Marsh: Cryptocurrency insurance market “hesitant” but hopeful

The cryptocurrency insurance market in 2019 was “hesitant and uncertain,” according to experts in Marsh’s Digital Asset Risk Transfer (DART) team. While the market is growing slowly, by and large, insurers remain cautious about pumping capacity into the emerging cryptocurrency arena.

Progress has been made around coverage solutions for digital asset firms in both the US and UK insurance markets. As things stand, US insurers have really taken the lead in terms of providing directors’ and officers’ (D&O) insurance for cryptocurrency clients. Both the US and UK markets are actively providing commercial crime insurance, professional liability, and cyber insurance solutions. The UK markets are the primary suppliers of specie insurance for cold storage of crypto assets.

“2019 was definitely a very challenging market,” said Sarah Downey (pictured), co-leader of DART. Insurance…