Vancouver, British Columbia--(Newsfile Corp. - June 7, 2022) - Ocean Falls Blockchain Corp. ("OFB" or the "Company") is pleased to announce that SuretyBlock, OFB's first blockchain application launching this month, is now whitelisting digital asset contributors to the platform's reserve pool.
SuretyBlock is a decentralized solution for captive insurance providers with its first product, Eagle1, launching in June 2022.
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SuretyBlock is a decentralized captive insurance solution that aims to provide trade associations, organizations, and event organizers with the option to insure themselves against various liabilities using the power of blockchain technology to pool and distribute funds.
Marsh, a global leader in insurance broking and risk management, reported that the gross written premiums in the captive insurance industry grew from US $54 billion in 2019 to nearly $61 billion in 2020. If similar year-over-year trends continue, then gross written premiums could grow to well over $100 billion by 2030.
SuretyBlock's decentralized solution for the captive insurance industry can help reduce the combined cost ratio down to 80 percent, compared to traditional market solutions that have a combined cost ratio of as much as 90 percent and upwards. This can result in a potential increase in profitability by as much as 20 percent or more.
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