It has been just over a year ago now that we at Insurance Market started selling car insurance, but also arranged for the first policy of its kind called as Crypto insurance that allows holders of crypto currencies, such as Ethereum and Bitcoin, to safely insure their nest egg against loss such as theft, fire or mysterious disappearance. And an eventful nest egg it has appeared to be. When our service started, Bitcoin was trading around USD 6000, only to drop to USD 3200 in December last year. In February 2019 a recovery started however and Bitcoin hit USD 14,000 in June this year, to ease back to the current level of USD 10,000.
Customers were surprised that not only car insurance but this crypto insurance is also available because they always associated Insurance Market as the place to get domestic insurances such insurance for dogs or cheap maid insurance. Our mission however is to insure all people’s important assets. No matter whether it is your dog or your bitcoin. If it is important to you then it is important to us.
That insurance is not an unnecessary luxury became clear when more exchange frauds and losses transpired. To mention just a few; in April 2018 one of India’s largest cryptocurrency trading platforms lost about 438 bitcoins and in June 2018 South Korean exchanger Coinrail lost more than $ 40 million in tokens after a hack. These are the exchange losses, but what is probably more risky is losing your bitcoins because you have lost those that you hold on your private token. The one under your pillow or your office drawer.
To cater for people that want to buy bitcoin and hold them for the long term the insured service is perfect. Singapore bullion and crypto storage facility The Safe House has developed a unique safe “cold storage” process that has become widely recognised standard, known as the Gregersen-Gono standard. That process has been assessed by Lloyd’s underwriters, who have given it the thumbs up by insuring the stored private keys and the account balances they represent. Insurance Market worked intensely with Denaerys and the Lloyds underwriters to structure this facility to enable people to safeguard their assets.
In the same way we work with underwriters to build the best pet insurance in Singapore and to get the best platform to do true car insurance comparison. True car insurance comparison, because a lot of what you see online is fake and prices are often inaccurate or not available for immediate purchase. It is our ambition to drive car insurance comparison forward and create a real transparent market with real prices and real straight through processes. Fast, reliable and dependent. So no matter whether you need crypto insurance or cheaper travel insurance in Singapore, you can rely on us.
Insurance Market is a market place where we are serious about insurance and where professional parties come together to transact insurance only in the best and most responsible manner. Insurance Market offers a wide range of general insurance products (such as travel insurance, maid insurance, pet insurance and more) online and life insurance through personal advice from our qualified brokers. Please contact us at [email protected] or +65 69081811 if you have any questions.