AXA Tianping, the Chinese subsidiary of AXA, has reached a strategic cooperation with YUDO Automobile to launch an insurance service for its π series electric vehicles, Yicai.com reported.

Xia Liwu, the vice president of AXA Tianping, said that new energy cars will probably become the mainstream in 10 years. In this case, it is necessary for AXA Tianping as a car insurance-based company to enter this sector.

“The development and popularization of new energy cars not only rely on R&D and production, but also require insurance companies to help car owners,” said Lin Mi, the deputy general manager of YUDO Automobile.

According to the China Association of Automobile Manufacturers, China’s sales volume of electric cars has reached 451,000 from 2011 to 2015, surpassing the United States as the largest green car market in the world.