The policy is created by Lloyd’s syndicate Atrium in collaboration with Coincover. Established in 2018, Coincover is aimed at protecting cryptocurrency and increasing accessibility. 

It is reported that Lloyd’s of London’s crypto-insurance policy is worth $128,000. Lloyd’s of London’s Product Innovation Facility (PIF) will back the new policy aimed to provide insurance for crypto investors in the event of a hack. 

The new crypto-insurance policy will be supported by a panel of insurers from Lloyd’s of London, including Markel and TMC. Recent hacks in cryptocurrency have encouraged Atrium to create a new crypto-insurance policy. Analysis firm Chainalysis anticipates further development in hacks as crypto hackers are becoming more sophisticated. Chainalysis in its recent report notes that hot wallet attacks were a part of two  major exchange hacks last year. 

Atrium underwriter Matthew Greaves, told the media, “There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular. It is a testament to Lloyd’s that the market has put together an innovative solution to mitigate these new risks and protect against theft — from physical as well as online vaults — thereby providing customers with peace of mind that their assets are safe.”

Currently, PIF has around SG$267.8 million in shared capacity comprising 27 Lloyd’s managing agents, media reports said. Atrium anticipated that the market necessitates crypto assets to be insured on the back of several cyber attacks. 

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The proceeds from the funding of Singapore insuretech startup Uncharted will be used by the firm to drive its strategy expansion into key markets across Asia-Pacific, Europe and North America. Also, the proceeds will be used to develop Uncharted’s core insurance platforms as it makes further advancements in products, technology and data analytics. 

It is reported that Asia-Pacific will account for 42 percent of global insurance premiums by 2029. According to the World Insurance report, China and Asia-Pacific will largely dominate insurance demand.  Also, the share of global premiums are expected to increase in the regjon. With that, Uncharted aims to tap into markets in Asia-Pacific. 

Nick Macey, founder and CEO of Uncharted, told the media, “Following the successful merger of our Shift Insurtech and Uncharted businesses, this investment is an incredible validation of the work the team at Uncharted has done over the past three years, and gives us the confidence and ability to execute our sales and product development strategy.”

Earlier this month, Uncharted acquired Shift Insurtech specialised in insurance fraud detection and claims automation. With the acquisition, Uncharted aims to become an emerging leader on the global insurtech front. 

Shift Insurtech’s core insurance platform and engineering team under Uncharted’s brand name and combine with the latter’s distribution platforms and global operations, media reports said. 

It appears that macroeconomic factors such as the US-China trade war are affecting the increase in insurance demand. 

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