Analytics firm OpenCover’s report revealed that DeFi insurance companies paid out $34.4 million in claims in 2022.
As per a previous LianAn Technology report, DeFi exploits across blockchains worldwide totaled $3.64 billion.on 22 March, revealing that DeFi insurance companies paid out $34.4 million in claims in 2022.ecosystem’s demise in May and $4.7 million from the demise of crypto exchange FTX in November. In context, since OpenCover began tracking the data, insurance companies have only paid out $36.9 million in claims.
Despite the increase in payouts, only $231 million in funds in DeFi protocols had been insured, representing only 0.5% of the total value locked in the industry, the report mentions. DeFi insurance has grown to include eight major categories: protocol loss coverage, stablecoin de-peg coverage, yield token coverage, custodial account coverage, audit coverage, slashing coverage for professional validators, and other customized coverage.“At the time of writing, the total value of underwriting capital pools tracked by OpenCover amounts to $286 million with a low of $210 million and high of $394 million in the last 9 months.