QuestGates launches digital assets service
Loss adjuster QuestGates has launched a “pioneering” new service to provide insurers and brokers with a claims management solution for evolving digital risk.
“The digital assets market is a developing and highly specialised technical space,” said Will Gow, head of cyber and financial lines at QuestGates. “It occupies a completely different space to general cyber risk, and as such, requires a particular expertise when managing these types of losses and claims.”
Gow said QuestGates’ service offers “a full range of specialist support when it comes to managing digital asset claims from crypto response, post-loss investigation and token valuation, through to asset recovery and enforcement. We also provide QR code and metaverse pre-breach assessments, as well as managing crypto and smart contract PI/D&O exposures.”
Only a tiny fraction of digital assets are currently insured, but many in the specialty market believe this could be a potentially significant growth area in the years ahead.
Evertas Inc. (Evertas), a Chicago-based cryptoasset insurance company, believes that around $4bn in cryptoassets were stolen in 2021 alone, with only a minuscule proportion of those covered by insurance. Evertas was approved as a Lloyd’s coverholder earlier this year. It writes policies on behalf of Arch Insurance.
Glen Donaldson, director of specialist services at QuestGates, said the the growing acceptance of digital assets and demand for tokenisation has shaped the market for insurance.
“We recognise this changing landscape and are proud to lead the way in providing specialist support to our clients so they don’t have to navigate this complex field alone,” Donaldson said.
