(Yicai Global) Dec. 27 -- The Shanghai Insurance Exchange debuted a new trading platform today for new energy vehicle insurance products.

Twelve insurers including the People's Insurance Company of China, Ping An Insurance Company of China and China Pacific Insurance are trading on the platform, the insurance assets bourse said. Their products account for over 90 percent of the insurances on offer.

As electric cars become more popular in China, insurance agencies have needed to update their portfolios.

In August, the Insurance Association of China proposed giving NEVs a different cover from that of fossil fuel-powered autos that would include losses caused by fires, grid failures and charging piles. There could be additional add-ons such as coverage for external grid failure and extra compensation for spontaneous combustion of the battery, it added.

Editor: Kim Taylor