TechFlow news, May 31 — According to Cointelegraph, as violent attacks targeting cryptocurrency holders continue to rise, insurers are developing new insurance products specifically designed to address the growing risk of kidnapping and ransom in the crypto space.
Currently, at least three companies focused on crypto insurance and security are preparing customized Kidnap & Ransom (K&R) policies for digital asset investors.
Rebecca Rubenfeld, Chief Operating Officer at AnchorWatch, said that threats of violence were a major topic of discussion at this week's Bitcoin Conference in Las Vegas, and the company plans to launch K&R insurance by this fall.
Andrew Kurt, Executive Vice President of Risk at Hylant Capital, noted that K&R insurance has historically been profitable for insurers due to low claim frequency but high severity.
Joseph Ziolkowski, CEO of Relm Insurance, said his company is finalizing its K&R product, but pricing is complex and requires a detailed assessment of a client's physical and cyber defenses.
