It�s understandable why big names like AIG, Chubb and XL Group haven�t provided too many specifics. On its face, providing coverage to crypto startups might seem borderline absurd. It�s an industry with a well-deserved reputation for being like the Wild West � an unregulated digital frontier where frauds and heists are rife (recall the hacks of Mt. Gox, and more recently, Bitfinex and Coincheck) and get-rich-quick schemes abound. The collapse in the price of Bitcoin this year hasn�t helped matters either. But as cryptocurrencies, and their underlying blockchain technology, slowly gain broader acceptance, some insurers are betting they can avoid the pitfalls. The premiums from insuring such risk can be substantial. By some accounts, underwriters can charge a crypto-related company upwards of five times or more than your average business for coverage against loss or theft. �Big Opportunity� �Insurance for cryptocurrency storage will be a big opportunity,� said Christian Weishuber, a spokesman for Allianz, which began offering individual coverage for digital-coin theft in the past year and is one of the few insurers that agreed to talk about the issue. �Digital assets are becoming more relevant, important and prevalent on the real economy and we are exploring product and coverage options in this area.� While the cost is still beyond reach for many fledgling companies, Marsh & McLennan and Aon, the two leading insurance brokers that help companies shop for crypto policies, say business has been brisk this year. For the first time, Marsh formed a team of 10 dedicated to servicing blockchain startups. Aon, which claims to have over 50 percent of the market for crypto insurance, recently streamlined its standard policy form to speed up the underwriting process. It has also seen some insurers tweak general company policies to include crypto-specific protections. Marsh and Aon declined to identify their partners, but people familiar with the matter say over a dozen underwriters, including Chubb and XL, currently provide coverage to crypto-related businesses. American International Group, which has also been adding crypto coverage into standard policy forms, said it�s met with cryptocurrency custodians and trading platforms about coverage. The firm declined to say how much in crypto-related premiums it�s taken in.
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