New crypto insurance products find area of need amid regulator uncertainty

Crypto insurance - Blockchain - Cryptocurrency - Bitcoin

Coverage against rising cryptocurrency theft is needed, but regulators aren’t certain how to manage it. A rising crypto insurance industry has insurers moving quickly to create models and products to offer. At the same time, regulators are left uncertain as to how to handle this very new form of coverage. In 2018, hackers stole $1.7 billion in cryptocurrency in a quickly increasing digital coin theft trend. Cryptocurrency thieves are becoming increasingly successful. With the massive theft rate, the technology is facing considerable harm to its reputation and further barriers to…

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School superintendant charged with health insurance fraud in heartbreaking case

health insurance fraud - hand cuffs

The Indiana educator attempted to seek medical treatment for a student by pretending he was her son. An Indiana school superintendant is now facing several health insurance fraud charges. According to police, the Casey Smitherman attempted to use her health plan to pay for a student’s medical treatment by using her son’s name. “My only concern was for this child’s health,” said Smitherman after charges were laid. Smitherman admitted to understanding that she was committing health insurance fraud. “I know this action was wrong,” she said, proceeding to say that…

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IBM and ANZ combine efforts to develop insurance blockchain solution

Insurance Blockchain Solution - cryptocurrency

The Australia and New Zealand Banking Group intends to improve insurance industry efficiency. IBM has teamed up with the Australia and New Zealand Banking Group (ANZ) to create an insurance blockchain solution. Its purpose is to enhance insurance industry efficiency levels. Also involved in this partnership is Suncorp New Zealand, a financial services firm. The insurance blockchain solution is meant to make it possible for premium payments and data to transfer more easily between insurers and brokers. This could result in a more transparent and much faster process overall. The…

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Google Wallet makes insurance news with FDIC coverage

tablet ipad mobile wallet google insurance news

The mobile payments solution from the search engine and tech giant now has government protection. Google Wallet, a smartphone based payment solution has now just become a little bit safer for customers in the United States who would like to ensure that their funds are secure, as there is now insurance news showing that government coverage will be protecting them. The Federal Deposit Insurance Corporation (FDIC) will now be providing coverage to funds held in the mobile wallet. A report recently published by Yahoo Finance announced this insurance news, in…

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Bank deposit insurance has nearly arrived in China

china insurance industry

The country is close to launching the coverage that could open up free competition by banks for customers. China is drawing ever closer to the launch of a bank deposit insurance system that has long been anticipated but that has yet to have been accomplished, and that could completely overhaul that country’s financial sector. This change could hike the risk level in the banking sector and could make it possible for immense future opportunities. By introducing a system of bank deposit insurance, it could mean that there may one day…

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Insurance news made as Coinbase takes out Bitcoin policy

Bitcoin insurance industry news

The company has now purchased protection through Aon to cover digital currency from theft and loss. Coinbase, a provider of bitcoin merchant and wallet services, is now making insurance news as it has taken out a policy to be able to cover the digital currency against the threat of loss and theft. The company is seeking to use the insurance policy to protect itself against cyber attacks and hacks. According to a blog post from the company, “Coinbase is insured against theft and hacking in an amount that exceeds the…

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Luxury home mortgage insurance is being offered by fewer players

Luxury home mortgage insurance

The CMHC has announced that it will no longer be offering coverage for these high end properties. Among the recent cuts that the Canada Mortgage and Housing Corp has been making, and that have been toping insurance news headlines in the country, is one of the latest that includes the elimination of luxury home mortgage insurance products. The properties that will no longer be covered will be those that cost $1 million or more. The CMHC has stated that as of July 31, it will no longer be providing luxury…

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