Japanese insurer creates product for bitcoin exchange damages
Mitsui Sumitomo has partnered with Japanese bitcoin exchange operator bitFlyer to release an insurance product to cover losses and damages made on bitcoin exchanges. Coverage will range from $89,000 to $7.1m for incidents including cyberattacks and other unauthorised access issues, mistakes, impropriety by employees and the managing of damage suits from outside of Japan.

TOKYO -- Mitsui Sumitomo Insurance will launch an insurance product specifically designed to cover losses and damages at bitcoin exchanges.

The product, developed with Japanese bitcoin exchange operator bitFlyer, will protect both exchanges and their customers. The total coverage, ranging from 10 million yen ($89,000) to 1 billion yen, will be offered against damages and losses caused by cyberattacks and other unauthorized accesses, as well as mistakes and impropriety by employees.