If they have insurance, then the insurance company would have come down and taken a look at how they do business, security practices, and so on.
Then the insurance company, goes back and comes up with an amount per month / quarter / year to cover any loss that might occur. And if one does they investigate and pay.
Does not matter what business that we are talking about. Be it an exchange or anything else.
So if they did have insurance, they the way they operated WAS insurable. And they were operating that way, because if they are getting money you can be sure their insurance investigated before they wrote a check that big.
If they did not have insurance and are covering the loss out of pocket, how much profit are they making to cover $200 million?
-Dave
I only know Binance as having insurance (SAFU), but this bitmart exchange, honestly, just heard this exchange because of this recent hack. Also, if the OP can give a link so people can read about this recent hack.
https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-supportFrom the article, it is stated that the exchange will shoulder the losses. So don't know how they will cover those multi-million dollar losses. For their users, check their fees later on.