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20 June 2023News

Nayms launches insurance programme on Ethereum network

Nayms, which is creating a blockchain-based insurance marketplace, has launched its first fully capitalised insurance programme on the Nayms Marketplace.

Nayms, which is licensed by the Bermuda Monetary Authority, said the programme will leverage smart contracts on the Ethereum network and providing secure, efficient, and fully transparent insurance solutions.

A statement from Nayms said: "The Nayms Marketplace introduces a paradigm shift in the insurance landscape by bringing together insurers, insureds, capital providers, brokers, and underwriters in an on-chain ecosystem - from capitalising balance sheets to paying premiums and claims.

"This on-chain approach revolutionises the insurance industry by encouraging an alternative source of capital via the rapid growth of the cryptocurrency market. By leveraging its marketplace and blockchain technology, combined with focus on generating yield, Nayms enables insurers to access additional capacity for underwriting risks. This expanded capacity empowers insurers to offer more comprehensive coverage, meet growing demand, and address emerging risks effectively."

Nayms also said it had raised $500,000 USDC in its first segregated account.

Dan Roberts (pictured), chief executive of Nayms, said: "Building something simple is complicated. It requires a solution that is highly comprehensive to seem sleek, streamlined, and intuitive. Nayms has now officially gone from 0 to 1 with the launch of our first insurance programme, and we can't wait to showcase all the other opportunities to the market as they go live. We have now introduced insurance as an asset class to the digital asset space."

Going forward, Nayms said it plans to offer industry loss warranty reinsurance, excess cyber liability insurance, smart contract and bridging insurance, and smart contract hack captive insurance.




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10 October 2023   Bermuda’s ability to combine insurance and fintech expertise gives it a competitive advantage.
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7 July 2023   Nayms says Prospero Re will buy the programme, which uses USD stable coin as collateral

More on this story

Feature
30 October 2023   Retrocessional cover denominated in a crypto currency which could help a catastrophe market facing capacity shortages after 2022’s Hurricane Ian, Nayms business development head says.
News
10 October 2023   Bermuda’s ability to combine insurance and fintech expertise gives it a competitive advantage.
Innovation
7 July 2023   Nayms says Prospero Re will buy the programme, which uses USD stable coin as collateral