Major Insurance Broker Aon Secures Crime Coverage for Crypto Custody Solutions Firm

Aon — a leading insurance broker that purports to occupy 50% of the crypto-insurance market — will reportedly provide crypto custody solutions provider Metaco with crime insurance coverage via a panel of London insurers. The news was revealed in a Metaco press release published by fintech news outlet Finextra on June 11.

Lausanne-based Metaco is part-owned by Swiss telecoms giant Swisscom, the country’s national postal service, Swisspost and banking technology vendor Avaloq.

The insurers — none of whose names have been disclosed — will reportedly provide the crime insurance coverage for institutions using Metaco’s SILO crypto asset infrastructure solution for hot and cold storage, which implements hardware security module-based technology.

While the fiat currency value of the coverage has similarly been kept under wraps, Aon has revealed that the policies provided will cover a wide gamut of risks — including private key destruction due to natural disasters and losses incurred by third-party hacks of hot wallets.

Last summer, Cointelegraph reported that big-name insurers such as AIG, Allianz, Chubb, Aon and XL Group have been increasingly adapting their coverage options to protect businesses in the crypto space, often using a high number of underwriters to provide policies for what is perceived to be a high risk sector.

This May, Andreessen Horowitz-backed crypto custodian Anchorage revealed it had acquired a crime insurance policy via a partnership with Aon.

In December, Metaco partnered with Avaloq and Swiss bank Gazprombank to implement an integrated crypto asset solution designed for banks and wealth managers.