Crypto insurer to launch in Hong Kong

Crypto insurer to launch in Hong Kong | Insurance Business Asia

Crypto insurer to launch in Hong Kong

Evertas Inc. (Evertas), a Chicago-based cryptoasset insurance company focusing on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology, will expand to Australia and Hong Kong.

Evertas revealed that around $4 billion in cryptoassets were stolen in 2021 alone, with a tiny fraction of those losses protected by insurance.

The expansion will see Evertas write policies protecting against the theft or loss of cryptoassets as Australia and Hong Kong have become “home to more than their fair share of blockchain innovation.”

“Some of the largest cryptocurrency 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,” said Evertas co-founder and CEO J. Gdanski, noting that only less than 3% of global cryptoassets are thought to be insured.

Evertas’s rapid expansion to Australia and Hong Kong follows its announced cryptoasset policy writing capacity in the US, Canada, and the UK. Its rapid expansion is a result of becoming a Lloyd’s of London coverholder – making it the only cryptoasset insurer granted Lloyd’s coverholder status and enabling it to offer rated, licensed insurance policies backed by the insurance and reinsurance market.

Aside from expanding to Australia and Hong Kong, Evertas has worked with its new partners to offer crime and specie (policies covering tangible, high-value items) policies through a single underwriting. It has also introduced “slashing” of policies to protect the contents of custodial wallets against loss due to technology failures.