Three insurance firms active in Hong Kong – AXA Hong Kong and Macau ( AXA ), AXA Tianping P&C Insurance, and China People’s Property and Casualty Insurance ( PICC Property and Casualty ) – have signed a memorandum of understanding ( MoU ) for the Green Action Global project.

As a result, 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.

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.

“This collaboration fully demonstrates AXA’s commitment to promoting green finance and sustainable development,” says Kenneth Lai, the insurer’s chief general insurance officer. “[It] will enhance our 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, adds: “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 a two-way opening up.”