AXA partners with automaker for green car insurance schemes

Market for electric vehicle insurance is emerging as these vehicles become mainstream, says official

AXA partners with automaker for green car insurance schemes

Insurance News

By Gabriel Olano

AXA’s Chinese subsidiary is working with automaker Yudo to launch insurance coverage for its π (Pi) series of electric vehicles.

The two companies recently entered a strategic cooperation agreement to develop new motor insurance products. Xia Liwu, vice president of AXA Tianping, said that electric vehicles, popularly known as green cars, are likely to enter the mainstream in the next ten years, so the motor insurer sees an opportunity to enter the emerging sector, according to Chinese business portal Yicai.

“The development and popularization of new energy cars not only rely on R&D and production, but also require insurance companies to help car owners,” Lin Mi, the deputy general manager of Yudo Automobile, added.

According to the China Association of Automobile Manufacturers, China has overtaken the United States as the largest market for electric vehicles in the world, with 451,000 units sold between 2011 and 2015.

Yudo unveiled in February its Pi series of electric vehicles, which includes SUV and crossovers. According to reports in the Chinese media, the vehicles will be available for sale to the general public in June 2018.

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