Insurers Tiptoe into Crypto Insurance Market to Meet Increasing Demand

Bitcoin, the first and best-known cryptocurrency, was created in 2009. In the years since, the popularity of cryptocurrencies has grown exponentially, with hundreds of different ones now in circulation. While cryptocurrencies are still largely unregulated, they have been increasingly embraced by both individuals and businesses as a viable alternative to traditional forms of investment.  

With increasing interest in insuring cryptocurrencies, more carriers have either started providing insurance to crypto-companies or started forming internal committees to understand the space. Many carriers have begun tailoring their typical commercial policies for crypto-companies, banks, and asset managers. This is because these organizations are handling large amounts of valuable data that need to be protected. By adjusting their policies, carriers can provide the extra coverage that these companies need in order to operate safely and protect their assets.