The crypto insurance market is gaining momentum: from the first Russian policy to global security standards
While the global community discusses the consequences of the $1.5 billion Bybit hack, a landmark event has occurred in Russia: Ingosstrakh has insured the custodial digital asset storage platform "Digital Treasury," developed by Web3 Tech, against cyber risks. This is the first policy in the country where cryptocurrency assets are directly the object of protection. Let's examine how this new market is structured and what it means for the industry.
First Russian Case: Parameters and Significance
The deal was arranged by insurance broker MIKON. The policy covers key cyber risks: hacker attacks, malware, and technical failures, as well as compensating for data loss and cryptocurrency theft. Importantly, it also provides for compensation of harm to third parties. The insured service is owned by Voltari, a company within the Web3 Tech group, which recently entered the register of information system operators. The platform itself helps major players organize custodial storage, where a third party is responsible for the security of private keys.
The deal parameters are impressive: limits are estimated between 1 and 2 billion rubles, with the policy cost ranging from 0.5% to 3% of the insured sum. The deal outpaces the development of domestic legislation — the legal status of a digital depositary has not yet been officially established, although it is expected to be defined by the new specialized bill No. 1194918-8. For now, cyber risk insurance remains voluntary.
Global Experience: From Lloyd's to Niche Players
In the West, insurance for custodians has long been a standard. The Copper platform is insured for $500 million, Coinbase for $320 million. The main center of attraction remains the London insurer Lloyd's, where large policies are created by several syndicates. The lead underwriter takes on the first part of a potential loss, while other participants gradually cover the remaining risk levels. This is how the protection for well-known companies like Copper and Evertas is structured.
Gradually, niche players are emerging in the market. The American firm Evertas was the first to receive official Lloyd's coverholder status, and in 2023 increased its coverage limit to a record $420 million. In March 2024, broker Marsh launched the largest insurance mechanism of its kind, with a capacity of up to $825 million for assets in cold storage and MPC custody.
Regulation and Prospects: Market Grows but Lags Behind Threats
Many state regulators have begun integrating insurance into licensing standards. In Dubai, VARA requires mandatory policies; Singapore's MAS mandates that 90% of user tokens be stored in cold storage. Similar rules apply in the EU under the MiCA regulation — to meet these requirements, broker Marsh created the MiCAssure product. Hong Kong is preparing new rules by 2026.
However, the current volume of global coverage still lags behind real threats. According to industry analysts, no more than 3% of global crypto assets are insured. The major Bybit hack in early 2025 clearly illustrated this problem: hackers stole assets worth a colossal $1.5 billion, and existing policies could cover only a minor portion of the damage.
Nevertheless, the crypto insurance market is showing incredibly high growth rates. It is expected to increase to $192.72 billion by 2033. Against this backdrop, the Russian initiative appears to be a timely and important step, which will undoubtedly set the direction for further development of digital asset protection in the country.
Expert Opinion: The Russian crypto insurance market is taking its first, but confident, steps. However, for its full growth, clear regulation of the status of digital assets and depositaries is necessary. For now, insurers operate in conditions of legal uncertainty, which limits both coverage limits and the number of participants. Nevertheless, a precedent has been set, and that is the main thing.