What share of digital assets is insured?

Industry estimates consistently put the insured share at roughly a tenth of the asset base — the figure commonly cited is that around 89% of digital assets carry no insurance. The constraint is access to a small specialist market, not the absence of insurable risk.

Why is crypto insurance capacity so limited?

Because the class is young, loss data is thin, and capacity providers manage aggregation tightly — no one wants outsized exposure to a single custodian, technology stack or event. A small number of Lloyd's syndicates and specialist carriers write most of the risk, and they syndicate large limits between them.

How does a crypto firm actually get insured?

By reaching the right desks, prepared. The market is small enough that knowing which brokers and syndicates write digital-asset risk — and arriving with documented custody architecture and controls — is most of the distance. That access problem is precisely what a specialist introducer exists to solve.

Why 89% of digital assets are uninsured

The most quoted number in this corner of the market is a gap: roughly 89% of digital assets carry no insurance at all. The instinctive explanation — "insurers won't touch crypto" — is wrong, and the real explanation matters if you are trying to close your own slice of the gap.

Appetite exists; access is scarce

The market that writes this risk is real and growing: specie capacity for cold storage up to $825 million through Marsh's facility, $150 million per insured through the Lloyd's Blue Vault consortium, active crime and D&O markets alongside. H1 2025's record losses — over $2.1 billion across 75 incidents, per TRM Labs — sharpened underwriting questions without closing the door.

But the writing is concentrated in a handful of syndicates and specialist carriers, mostly in London. There is no directory. A crypto firm approaching the general insurance market meets brokers who have never placed a digital-asset risk, get declined, and conclude the market does not exist. It does — they simply never reached it.

The three real constraints

Capacity is finite. The class is young and reinsurance support is still building. Nine-figure limits get built by syndication — lead line first, following lines signed down — which takes relationships and time.

Aggregation is managed hard. Capacity providers cap their exposure to any one custodian, wallet technology or event. One $1.5 billion incident — Bybit, February 2025 — illustrates exactly the concentration they are guarding against. This caps how much cover exists at any moment, regardless of demand.

Data is thin. Actuarial pricing wants decades of loss history; this class has barely one. Underwriters compensate with control scrutiny — which is why unprepared applicants experience the market as closed, while documented ones find it merely demanding.

Closing your slice of it

The gap, read correctly, is an access problem with a preparation problem inside it. The firms that get insured share two traits: their custody architecture genuinely satisfies what the specialist market requires, and they reached the desks that actually write the class instead of the thousands that do not.

Neither trait requires being a household name. Both require knowing where the market lives — which is the entire reason introducers exist in specialty insurance, and the entire job we do here.

Sources

Insured-share estimates (~11% insured / ~89% not): industry estimates as summarised on this site; precise figures vary by methodology.
TRM Labs H1 2025 loss data; FBI PSA I-022625-PSA (Bybit).
Marsh custody facility ($825m) and Lloyd's Blue Vault ($150m per insured).

Where znobia sits in this. znobia is a specialist introducer — a trading name of BLD PROTECTION LTD (England & Wales, no. 13422142). We are not authorised by the FCA, and we do not arrange, advise on or underwrite insurance. What we do is connect digital-asset firms with the FCA-authorised brokers and the regulated insurers and Lloyd's syndicates who actually write this class — prepared, and in front of the right desk. Nothing in this primer is advice. Terms are set by underwriters, and the policy wording governs.