Beijing (ZXZC)- As per BMW Group's official WeChat account on November 15, BMW (China) Insurance Brokers Co., Ltd. (hereinafter referred to as "BMW (China) Insurance") obtained the Insurance Brokerage Business License from the China Banking and Insurance Regulatory Commission, enabling the company to formally engage in insurance brokerage services.

Photo credit: BMW

The regulatory approval allows BMW (China) Insurance to handle various insurance brokerage services, including devising insurance schemes for policyholders, selecting insurance companies, assisting in claim settlements, reinsurance brokerage, offering risk assessment, management consultancy services, and other related services stipulated by the regulatory authority.

This joint venture between German and Chinese entities, BMW (China) Insurance, is jointly funded by BMW Group's wholly-owned subsidiary in Germany and BMW Brilliance Automotive Ltd., with a 58% and 42% stake, respectively. BMW will bring an international management perspective, supporting the robust development of BMW (China) Insurance.

BMW Group's official statement highlights this approval as a testament to its commitment to the "At Home in China" corporate strategy, demonstrating alignment with China's efforts to further open up and emphasizing BMW's confidence in China's economic potential and innovative spirit. This move stands as a reaffirmation of BMW Group's dedication to collaborating with Chinese business partners to foster high-quality growth in China's automotive industry.

Apart from BMW, several automakers like XPeng, Li Auto, Tesla, BYD, and NIO have also ventured into the insurance sector in recent years.