Allianz says Insurance Companies are More Interested in Crypto Providing Big Opportunities
As cryptocurrencies continue spreading throughout the world, scams and theft are rising just as equally. Allianz, a European financial service provider, says that more insurance corporations are looking into cryptocurrency as a means of applying their services to crypto-users and companies to cover any theft and other malicious actions, providing the industry with a massive opportunity.
Christian Weishuber, the company representative spoke to Bloomberg, discussing the incoming increase in cryptocurrency adoption as well as industrial and mainstream interest and how it provides the insurance industry with several beneficial opportunities. Cryptocurrencies are quickly becoming more important, dominant and widespread and the company is exploring services to provide in the sector.
As a result of several hacks on major leading cryptocurrency exchanges like Bancor and Bithumb resulting in millions of dollars in losses, more concerns are rising among digital coin owners in regards to the safety of their assets and how to ensure secure storage. In light of the current situation, some of the biggest names in insurance have turned to the crypto sector, despite allegedly charging unbelievable fees for crypto-companies.
Aon, an insurance company based in the UK reportedly owns 50 percent of crypto insurance shares on the market and has created a specialized team in 2018 to provide services for industrial clients.
In regards to the widespread precautions and concerns among the sector, insurance companies are jumping at any opportunity to provide their services displaying more acceptance of digital currencies.
Incredible amounts of attention are being aimed at a possible approval of Bitcoin as an ETF by governmental regulators, expected to happen within a few weeks providing another large opportunity for several insurance providers. The CFA Institute stated earlier this week that cryptocurrencies are blockchain technology would be part of its approval exams in 2019, providing official certificates as a result of passing.
Stephen Horan, the MD for general-ed and curriculum stated that this is not a trend, expressing a long-term look into the matter.