insurance in the metaverse virtual assets real risk - man with VR in Metaverse

For your insurance agency to grow, you must constantly look toward the future. One of the ways to do so is by thinking about what types of insurance products to offer. A perfect example of something that is essentially non-existent but will be incredibly widespread is metaverse insurance.

By learning about metaverse insurance now, you position your insurance agency to start offering it as soon as the demand is there. If you adequately prepare for this, you build your reputation as an industry leader, which will enable you to attract and retain clients.

A Refresher on the Metaverse

Before getting into metaverse insurance, make sure you understand the metaverse. It is a combination of virtual reality, artificial intelligence, augmented reality, and more. It is a fully-digital way of interacting and doing things.

While the metaverse is still in the early stages, it is growing quickly. This is especially true given that major companies like Facebook and Microsoft are already working on connecting to the metaverse.

Why Metaverse Insurance Will Matter

One important thing to remember about the metaverse is that although it is digital, some of the day-to-day functions are very similar. Just like we have assets in the real world, people have assets in the metaverse. Instead of fiat currency, they may have cryptocurrency. Instead of physical property, they may have virtual real estate.

Importantly, people spend real money on these things, so they have value. As in the real world, insurance is there to protect things of value.

Metaverse insurance can protect people from cybercrime threats such as theft, phishing, and ransomware attacks. We’ve already seen similar issues with the rise of non-fungible tokens (NFTs). That is just one example of a digital property that could get stolen. As the metaverse grows, so will the possibilities of items that need insurance.

How Will Metaverse Insurance Be Structured?

One of the big questions that remain unanswered is what insurance will look like in the metaverse. We simply don’t know at this point, as the future of the metaverse itself is still in question. In some ways, the idea of insurance coverage for digital properties and assets is so different from coverage for material things. At the same time, they are similar in that they protect something of value. In either case, your clients will have something they spent money on and want to protect financially.

The only thing that is certain is that as the metaverse grows, insurance agencies will be expected to offer insurance coverage for it. If your agency doesn’t embrace this type of coverage, you will likely lose clients and struggle to gain new ones.

Some Element of Immersion

One possibility is that insurance agencies will have to offer some level of immersion for their policyholders. When the metaverse becomes more widespread, perhaps you’d want to open a digital insurance agency within it. At the very least, you’d want to continue optimizing the client experience, like you already do via Jenesis features like the client portal.

The Metaverse Already Exists, But It’s Small

Keep in mind that the metaverse already exists. Individuals and companies buy virtual assets. While the most common example of this is cryptocurrency, it is far from the only virtual asset available. Companies have already started buying digital property on platforms in the metaverse. They have already started to sell branded digital goods and create elaborate virtual experiences.

So, There Is Already a Demand for Insurance

The fact that companies are already investing in the metaverse means that there is already a demand for insurance. However, insurance in the metaverse doesn’t really exist yet.

What Your Agency Should Do

For now, your insurance agency can sit back and watch what happens with the metaverse. You don’t have to be actively involved quite yet. You don’t have to create the insurance. But you’d want to be among the first to offer this insurance when it becomes available.

Consider Selling Cyber Liability Insurance If You Don’t Already

If you don’t already sell cyber liability insurance at your agency, consider doing so. This is the closest thing to metaverse insurance so far. Most of these cyber insurance policies are designed for companies. They can provide protection in case of data breaches, malware attacks, ransomware, and more. Many can even cover consumer liability claims if private information is hacked or disclosed.

Familiarize Yourself With the Policies You Carry

Another important thing to do is take a closer look at the insurance policies you carry. Most current policies won’t automatically exclude claims in the metaverse, but some will. Some may use vague language that indirectly excludes claims in the metaverse. Look at the policies you carry and assess their approach to the metaverse. This way, when a client asks, you will have a ready answer.


The metaverse is growing rapidly, and given the large virtual investments people make, there will soon be a demand for metaverse insurance. To stay competitive, your insurance agency needs to stay up-to-date with the latest developments in metaverse insurance. In doing so, you can be among the first agencies to offer it.