Bitcoin: insurance players are backing away from cryptocurrency

After an initial interest in Bitcoin, some insurance companies are backing away from using cryptocurrency as a means to pay premiums.

Axa Switzerland, the first insurer to adopt this method of premium payment (excluding life insurance), has decided to stop using the bitcoin at the end of June 2022.

In France, two brokers, Assurance du Lion and East Assur, have already integrated cryptocurrency as a premium payment method. Following an inspection by the French Prudential Supervision and Resolution Authority (ACPR), East Assur decided to stop all underwriting via the digital currency.