Insurance platform for NEV helps 114,000 units get insured since inauguration

BEIJING - As of Tuesday, an insurance platform dedicated to ensuring proper coverage for new energy vehicles (NEVs) had successfully helped 114,000 units get insured, a significant step in China's border efforts to strengthen insurance support for the growing NEV sector.

Launched on Jan 25, the platform has attracted 185,000 registered users and provided insurance coverage totaling 94.49 billion yuan ($13.17 billion), according to the Insurance Association of China and the Shanghai Insurance Exchange.

For years, NEV owners have struggled with high premiums and the risk of being denied coverage, while insurers have been burdened by mounting financial losses due to the high repair costs of NEVs.

China launched its first-ever guidelines for insuring NEVs last month to address the challenges.

Insurers participating in the platform are prohibited from denying coverage.

China's NEV sector has seen rapid development in recent years. By the end of 2024, the number of NEVs in use in China had reached 31.4 million, data from the Ministry of Public Security showed.