Lloyd’s of London and Aon To Benefit From Growth in Crypto Insurance Market
The crypto insurance market is growing faster than expected by many people recently. This, according to a new report made by Forbes, can be immensely beneficial for insurance companies such as Lloyd’s of London and Aon.
According to Coalition, a cybersecurity company based in San Francisco, the crypto market’s insurance is around $200 to $500 million USD right now and it is growing at a rate of 20 to 25%. This is set to be profitable for Lloyd’s of London, which is the leading specialist in this market. This company, together with Aon, is set to see several new clients coming up soon.
The head of technology at Aon, Eric Boyum, affirmed that the crypto market will grow even more after regulated, so the company, that currently occupies half of the crypto insurance market, is set to profit.
People such as the industry veteran Ty Sagalov see the crypto market as to where the next insurance boom will happen. Thefts are far from rare and the market deals with huge amounts of money, so in around five to ten years, this niche may become one of the most attractive ones globally.
In related news, Coinbase is already working to get insurance for its services by using Aon. The company is one of the largest crypto firms in the U. S., so it is natural that Coinbase is looking to get some additional protections.
Aon uses Metaco’s SILO crypto technology to provide insurance for both hot and cold wallets and is developing new solutions that will be used to protect the market.