Insurers losing money

in EV market

DESPITE tens of millions of EVs on Chinese roads, insurers lost 5.7 billion yuan (US$802 million) from underwriting new energy vehicle policies in 2024, according to the China Association of Actuaries.

EV owners in China, often younger and more likely to file claims, pay 20% to 100% higher premiums than drivers of gasoline cars, yet insurers have not turned a profit in this segment for at least three years. Repair costs for EVs are higher due to complex battery systems and the need for specialized parts.

Some insurers are raising premiums or exiting the EV market, while others are working to better identify higher-risk drivers, such as those using vehicles for ride-hailing.

Weibo, Kuaishou warned

THE Cyberspace Administration of China has issued warnings to Kuaishou and Weibo for failing to manage content on their platforms.

The regulator said both companies allowed frequent appearances of problematic entries on trending lists, particularly those promoting celebrity gossip and trivial personal updates. Disciplinary measures include official warnings, meetings with company representatives, and orders to rectify the issues within a set timeframe. The announcement follows an investigation launched by China’s market watchdog into Kuaishou’s ecommerce unit, Kuaigou, for suspected violations of ecommerce law.