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Lloyd’s shows faith in blockchain with first crypto insurance policy

Another respected name from the world of finance has shown faith in the future of cryptocurrency as Lloyd’s of London moved into the blockchain space.

Lloyd’s – regarded as the world’s leading insurance market – announced on Tuesday it was launching a policy specifically designed to protect crypto held in online wallets.

Although engaged with a limited number of businesses to date, the Lloyd’s crypto insurance announcement is a strong move to openly provide services to the blockchain sector.

Lloyd’s worked with Coincover to launch the first of its kind liability policy to protect against losses arising from the theft of cryptocurrency held in online, hot wallets.

Lee Hills, CEO of SolutionsHub – a global leader in blockchain regulation and licensing – says the move is another significant boost for the crypto industry.

He said: “Lloyd’s is obviously a hugely respected name in the world of finance and this move will be warmly welcomed by the crypto crowd.

“We talk about ‘mainstream adoption’ a lot in crypto and we’ve seen huge major brands such as Facebook and Uber declare an interest but this move by Lloyd’s is perhaps even more significant, due to the rich history of the organisation and the nature of the policy.

“It’s an amazing show of faith in blockchain from a company founded more than 330 years ago and the ripples of confidence will spread not only across the crypto sphere but across the global finance industry.”

The policy with flexible limits from as little as £1,000, was created by Lloyd’s syndicate Atrium and is backed backed by a panel of other Lloyd’s insurers, which includes TMK and Markel, all of whom are members of Lloyd’s Product Innovation Facility (PIF).

Atrium underwriter Matthew Greaves said: “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.”

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