Beyond Cryptos: DeFi and blockchain in insurance

What is the outlook for DeFi/blockchain insurance and what can re/insurers and insurtechs do to more fully embrace these technologies?

Amara’s Law may apply to decentralised finance (DeFi) and blockchain technologies, which offer the potential to improve efficiency, enable new business models and open up new opportunities in insurance. They may also enhance the accessibility, affordability and attractiveness of insurance – making insurance more inclusive – and could address issues around trust, operational cost and transparency. So far, however, these potential benefits have not materialised, and enthusiasm about and confidence in investing in DeFi/blockchain insurance have suffered from recent crypto failures.