Nayms Issues World’s First Crypto-Denominated Industry Loss Warranty
Nayms SAC Ltd., the leading crypto-native insurance marketplace, has announced the issuance of the world’s first crypto-denominated industry loss warranty (ILW) through its marketplace. Here are the key points:
– Nayms provides coverage for US named windstorm, attaching above a loss trigger of $60 billion.
– USD Coin (USDC) is used as collateral within the segregated account on Nayms’ Ethereum smart contract.
– The collateral is secured through new mechanisms and concepts, including a digital multi-signature process.
– Insureds gain access to alternative capital and investors can earn a return on their crypto that is regulated yet not correlated to most other financial instruments.
– The purchaser of the ILW is Prospero Re, a Bermuda insurer.
Opportunities in Nayms’ Marketplace
Nayms estimates potential incomes in prospective segregated accounts within its marketplace:
– Primary insurance for excess cyber liability offers a 10-15% ROI.
– Primary insurance for smart contract hack and cross-chain bridging failure offers a 12-15% ROI.
– Captive insurance for smart contract protection services offers an 8-12% ROI.
– Captive insurance for digital asset recovery services offers a 10-15% ROI.
Nayms’ Commitment to Reshaping the Insurance Industry
Nayms remains committed to deploying emerging technologies to reshape the insurance industry. The ILW market presents significant opportunities for insurers, insureds, and investors in the global property catastrophe reinsurance market. Nayms invites interested parties to explore other investment opportunities within its marketplace.
Hot Take: Nayms Pioneers Crypto-Denominated ILW
Nayms’ issuance of the world’s first crypto-denominated industry loss warranty demonstrates the benefits of its business model and technology. The use of cryptocurrency as collateral provides enhanced transparency and efficiency, while offering insureds access to alternative capital and investors the chance to earn returns on their crypto. This innovation showcases Nayms’ commitment to reshaping the insurance industry through emerging technologies.
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