Symbiont Showcases Blockchain Catastrophe Swaps to Insurance Execs
The next time a tornado obliterates land and property in California or Ohio, Symbiont’s newly unveiled catastrophe swaps blockchain platform could help speed up how quickly the victims get paid out. Mississippi, on the other hand, could be out of luck. A prominent New York-based blockchain startup, Symbiont demonstrated a system of smart contracts integrated with its secretive Assembly blockchain earlier this month, showcasing how it can facilitate the automatic dispersal of funds to a group of insurers, reinsurers, investors and media. Though Symbiont has yet to reveal the innerworkings....
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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 Danish Red Cross along with several humanitarian partners have collaborated to float a catastrophe bond to cover volcanic eruption disasters. Crypto and blockchain adoption for humanitarian causes is set for another expansion as the Danish Red Cross has sponsored a catastrophe bond aimed at providing relief in the aftermath of a volcanic eruption.According to CIR Magazine, the catastrophe bond — often shortened to cat bond — has the backing of private firms and other humanitarian establishments with investors like Solidum Partners and Plenum Investments associated with the....
Veteran investor and fund manager Bill Miller says he has “a very big position” in bitcoin and expects to see a lot of institutional adoption this year, particularly among endowments and foundations. “Bitcoin is insurance against financial catastrophe,” he opined.
Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’
Famed value investor Bill Miller talked about bitcoin in an interview with CNBC Wednesday. He is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer.....