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Collaborating to Drive Expansion in Hong Kong Auto Insurance Market

HONG KONG, Jan. 10, 2025 /PRNewswire/ -- On January 9, AXA Hong Kong and Macau ("AXA"), AXA Tianping P&C Insurance Co., Ltd. ("AXA Tianping"), and China People's Property and Casualty Insurance Co., Ltd. ("PICC Property and Casualty ") officially signed a Memorandum of Understanding (MOU) for the "Green Action Global" project. The three parties will leverage their respective market advantages to jointly promote the expansion of the auto insurance market in Hong Kong by sharing extensive channel resources, technical expertise, and successful experiences, while supporting the development of Chinese new energy vehicle insurance in Hong Kong.

Three parties collaborate to expand the auto insurance market in Hong Kong

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 signed an MOU. This partnership signifies that two leading insurance groups are committed to collaboratively fostering the sustainable development of the insurance industry. Their initiatives will include enhancing service networks and investing in the research and development of innovative products and technologies. Additionally, AXA will leverage its extensive distribution network to provide customers with diverse and comprehensive insurance solutions, while supporting mainland Chinese enterprises in expanding their businesses.

Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, said, "This collaboration fully demonstrates AXA's commitment to promoting green finance and sustainable development. 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."

Yu Ze, Vice President of PICC Group and the President of PICC Property and Casualty Company, said, "The signing of this MOU marks a significant milestone in our deep collaboration at the business level, as well as an innovative exploration of global insurance cooperation models. This carries profound significance and influence. Our collaboration will not only bolster the competitive edge of mainland China and Hong Kong insurance companies in the global market, but it also represents a crucial step in promoting the global layout of mainland China's automobile and supply chain industries. Furthermore, it will aid in the development of a high-quality framework for mainland China's insurance industry that embraces two-way opening up."

About AXA Hong Kong and Macau 

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters. 

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK

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