China's first bike-sharing insurance platform was launched at the inauguration of the new Shanghai bike-sharing association, affiliated with Shanghai Bicycle Association, Laodong Daily reported.
Consisting of 19 bike-sharing companies including Ofo and Mobike, the association is dedicated to improving service and self-regulation within the industry as well as achieving a consensus on the development and governance of the industry. A representative from Mobike will serve as its first president.
The companies and four Chinese insurance firms co-drafted regulations on insurance, which states that bike-sharing companies can either insure on the bike or on the transaction. Each rider will receive at least 110,000 yuan ($16,835) in coverage, including 100,000 for travel accidents and 10,000 for accidental medical insurance.
A new bike-sharing user credit system is also under construction and expected to be integrated into every citizen's social credit system by 2018, which aims to discourage users from improper parking, usage and vandalism of the bikes.
