BYD intends to acquire 100% of the shares of Yi’an Property Insurance Co. At present, the bankruptcy restructuring plan of Yi’an Property and Casualty Insurance has been basically completed. BYD said to reporters, “The acquisition is underway, specific information to be followed by the official release.”
The company is one of the four domestic professional Internet insurance companies approved by the CIRC. In July 2020, the company was taken over and regulated by the CIRC for reasons such as solvency failure. In July 2022, the CBIRC agreed in principle to the bankruptcy reorganization process.
A number of senior industry insiders pointed out that BYD took over Yi’an Property and Casualty Insurance, mainly because of the huge blue ocean market of new energy auto insurance, which has great commercial value. It is understood that after BYD officially took over Yi’an property insurance, will apply to the CBRC for auto insurance business qualifications, mainly around new energy vehicles to carry out insurance business.
On December 14, 2021, the China Insurance Association officially released the Exclusive Terms and Conditions for New Energy Vehicle Commercial Insurance (for Trial Implementation), and currently large automobile manufacturers including SAIC, GAC, FAW, Dongfeng, Geely and others have set up or taken stakes in property insurance companies and insurance intermediaries. New energy vehicle companies such as Azure, Xiaopeng and Ideal have acquired insurance brokers.
