By CCN Markets: One of Africa’s largest insurers, Old Mutual, has announced it will no longer cover crypto mining equipment due to lack of regulation. After researching the industry, the Pan-Africanist financial group discovered a number of reasons that prompted it to make the decision that will not sit well with crypto miners. According to a local report, Old Mutual is convinced that the cryptocurrency industry is associated with cybercrime while the equipment used for crypto mining is highly modified and operates on a 24/7 basis, making it susceptible to malfunctions such as overheating. Old Mutual won’t cover crypto mining
A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.
Introducing Hacking Insurance
A major South Korean insurance company, Hanwha Insurance, is reportedly introducing a new type of cyber insurance product this month aimed at providing compensation for hacking damages of domestic crypto exchanges, local media reported this week.
The Asia Times described:
Nexus is one of several blockchain startups trying to revive mutual insurance. Its first product will cover the risks of ethereum smart contracts.