Aspen Claims Service

Insurtech Innovation In The Metaverse

 Monday, January 9, 2023

 JD Supra

The metaverse will offer new forms of immersive entertainment, modes of social interaction, and opportunities for collaboration. It is also expected to generate tremendous economic value.

According to a recent Citi report, ‘the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by 2030,’ with the number of users rising to as many as 5 billion by that year.

But participants in the metaverse could face significant risk of fraud, theft, and damage, particularly at the early stages of its development.

The nature of digital relationships may make it difficult to determine who is responsible or liable when something goes wrong, and the nature of digital ownership may make it difficult to assess value and evaluate damage to property.

Intellectual property, including brands, may be particularly vulnerable, and individuals may face heightened risk of identity theft. Moreover, security risks are changing as the metaverse evolves, making it hard for participants to understand their future risks and exposure.
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