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Should EV insurance companies cooperate with carmakers?
Deeper cooperation of EV insurers and carmakers may help to support better outcomes for all parties. Global sales of electric vehicles (EV) are growing fast and emerging as a new risk pool for the motor insurance industry. Close to 14 million EVs were sold globally in 2023, up 35% year-on-year and accounting for 18% of all car sales (see Figure 1).
How does EV adoption affect EV insurance?
EV adoption creates new insurance risk features due to changes in driving behaviours, usage, repairability and vehicle features. The EV insurance market is forecast for double-digit growth in the coming years but underwriting profitability is challenging. Despite high premiums, insurers saw combined ratios of over 100% for EV insurance in 2023.
Is a car battery covered by insurance?
The battery – whether owned or leased – is covered for accidental damage, fire and theft. Charging cables, charger and adaptors belonging to you are covered for accidental damage, fire and theft while in the car, in use at a garage or at home. Liability cover in case someone trips over the charging cable outside your property.
Will EV insurance be a risk pool?
Despite high premiums, insurers saw combined ratios of over 100% for EV insurance in 2023. Deeper cooperation of EV insurers and carmakers may help to support better outcomes for all parties. Global sales of electric vehicles (EV) are growing fast and emerging as a new risk pool for the motor insurance industry.
How big is the EV insurance market?
Electric vehicle (EV) sales are forecast to grow 30% annually up to 2030, and the market for EV insurance is growing rapidly with it. Estimates place the global market size at over USD 200 billion by 2030, versus USD 51 billion in 2022.
Can EV producers help re-insurers overcome EV underwriting challenges?
Deeper co-operation between re/insurers and EV producers may help to overcome the near-term underwriting challenges. EV producers know their vehicles' risk features and are accumulating driving data, while insurers are accumulating claims experience.