Insurance is a procedure of making individuals financially protected against losses occuring in the event of some damaging accident. Most insurance policies for individuals are homeowners, health, auto and life insurance. There are also insurance policies for businesses and financial institutions against specific types of risks that are inherent in the industry. Insurance is an important institute for the modern world that helps people be more willing to take risks in business by giving them the assurance of protection from various events in daily life. Different technologies may be used to improve the current state of this procedure. Blockchain-based insurance may help validate contracts and blockchain insurance startups are working on smart-contracts for forcing the execution of it’s terms. The blockchain insurance industry is a rapidly-growing segment of the fintech industry and is gathering a lot of attention from investors.
Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.
DeFi insurance payouts amounted to $34.4M in 2022: Report
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
US exploring ways to guarantee the country’s 18T of bank deposits: Report
The banking coalition reportedly argued in a letter to federal regulators that it would bring stability to the banking industry and reduce the chances of “more ...
US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report
The U.S. federal agency found a claim about deposit insurance in the fine print on the exchange’s website and on websites that reviewed it.
FDIC warns CEX.IO and its reviewers to remove potentially false claims about insurance
Institutional customers storing Bitcoin and other digital assets in GK8’s cold vault will receive up to $1 billion in insurance coverage.
GK8 increases insurance cap on digital assets to $1B
Martin Gruenberg answered affirmatively to Senator Bob Menendez that there were “no cryptocurrency firms backed by the FDIC” and its coverage did not include cr...
FDIC acting chair says no crypto firms or tokens are backed by agency
Martin Gruenberg was the FDIC’s acting chair while the agency issued cease-and-desist orders to crypto firms and suggested that payment stablecoins merited furt...
US President Biden announces pick for FDIC chair