Decentralized finance (DeFi) analytics firm OpenCover released a report on 22 March, revealing that DeFi insurance companies paid out $34.4 million in claims in 2022.
Notable DeFi claims in 2022 include $22.5 million from the Terra [USDT] 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.
(By Suzuki Shillsalot)
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