Digital currencies, including stablecoins and central bank digital currencies ( CBDCs ), are gaining a wider presence in traditional finance, with the insurance industry among the most enthusiastic adopters of the electronic money.

On March 9, London-based Aon enabled its crypto business clients Coinbase and Paxos to pay insurance premiums using US dollar-backed stablecoins ( specifically PYUSD, USDC on Ethereum and PayPal USD on Solana ). This marks the first known instance of a major global broker accepting stablecoin for premium settlement.

By executing this real-world proof of concept, Aon translates its traditional expertise in insurance and risk management into the digital finance space. The initiative delivers faster settlement timelines, greater payment efficiency, and closer alignment between clients’ risk-transfer needs and how they move capital. 

In China, the digital renminbi ( e-CNY ), the country’s retail central bank digital currency, is also being used for premium payments. In June 2023, the Shenzhen branch of the Agricultural Bank of China, together with Taiping Property Insurance, successfully completed Shenzhen’s first real-name car insurance payment using e-CNY.

Tech-savvy clients

Leveraging advantages such as traceability and instant online account opening, the insurance purchase process has become simpler and faster, significantly shortening payment time and improving user experience.

On the insurer’s side, the “payment equals settlement” feature of e-CNY reduces the premium settlement cycle from the traditional T+1 to mere seconds, thereby greatly improving capital efficiency, lowering transaction costs, and effectively mitigating risks such as proxy payments and money laundering.

By accepting stablecoins and CBDCs for premium payments, insurers are attracting a growing segment of tech-savvy, mobile-first individuals who prefer to use digital assets for daily transactions.

Offering digital options helps attract this new demographic, particularly younger, unbanked, or underbanked populations who may have smartphones but limited access to banks and other traditional financial institutions.

The practice is spreading fast in major Chinese cities this year. Taiping Property Insurance, for example, has implemented e-CNY car insurance payments in Shenzhen, while PICC Property Insurance has launched a real-name premium payment solution using e-CNY in Beijing. Nationwide, more than 20 insurance companies now support e-CNY payments.

However, the growing popularity of digital currency is also raising concerns. Data from the People’s Bank of China showed that fraud cases involving e-CNY rose 230% in 2025, compared with the previous year, with 15% of those cases directly linked to insurance payments.