Crypto insurer Evertas authorized to offer largest single crypto insurance policy

London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry.

The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry. Currently only 2-3% of global cryptoassets are believed to be insured, Evertas said.

“This is the single largest policy that can be approved from one insurance company,” Evertas chief executive officer J. Gdanski told Reuters.