9 June 2023Analysis

Nayms launches insurance program on marketplace platform

Blockchain-based insurance marketplace Nayms has launched its first fully capitalised insurance program on the Nayms Marketplace.

The Nayms Marketplace brings together insurers, insureds, capital providers, brokers, and underwriters in an on-chain ecosystem - from capitalising balance sheets to paying premiums and claims.

According to Nayms this on-chain approach encourages 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.

Building upon the success of the first fully capitalised insurance program, Nayms has also unveiled a range of new investment opportunities for participants in the re/insurance market. These include smart contract hack captive insurance, industry loss warranty reinsurance, excess cyber liability insurance and smart contract and bridging insurance.

Additionally, Nayms announced the successful raising of $500,000 in its first segregated account, with targeted annual returns averaging around 15%.

“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 program, 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,” said Dan Roberts, chief executive and co-founder of Nayms.