurrency world are starting to see a bit of a safety net. In the past year, scores of investors big and small have poured billions into decentralized-finance applications that allow users to lend, borrow and trade crypto without intermediaries like banks. While the DeFi sector is booming, it has also been plagued by hacks, fraud and a copy-and-paste coding culture where a modified app can siphon away users from an established rival. Now software developers are launching products that claim to reduce the risks by selling something akin to insurance coverage. That means a chance to get rich, or to lose everything by making the wrong bet. But this dis-intermediation of insurance companies could also potentially undermine the very promise of insurance.

Insurers Have Not Yet Embraced Cryptocurrency Craze Despite Demand

We're used to having insurance for our medical bills, lives and cars, but today's multi-trillion-dollar insurance industry also covers lots of other things. Pets are insurable, too. And the list goes on. Well-established and valuable though it is, however, the insurance industry has plenty of problems — including inefficiency, fraud, human error and, most concerning of all, cyberattacks. In , Anthem Insurance revealed a data breach that exposed the sensitive data of Along with artificial intelligence and big data, the potential that utilizing blockchain in insurance will unlock hinges upon three unique features in particular. Smart contracts enable blockchain users to transparently transfer anything of value without the interference of a middleman. Like physical contracts, smart contracts stipulate the rules between two parties.

As applied to cryptocurrency insurance, this eliminates the are thus less expensive and can scale as the cryptocurrency market expands.

5 Reasons why the crypto insurance market could reach new heights in 2021

Since April, some insurers have been allowing their policyholders to pay their premiums in Bitcoin. Why are insurers doing this? One hundred million people are now using Bitcoin.

Cryptocurrency Insurance for Businesses

In some cases, that takes the form of letting customers pay premiums with digital coins, or it can mean paying claims with the currency when a driver gets in an accident. It may also take the shape of investments and new business lines—as in institutions themselves putting money into the cryptocurrency market and insurers protecting so-called digital wallets against hacking or theft. And there's the technology itself: The currencies are based on blockchains, which embed information at every step and offer new levels of claims processing and efficiency. As digital currencies such as Bitcoin and Ethereum enter the mainstream, those in the industry like Benjamin Peach, who helps oversee digital assets for mega-brokerage Aon plc, want to try and get in on the action. In the case of Aon, the professional service organization focused on risk, retirement and health has partnered with Nayms to build extra capacity and product offerings in the insurance market for digital asset risks. Peach, associate director and digital assets specialist with the Global Broking Centre at Aon, said the end-goal is creating a platform in which crypto risks can be priced and underwritten in the digital currencies being insured.

Unlike the stock market, the crypto market does not have any regulation, as a result of which, its value swings up and backs down every day. Cryptocurrencies are digital assets— that you can use as investments and even for online purchases.

MAS Issues Guidelines to Discourage Cryptocurrency Trading by General Public

Cryptocurrency, a form of currency that is entirely digital, has taken the world by storm this past year. Despite its growing popularity, insurers have yet to fully embrace cryptocurrencies. Cryptocurrency investors and users want a way to protect their assets. While big-name insurers have yet to enter the crypto market, there are a few options for protecting crypto assets. In recent years insurers dedicated to insuring cryptocurrency— Coincover, Nexus Mutual, Etherisc, and Bridge Mutual — have emerged. The challenge lies in convincing potential crypto-insurance providers that the level of risk is manageable.

Scant regulation and volatile prices of bitcoin and other cryptocurrencies make many insurers reluctant to underwrite the risks, despite booming demand for protection of digital assets and for personal liabilities of directors and executives of companies that deal with cryptocurrencies. The risks are considerable, with U. Insurers who spoke to Reuters declined to be named while discussing such a sensitive business area.

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  1. Oliver

    Big to you thanks for the necessary information.