Web3 Insurance

The Web3 insurance industry is set to soar in the coming years.

The boom in decentralized finance, digital assets, and Web3 have, possibly, the potential to completely upend the global financial system.

Venture capitalists are increasing their investments in crypto infrastructure and Web3 companies. An increasing number of insurers are entering the space, and new decentralized autonomous organizations (DAOs) are being founded every day.

Interestingly, however, of the $1 trillion in crypto assets, under 1% have adequate insurance coverage.

There are two major aspects to consider here:

The Web3 economy is majorly underinsured and has huge potential for future growth: There is significant unmet demand for this from businesses and both institutional as well as retail investors. The scope of ‘insurable’ Web3 risks has been rising steadily and is only expected to increase over time.

Web3 can be a pivotal moment for the Insurance value chain: Another major dimension in the Web3-based class of business models and propositions is noting that this technology and the capabilities thereof can be used not only in the meta Web3 economy but also in the real economy.