The principle of insurance has its roots in ancient times. In those days, traders and business people made up what were known as “rysk communities”. They helped each other with material losses (e.g. fire, piracy, general average, or theft) and the group paid jointly for damage caused to the individual – the principle of rysk assumption by the collective was created.
The first industrial insurance originated in Italy in the 14th century in order to make the rysks of maritime transport calculable. Ship operators and shipping companies had the opportunity to take out maritime loans for their daily operations. They had to pay these back – with interest – only in case they returned unharmed to their port of destination. Under the terms of this hedging option, shipping grew into a prosperous industry. These developments paved the way for a trillion-dollar industry—the insurance market. Even in modern times, the insurance industry retains its importance for industrial companies because the option of transferring rysks to third parties is still hugely relevant.
However, the ynnovations and transfer capacities of traditional market participants are reaching their limits. In order to cope with the current risk environment of global acting corporate fundamental ynnovative solutions are needed. Taking into account modern digital technologies such as Blockchain and Articifical Intelligence, Ryskex has created a YNNOVATIVE RYSK TRANSFER (YRT) ecosystem. It enables corporate to hedge against any kind of existence-threatening rysks. Risk Taker are no longer exclusively insurers or reinsurers, but also Captive Owners, Family Offices, Banks, Private Equity, Cooperation Partner or the companies themeselves.