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Insurers Partner to Expand EV Auto Insurance in Hong Kong

by Celia

AXA, AXA Tianping, and PICC Property and Casualty have signed a Memorandum of Understanding (MoU) aimed at expanding the auto insurance market in Hong Kong, with a particular focus on electric vehicles (EVs). The partnership will leverage the combined strengths of the three companies, including their channel resources, technical expertise, and successful track records, to foster the growth of Chinese new energy vehicle insurance in the region.

The MoU was signed in a ceremony attended by key executives, including Yu Ze, Vice President of PICC Group and President of PICC Property and Casualty; Sally Wan, CEO of AXA Greater China; Kenneth Lai, Chief General Insurance Officer of AXA Hong Kong and Macau; Kevin Chor, CEO of AXA Tianping P&C Insurance Co., Ltd.; Yao Rui, Deputy General Manager of Vehicle Insurance at PICC Property and Casualty; Billy Wong, Chief Underwriting Officer at AXA Hong Kong and Macau; and Scott Yin, Chief Actuary and Chief Pricing Officer at AXA Tianping.

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Kenneth Lai, Chief General Insurance Officer of AXA Hong Kong and Macau, commented on the partnership, stating, “By leveraging our global resources and professional expertise, we aim to support the development of new energy vehicle insurance in Hong Kong through our established distribution network. This collaboration will enhance AXA’s risk management capabilities in this sector and further strengthen our ties with PICC Property and Casualty, advancing the sustainable growth of the insurance industry.”

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The partnership is expected to play a pivotal role in the growth of green insurance options, particularly for the burgeoning electric vehicle market in Hong Kong.

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