According to news from Gamingdeputy on January 31, according to Shanghai Securities News, it is reported that BYD intends to acquire 100% equity of Yi’an Property Insurance Co., Ltd. At present, the bankruptcy and reorganization plan of Yi’an Property & Casualty Insurance has been basically completed. BYD told reporters:“The acquisition is in progress, and the specific information will be officially released later.”
According to public information, Yi’an Property & Casualty Insurance was approved to open in February 2016, with a registered capital of 1 billion yuan and registered in Shenzhen City. It is one of the four domestic professional Internet insurance companies approved by the China Insurance Regulatory Commission.In July 2020, Yi’an Property & Casualty Insurance was taken over and supervised by the China Banking and Insurance Regulatory Commission due to its failure to meet the solvency standards. Until July 2022, the China Banking and Insurance Regulatory Commission approved in principle that Yi’an Property & Casualty Insurance entered bankruptcy reorganization procedures.
A number of industry veterans pointed out that BYD took over Yi’an Property & Casualty Insurance this time, mainly because of the huge blue ocean market for new energy auto insurance, which has great commercial value. It is understood that after BYD officially takes over Yi’an Property & Casualty Insurance, it will apply to the China Banking and Insurance Regulatory Commission for the qualification of auto insurance, mainly focusing on new energy vehicles to carry out insurance business.
Gamingdeputy learned that on December 14, 2021, the Insurance Association of China officially released the “Exclusive Terms for Commercial Insurance of New Energy Vehicles (Trial)”. Become a shareholder of property insurance companies and insurance intermediaries. New energy car companies such as Weilai, Xiaopeng, and Ideal have acquired insurance brokerage companies one after another.