Ping An says artificial intelligence can address car insurance issues arising from three policies on Hong Kong-Zhuhai-Macau Bridge
- The gap in mandatory motor insurance requirement is so huge that it is impossible for the governments of Hong Kong, Zhuhai and Macau to find a solution to unify their requirements in the near term
- Drivers need three different insurance policies when using the bridge
Anyone who has driven on the Hong Kong-Zhuhai-Macau Bridge knows that they need three insurance policies – an expensive and complicated process. But insurers say that the problem can be solved through regulatory changes and use of technology, so as to encourage more cross-border travel in the “Greater Bay Area”.
Ping An Insurance (Group) said artificial intelligence technology can help mitigate a lot of the problems faced by insurers and policy holders because of the unique situation of “one bridge, three policies”, as different insurance regulations from Hong Kong, mainland China and Macau are in play.
“As per the laws of Hong Kong, Macau and mainland China, it is mandatory for all drivers to buy third party motor insurance so that they provide compensation in case of an accident that causes an injury or fatality,” said Bernard Chan, president of Hong Kong-listed insurer Asia Financial Holdings and convenor of the Executive Council. “And since the compensation amounts vary between the three markets and policies have to be bought individually for these jurisdictions, there is no ‘one bridge, one policy’ solution.”
In Hong Kong, all drivers are required to have third party motor insurance cover of HK$100 million (US$12.74 million); in mainland China the cover stands at 122,000 yuan (US$18,172), while in Macau it varies for different car categories, but the minimum cover is 1.5 million Macau patacas (US$185,524), according to data from the Insurance Authority of Hong Kong.
