On May 6th, 2024, the China Banking and Insurance Regulatory Commission(CBIRC) issued a reply, permitting Shenzhen BYD Property & Casualty Insurance (BYD P&C Insurance) to use nationally uniformed regulation and rates on compulsory traffic accident liability insurance for motor vehicles.

Specifically, BYD is allowed to use China's uniformed motor vehicle insurance terms, basic insurance rates, and corresponding rate adjustment factors in Anhui, Jiangxi, Shandong (excluding Qingdao city), Henan, Hunan, Guangdong, Shaanxi, and Shenzhen provinces.

In May 2023, BYD Auto, (BYD) was approved to acquire 1 billion shares of Yi'an P&C Insurance, holding a 100% stake, thereby taking over the bankrupt reorganisation of Yi'an P&C Insurance. In the same month, the official website of the CBIRC announced an administrative license approving the change of "Yi'an P&C Insurance" to "Shenzhen BYD Property & Casualty Insurance.

BYD is not the only car manufacturer venturing into the insurance business, with many others following suit, especially in the new energy vehicle (NEV) sector. The enthusiasm of many NEV manufacturers stems from the broad prospects for the NEV insurance business, driven by the rapid increase of NEVs in China.