It is reported that BYD will wholly control Yi'an property Insurance and enter the new energy car insurance industry.
CTOnews.com January 22 news, according to "Caijing" reported that BYD will wholly-owned Yi an property insurance, 100% holding its equity, the current Yi an property insurance bankruptcy restructuring plan has been basically completed.
According to public data, Yi'an property Insurance was approved to start business in February 2016, with a registered capital of 1 billion yuan and registered in Shenzhen. It is one of the four professional Internet insurance companies approved by the CIRC. In July 2020, Yi'an property Insurance was taken over and supervised by the Bancassurance Regulatory Commission for reasons such as substandard solvency. Until July 2022, the Bancassurance Regulatory Commission agreed in principle for Yi'an property Insurance to enter the bankruptcy reorganization process.
According to people familiar with the matter, according to the regulations, the maximum shareholding limit for a single shareholder of an insurance company is 33.33%, but this time it is because BYD participates in the risk disposal of the Bancassurance Regulatory Commission and belongs to special approval.
A number of senior people in the industry pointed out that BYD took over Yi'an property Insurance, mainly focused on the huge blue ocean market of new energy car insurance, with great commercial value. It is understood that after BYD officially takes over Yi'an property Insurance, it will apply to the Bancassurance Regulatory Commission for car insurance management qualifications, mainly around new energy vehicles to carry out insurance business.
CTOnews.com learned that on December 14, 2021, the China Insurance Industry Association officially issued the exclusive terms of Commercial Insurance for New Energy vehicles (for trial implementation). At present, large automobile manufacturers such as SAIC, Guangzhou Automobile, FAW, Dongfeng and Geely have established or invested in property insurance companies and insurance intermediaries. New energy car companies such as Weilai, Xiaopeng and ideal have acquired insurance brokers one after another.
