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Marsh launches crypto-asset insurance solution for EU customers
Marsh, the insurance broking and risk consultancy business of Marsh McLennan, has launched MiCAssure, a tailor-made insurance solution for crypto-asset service providers in the EU.
This new offering was launched in response to the upcoming MiCA, which comes into effect on December 30, 2024.
It will offer coverage to digital asset custodians, exchanges and administrators operating within the bloc.
MiCA aims to establish a regulatory framework for the cryptocurrency market within the EU, addressing issues such as legal certainty, consumer protection and market fragmentation.
MiCAssure, developed by Marsh Specialty in partnership with Lloyd’s and London market insurers, offers cover for third party claims relating to misrepresentation, breaches of confidentiality, business interruption and legal obligations.
It also covers gross negligence in safeguarding crypto-assets and client funds.
This insurance solution will help companies meet MiCA’s prudential requirements without the need to allocate their capital for risk exposure, the company said.
Rupert Polonia, digital assets leader at Marsh Specialty in the UK, said: “Regulatory advances such as MiCA improve the credibility of the digital asset ecosystem offering security and stability to retail users and institutions venturing into the asset space digital, while providing solid guidelines and structures for cryptocurrencies. asset service providers.
“MiCAssure not only offers clients operational protection, but also has the potential to free up capital and facilitate growth, making it a vital insurance and risk management solution for crypto-asset service providers operating in the EU.”
The introduction of MiCAssure follows the March launch of Marsh’s insurance structure for custodians of digital assetsincluding financial institutions.
This facility, believed to be the largest of its kind, provides insurance capacity of up to $825 million and is available to Marsh customers worldwide.
The framework specifically supports organizations that store digital assets in “cold storage” or offline.
“Marsh launches crypto-asset insurance solution for EU customers” was originally created and published by International life insurancea trademark owned by GlobalData.
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