October 20, 2022, 4:58PM EDT
• 10 min read
A Look at Decentralized Insurance
- The insurance industry is a cornerstone of the financial sector, collecting over $1.36 trillion in premiums in the US alone.
- With the recent surge in DeFi exploits, it has become imperative for the crypto space to review the maturity of its decentralized insurance alternatives.
- While there are numerous solutions looking at providing decentralized insurance for crypto-specific events, there are usually trust assumptions in the claims process.
- Generic frameworks, such as Etherisc, have surfaced to leverage blockchain technology to provide a decentralized alternative for real-world insurance.
- Traditional centralized insurers are also beginning to enter the crypto domain, which could accelerate the development and maturity of insurance products for crypto.