Bullseye Adjusting & Associates LLC

Time To Start Issuing Metaverse Policies?

 Friday, July 1, 2022

 Insurance Thought Leadership

Why travel somewhere when you can just pop on a virtual reality headset and be immersed in that world instead? That is the promise of the so-called ‘metaverse.’

Some companies may be overselling the technology and the role the metaverse promises to play in people’s day-to-day lives, but, even still, it is a good bet that at least some of our lives in the future will be lived in that virtual space.

Some early adapters are already embracing it, and some businesses are hedging their bets by spending millions of real-world dollars to put in claims on what might eventually turn out to be valuable virtual real estate.

With those initial moves into the virtual world, the list of potentially insurable risks in the metaverse can be long. Hackers could take control of a user’s account, or lock a business owner out of their virtual storefront.

So, the short answer is that with money comes risk, and with risk comes insurance.
TechnologyInsurance Industry