The Chartered Insurance Institute has published a report entitled Crypto Confidence: How can the London Market demystify digital asset insurance? The publication came about as part of the CII’s New Generation Programme and was promoted at an event held at Lloyd’s. The event explored the intersection of insurance and the digital asset market, which has seen its market capitalisation grow from approximately £10.5bn in 2016 to around £1.2tn in 2024.

In contrast, the CII said the insurance market for digital assets was still in its infancy. It cited figures estimating that gross written premium ranged from approximately £115m to £230m as of 2024. It said the potential for growth was substantial and that insurance supported digital assets businesses to be compliant and to enhance their credibility.

Matthew Hill (pictured), chief executive officer of the CII, said: “Initiatives like this demonstrate the power of our profession’s next generation to lead conversations on emerging risks and opportunities.

“The group has done an excellent job of bringing together expertise from across the sector, to develop confidence and understanding around cryptocurrency.”