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Crypto confidence: How can the London Market demystify digital asset insurance?
Lecture
Publication date:
01 October 2025
Last updated:
24 October 2025
Author(s):
Ben Davis, CEO & Founder, Native, Peter Wedge FCII, Reinsurance Contracts Counsel, Swiss Re, William Gow LLM, MA, DipCILA, Head of Cyber & Technology Risks UK, Crawford & Company, Richard Daws, Founder & CEO, Redefind
In this panel discussion and Q&A session in the Old Library at Lloyd’s, presented by Ben Davis, Peter Wedge, Will Gow and Richard Daws - experts in the intersection of insurance and digital assets, the speakers discussed the current state of digital asset insurance, the opportunity for growth in this market and the barriers facing this growth.
The digital asset market has experienced explosive growth, with its market capitalisation soaring from approximately $14 billion in 2016 to around $1.6 trillion in 2024. This remarkable rise indicates not only the growing acceptance of digital assets but also the urgent need for specialised insurance solutions tailored to the unique risks associated with them. Digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and digital tokens, present unique challenges that traditional insurance products often fail to address. Lost private keys render assets inaccessible forever, and approximately 3.8 million Bitcoin has been permanently lost. This highlights the critical need for comprehensive insurance coverage to protect against such risks.
The insurance market for digital assets is still in its infancy, with an estimated gross written premium (GWP) ranging between $150 million to $300 million as of 2024. As we move forward, the potential for growth is substantial, especially as digital asset businesses seek insurance not only for compliance but also to enhance their credibility with clients and investors.
Learning objectives:
- Why digital assets are important for the London Market
- What are the insurance needs of digital asset companies
- How can the London Market step up to meet these needs and stay relevant within the global insurance industry