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 revelaed in a Metaco press release published by fintech news outlet Finextra on June 11.
Laussane-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.