Evertas has extended its cover against the theft or loss of cryptoassets to Australia.

Chicago-based Evertas – formerly known as Block Re – claims to be the world’s first cryptoasset insurer and says a lift in insurance capacity is needed to encourage the adoption. Its cryptoasset capacity is also available in Hong Kong, the US, Canada and the UK.

Co-founder and CEO J. Gdanski says Australia has been home to “more than its fair share of blockchain innovation,” and it has higher than average crypto adoption.

“Expanding into these markets makes sense and we’re eager to do business there and work to close the enormous coverage gap in Asia as well,” he said.

Less than 3% of global cryptoassets are thought to be insured and Evertas says this shortfall “is more one of supply than demand” as cryptoasset insurance capacity remains a fraction of what’s required. Last year, it says about $US4 billion ($5.93 billion) in cryptoassets were stolen.

Evertas offers crime and “specie” policies, which cover collectibles and protect the majority of cryptoassets. "Slashing” policies that protect the contents of custodial wallets against loss due to technology failures are also available.

Evertas is the only cryptoasset insurer to be granted Lloyd’s coverholder status. It has previously said underwriting in the field is inconsistent as it lacks  scale, automation and efficiency.