The Chartered Insurance coverage Institute’s (CII) New Era Programme 2025 London market cohort hosted an occasion in October to study how the London market can demystify cryptocurrency insurance coverage.
On this session, held at Lloyd’s and entitled Crypto Confidence: How can the London Market demystify digital asset insurance coverage?, consultants from throughout the sector have been introduced collectively to talk about how insurers can interact with the quickly evolving asset class.
A survey carried out by the group earlier than the occasion revealed that 96% of attendees stated they didn’t really feel assured in their understanding of cryptocurrency because it relates to insurance coverage.
Following the dialogue, 75% of surveyed attendees stated they’d now have the opportunity to maintain a primary dialog on the subject and 88% reported that their notion of the insurability of digital belongings had modified positively.
The panel featured Ben Davis, chief govt at Native, Will Gow, head of UK cyber and expertise risks at Crawford and Firm, Peter Wedge, cyber reinsurance dealer at Gallagher Re, and Richard Daws, chief govt at Redefind.
Every panellist shared their insights into how insurance coverage corporations can method cryptocurrency with the identical risk-based mindset utilized to any rising asset.
Main conversations
Within the session, panelists stated that cryptocurrency must be considered as one other asset class, relatively than as an unmanageable threat, with the presentation and panel tracing the historical past and evolution of digital belongings.
The group additionally produced a Bytesize Information to cryptocurrency to provide an introduction to the assorted sorts of digital belongings that exist, the insurance coverage options at present accessible, key underwriting challenges, claims complexities and the evolving regulatory panorama.
Matthew Hill, chief govt at CII, stated: “Initiatives like this display the ability of our occupation’s subsequent era to lead conversations on rising risks and alternatives.
“The group has achieved a wonderful job of bringing collectively experience from throughout the sector, to develop confidence and understanding round cryptocurrency.”
