About Crypto Insurance
Crypto insurance, like traditional insurance, enables blockchain and crypto-based businesses to obtain coverage for any issues that may arise. Suits, reputational harm, errors or omissions are all issues that a business may face, and having the right coverage can help mitigate losses. Furthermore, having insurance coverage, regardless of industry, increases customer trust and adds legitimacy to a business. Clients and customers want to know that they are safe. This demonstrates that are a company that values its employees and customers. Crypto insurance companies provide coverage similar to traditional insurance but are aware of the risks taken by blockchain or crypto-backed businesses. Crypto insurance can cover everything from general liability to workers' compensation while taking into account the unique aspects of the cryptocurrency space.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Crypto Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
KASE Insurance Inc. (Canada), Embroker (United States), Superscript (United Kingdom), CHES Special Risk Inc. (Canada), Boost (United States), Breach Insurance Solutions, Inc. (United Statess), Bybit (China), Metzger Insurance Agency LLC (United States), Nexusmutual (United Kingdom) and Coincover (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Etherisc (Germany) and Chainlink (United States).
Segmentation Overview
AMA Research has segmented the market of Global Crypto Insurance market by Type (Custody Insurance for Crypto, General Business Insurance for Crypto and Decentralized Finance (DEFI) Insurance for Crypto), Application (Individual and Enterprises) and Region.
On the basis of geography, the market of Crypto Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel, the sub-segment i.e. Insurance Company will boost the Crypto Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. First-Party Coverage (Investigative Services, Business Interruption Coverage And Data Recovery) will boost the Crypto Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise of Digital Platforms for Crypto Insurance
Market Growth Drivers:
Increasing Cases of Crypto Hacks and Cyber Infiltration and Surge in Bitcoin’s Value Leads the Demand for Crypto Insurance
Challenges:
High Competition Among Established Players and Strict Regulatory Guidelines on the Crypto Insurance Agents
Restraints:
Lack of Awareness in Emerging Economies and Rising Frauds Activities in the Insurance Plans
Opportunities:
Surge for Decentralized Finance (DeFi) Products Fuels the Growth and The Increased Adoption of Digital Assets In Develop Regions
Market Leaders and their expansionary development strategies
In November 2023, Embroker selected Ascend to revolutionize the insurance industry through transformative technology. Ascend, the leading provider of financial operations automation software to the insurance industry, is proud to announced strategic partnership with Embroker, a pioneering digital platform making it radically simple to secure business insurance. This collaboration aims to revolutionize the insurance industry by combining Ascend's cutting-edge financial automation solutions with Embroker's expertise in providing tailored, innovative insurance products for business risk profiles and verticals.
On 11 MAY 2022, Lloyd’s licensed insurance broker has launched a dedicated crypto product to shore up legal protections for digital asset firms.
Key Target Audience
Crypto Insurance Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.