Although the heading of the article reads, "................ - Crypto Insurance May Soon Become The Norm", there is nothing in the article to show that it would.
The fact that some crypto companies are adopting self-insurance techniques and others are adopting the path of captive insurance does not mean crypto insurance would become norm. These two methods have their own limitations and are not the best solution in every circumstances.
Given the probabilities of large catastrophic losses and the uncertainties created by the fast changing technological developments in the crypto industry, it is unlikely that the traditional insurance market would warm up to crypto insurances in the very near future. It is likely to take a decade or more for crypto insurance to become a norm.
Meanwhile the crypto industry could possibly follow the steps previously taken by ship owners long ago to address a similar situation when they were saddled with potential liabilities arising from their ship ownership and operations and the insurance market wasn't ready or willing to underwrite those risk.
The ship owners banded together and formed what is now called the P & I Club to insure their own risks. These are mutual clubs. Each member of the club would contribute to the club an annual 'premium' that would commensurate with the member's risk insured by the club. Claims from members are paid out from a fund created from the collection of premiums made. Any shortfall in the fund is made good by the members in proportion to their earlier premiums paid. This is a kind of self insurance but on a larger scale, with insurance principles applied to the management of risk and the fund.
