Crypto market likely to draw capacity
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Some observers predict cryptocurrency insurance will eventually be more widely offered.
“Like most things in the insurance space, the pace of entrepreneurial innovation outpaces that of insurance capacity,” said Joseph Ziolkowski, co-founder and CEO of Hamilton, Bermuda-based Relm Insurance Ltd., a cryptocurrency insurer.
However, capacity will likely emerge as the market matures, he said.
Jacqueline Quintal, managing director and digital asset leader within Marsh LLC’s U.S. financial institutions practice, who is based in New York, said in the last six months, more insurers have spent time trying to understand the business.
Some inquiries are also coming from incumbent policyholders, which “will make it harder for insurers to keep their eyes closed on it,” she said.
Jacob Decker, San Francisco-based director of financial institutions for Woodruff Sawyer & Co., said insuring cryptocurrency through captives may also be feasible. “I see no reason why that wouldn’t be a really effective way” to provide insurance, he said.
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