The world’s largest insurance broker, Marsh, has unveiled a new digital asset custody insurance product, offering coverage of up to US$825 million. This marks the largest capacity of its kind, according to the firm.
The insurance is designed to support organisations safeguarding digital assets, particularly those held offline in cold storage or utilising custody solutions like Multi-Party Computation (MPC), where cryptographic keys are divided into “shards”, the insurance broker explains.
Traditionally, crypto insurance has been scarce, with many exchanges and trading firms relying on self-insurance. The insurance is backed by Lloyd’s syndicates and London-based international insurers. According to Marsh, the facility “will support organisations in protecting their digital assets against risks related to physical natural perils, third party physical theft and internal collusion by those employees responsible for secure storage”.
Jacqueline Quintal, Global Digital Asset Leader at Marsh Specialty, emphasises the importance of aligning risk financing with evolving commercial strategies in the rapidly expanding crypto sector.