Japanese Mitsui Sumitomo Insurance to offer Cryptocurrency Exchanges Insurance

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Mitsui Sumitomo, the Japanese insurance major has announced its plans to offer a new product exclusively for the cryptocurrency sector. 

According to a report from Luke Walker at Brave New Coin:

The plan’s total theft cover ranges from ten million yen (US$88,500) up to one billion yen (US$8.85 million). It also covers loss from internal and external threats, including employee theft, mistakes, cyberattacks, and other unauthorized access.

Additional to the recovery amount, the policy comes with a range of damage control and prevention services. “In order to prevent damage caused by cyber attacks, targeted mail training and information leakage risk,” the plan’s announcement states, “we provide cyber risk countermeasure services such as security diagnosis and checklist for employees.”

The new insurance product was developed with Japan’s largest cryptocurrency exchange, Bitflyer – who helped develop the policy that protects against losses at both the exchange and customer levels, and is the also the first policyholder.

More from Walker at Brave New Coin:

A short-lived wallet service named Elliptic Vault claimed to be the first ever insured bitcoin service, having launched in January 2014 and naming Lloyd’s as their insurer. Unfortunately for them, Lloyds denied that Elliptic Vault was a customer. The service closed down within months and was replaced by a blockchain forensics service.

Later in the year, the Great American Insurance company offered the first official Bitcoin Insurance coverage policy to businesses, although details of the plan are not available on their site, no known bitcoin companies have claimed that they were customers.

In November of the same year, bitcoin vault Xapo announced that they were using AMBest to insure their high-security vaults. Soon afterward Coinbase and BitGo followed suit, making insurance protection a common feature in the largest bitcoin wallet services. Still, each known case of insurance coverage has been a custom package.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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