EU’s Biggest Insurer Allianz Successfully Tests Smart Contracts
Europe’s biggest insurer Allianz has stated it has successfully tested the use of smart contracts to improve natural disaster bond settlements. Allianz Cuts Cost with Smart Contracts. The news was announced following a partnership with Bermuda-based investment management firm Nephila Capital, which specializes in reinsurance risk and so-called....
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Germany-based insurance giant Allianz has reported it has successfully used blockchain-based smart contracts to handle catastrophe swaps and bonds, adding that the technology could boost marketability of the financial instruments. "Cat swaps" and bonds are tradable instruments that allow insurers to guard against huge potential losses following a major catastrophe, and which are triggered under predefined parameters. However, the payments between insurers and investors can drag on for weeks or months after a disaster. Automating the process via smart contract technology, though,....
Allianz Risk Transfer and Nephila Capital Ltd. have used blockchain smart contract technology to conduct a natural catastrophe swap in a pilot test, demonstrating that processing and settlement can be accelerated between insurers using blockchain-based smart contracts. The test indicates blockchain-based contracts can also be applied to other insurance and investment transactions. Cat Bonds And Swaps. Catastrophe (“cat”) bonds and swaps transfer a specific set of risks, including natural disaster risks like typhoons and hurricanes, from an insurer to other insurers or investors. In a cat....
German-based insurance giant Allianz has announced it has been successfully testing Blockchain technology and smart contracts for the processing of default swaps and bonds. The company is feeling positive about the potential of technology to increase the competition among financial institutions. Allianz Risk Transfer, founded in 1997, has been operating as the center of competence for alternative risk transfer business within the Allianz Group offering tailor-made insurance, reinsurance and other non-traditional risk management solutions to industrial and financial clients worldwide.....
The Counterparty team wants to err on the side of caution when bringing the Ethereum smart contracts to the mainnet. There has been a lot of talk of bringing Ethereum smart contracts to the Counterparty mainnet in recent months. Not too long ago, it seemed like this project was set in stone, but some last-minute adjustments had to be made. Now that the latest EVM has been ported to the Counterparty, exciting things are on the horizon. Ethereum Smart Contracts On Counterparty Mainnet? That is the question everybody would like an answer to, and it appears as if the Counterparty team is....
Defi insurer Cover Protocol, designed to reduce smart contract failure risks, was exploited by a bug in its smart contract on Monday morning.