Mega insurance providers have some thoughts about crypto currency
Lately, crypto currency has been subject to a lot of opinions from different sections of the market and it would be wrong to state that they have been entirely negative. A lot of opinions in the market, from the experts from different fields, be it the corporate sector or the banking sector, has been positive to a great extent. There have also been opinions in the market regarding the same, but these opinions were given so that the features of crypto currency can be improved and changes can be made to suit the convenience of the consumers.
Another section of the economic universe to give opinion about crypto currency is the banking section. It is being stated by several insurance companies that there is huge potential in the markets of crypto currency. Insurance companies such as Chubb are now supporting the users of crypto currency as the virtual currency continues to gain prominence across the world in a variety of ways. At the same time, startups are also realizing the importance of having insurance and are approaching the insurance companies to accomplish this purpose of maintaining security in case of some mishap in the arbitrary field of crypto currency.
What also must be noted is that the premium for these insurances does not come cheap, heavy rates are being charged for the insurance services that will be provided to the newly emerging enterprise across the world which are dealing in crypto currencies. Moreover, different insurance providers will have different policies regarding the provision of insurance. For example, AIG has made the insurance provision a part of its regular policy, but the same thing cannot be said about the XL on the other hand, is taking more care with examination of different factors with respect to provision of insurance to different companies. Up until now it has been found that Japanese companies have more chances of getting insured because of the increasing number of insurance companies in the country. At the same time, there are several companies which choose self coverage over the plans of different insurance companies because of the high rates of premiums, along with the long time taken by the insurance providers to examine the companies and the time it takes for the policies to be approved, moreover, there are also certain condition sunder which, in spite of paying the premium, the insurance cannot be assured.
In spite of increasing willingness to provide insurance to the crypto currency platforms and investors, there are all these issues which the insurance companies have to deal with. There is also the issue of the volatility of the market, the arbitrariness that might be the cause of apprehension for those providing the insurance facilities.
Once these issues are taken care of, it would be possible to believe that those dealing in digital currency can ne rest assured against the elements of theft, as of now, there is a lot that this new feature can improve upon.