Reinsurance News

Cryptoasset insurer BlockRe to launch new risk assessment tool

19th November 2018 - Author: Matt Sheehan

BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space.

crypto-currencyBlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools for cryptoassets and blockchain systems currently available in the market.

The tool uses multiple data points and known loss events to cover nearly 500 points across 18 categories to meet the needs of AM Best A and A+ carriers globally, the firm said.

BlockRe also plans to release a centralised listing of loss events to-date on its website over the coming weeks in order to promote greater transparency and understanding of risk in the cryptoasset space.

“We are excited to see the insurance market responding positively to the underwriting infrastructure we have put in place,” said BlockRe President Raymond Zenkich.

“Stay tuned: our pace of product development has been relentless over the last year and our planned announcement for the upcoming World Economic Development event will be a watershed moment for the industry,” Zenkich continued. “BlockRe is answering the call for a full suite of risk mitigation products and services for the cryptoasset industry.”

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