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Friday, May 7, 2021
Home News Japanese Mitsui Sumitomo Insurance to offer Cryptocurrency Exchanges Insurance

Japanese Mitsui Sumitomo Insurance to offer Cryptocurrency Exchanges Insurance

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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