The memorandum of understanding (MOU) was signed by several executives from the three companies, including the general manager of the Shanghai Reinsurance Operations Centre. Credit: PRNewswire/AXA Hong Kong and Macau.

AXA Hong Kong and Macau, AXA Tianping P&C Insurance and China People’s Property and Casualty Insurance (PICC Property and Casualty) have joined forces on the Green Action Global project. 

The companies entered a MOU in this regard.  

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The partners aim to utilise their combined market strengths to enhance the auto insurance market in Hong Kong and support the development of insurance for new energy vehicles. 

Their initiatives will focus on improving service networks and investing in R&D into innovative products and technologies. 

AXA will use its distribution network to offer customers a variety of insurance solutions, while also aiding mainland Chinese businesses in their business expansion. 

AXA Hong Kong and Macau chief general insurance officer Kenneth Lai said: “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.” 

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PICC vice-president and PICC property and casualty-president Yu Ze stated: 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.” 

Last month, AXA Hong Kong and Macau, in partnership with HK Express Airways launched complementary flight delay parametric protection with the backing of AXA Partners.