Three insurers sign MoU to expand auto insurance in Hong Kong

The MoU will help in developing insurance for EVs.

AXA, AXA Tianping, and PICC Property and Casualty have signed an MoU for Green Action Global, in a bid to jointly promote to expand the auto insurance market in Hong Kong.

The partnership aims to have the three share extensive channel resources, technical expertise, and successful experiences whilst supporting the development of Chinese new energy vehicle insurance in Hong Kong.

The MoU was signed in the presence of Yu Ze, Vice President of PICC Group and President of PICC Property and Casualty; Sally Wan, Chief Executive Officer of AXA Greater China; Kenneth Lai, Chief General Insurance Officer of  AXA Hong Kong and Macau; Kevin Chor, Chief Executive Officer of AXA Tianping P&C Insurance Co., Ltd.; Yao Rui, Deputy General Manager of Vehicle Insurance Department of PICC Property and Casualty; Billy Wong, Chief Underwriter Officer, General Insurance, of AXA Hong Kong and Macau; and Scott Yin, Chief Actuary and Chief Pricing Officer of AXA Tianping, as well as General Manager of the Shanghai Reinsurance Operations Centre.

“We will leverage our global resources and professional expertise to support the development of related businesses in Hong Kong through our well-established distribution network. This partnership will enhance AXA's risk management capabilities for new energy vehicle insurance in Hong Kong. We look forward to deepening our connections with PICC Property and Casualty, building closer relationships, and jointly bolstering the sustainable development of the insurance industry,” Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau said.