Coinbase Is in Talks to Launch Its Own Insurance Company - CoinDesk
Coinbase is exploring plans to set up its own regulated captive insurance company with the help of broker Aon, sources told CoinDesk.
Our Comments:
Captive insurance companies have their limitations in that they can only be implemented by large companies with substantial revenue. Further, it cannot be used to insure the competitors of the captive owner. Typically captive insurance companies are set up in tax havens to take advantage of tax benefits.
In our view, it is not going to make much difference to cryptoinsurance industry as a whole because most of the medium to small businesses would not be able to implement such a scheme.
What we reckon would work best is insurance along the line of the P & I clubs. Such clubs for the crypto industry would benefit the industry as a whole because whilst they provide coverage for crypto risks they also encourage the members to manage their risks prudently failing which their membership in the club could be terminated.
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