LONDON, June 15, 2022 (GLOBE NEWSWIRE) -- Falling EV prices, greater battery ranges, and sufficient charging infrastructure will contribute to the worldwide proliferation of EVs, growing the market for EV insurance in parallel. The automotive industry is undergoing an unprecedented evolution, and the rapid, global spread of EVs is the most immediately pressing matter in the industry. The insurance industry must ensure it stays abreast of the changing motor vehicle landscape. Understanding and pricing the risk profile of these new vehicles without decades of data and experience is an immediate challenge, a race against time as insurers look to perfect this work as the prominence of EVs grows around the world. Battery costs, advanced in-vehicle technologies, and underdeveloped yet still constrained supply chains are driving high claims costs for EVs, although falling costs and maturing repair networks will moderate these factors over time.
EV Insurance Industry Value Chain
- Product development
- Marketing and distribution
- Underwriting and risk profiling
- Claims management
- Customer service
There is an increasing trend among leading insurers within the EV space to create standalone, EV-specific insurance policies. The added complications of the charging equipment, plus the different technological makeup of the vehicles, justifies this development. That being said, the traditional motor insurance product has itself been evolving in recent years and the electrification of vehicles will also continue this trend
Key Technology Trends Impacting the EV Insurance Market
- Battery chemistries
- Expensive batteries
- Hybrid vehicles
- Improved batteries
- Fire risks in EVs
- Tesla’s insurance product
Key Macroeconomic Trends Impacting the EV Insurance Market
- Chip shortage
- COVID-19
- China impact
- Strategic partnerships
- Raw material supply chains
- Charging infrastructure
- Inflation
- Russia/Ukraine conflict
For more insights on macroeconomic trends impacting the electric vehicles in insurance theme, download a free report sample
Key Regulatory Trends Impacting the EV Insurance Market
- ICE vehicle bans
- Paris Agreement
- Financial incentives to purchase EVs
For more insights on regulatory trends impacting the electric vehicles in insurance theme, download a free report sample
Leading Companies Associated with EV Insurance Market
- Allianz
- Allstate
- Aviva
- AXA
- Direct Line
- Ford
- General Motors
- Hyundai
- Mercedes-Benz
- Ping An Insurance
- Stellantis
- Tesla
- Toyota
- Travelers
- Volkswagen
- Zurich Insurance
- Zhejiang Geely
EV Insurance Market Overview
| Value Chain | Product Development, Marketing and Distribution, Underwriting and Risk Profiling, Claims Management, and Customer Service |
| Key Technology Trends | Battery Chemistries, Expensive Batteries, Hybrid Vehicles, Improved Batteries, Fire Risks in EVs, and Tesla’s Insurance Product |
| Key Macroeconomic Trends | Chip shortage, COVID-19, China Impact, Strategic Partnerships, Raw Material Supply Chains, Charging Infrastructure, Inflation, and Russia/Ukraine Conflict |
| Key Regulatory Trends | ICE Vehicle Bans, Paris Agreement, Financial Incentives to Purchase EVs |
| Leading Companies | Allianz, Allstate, Aviva, AXA, Direct Line, Ford, General Motors, Hyundai, Mercedes-Benz, Ping An Insurance, Stellantis, Tesla, Toyota, Travelers, Volkswagen, Zurich Insurance, and Zhejiang Geely |
Reasons to Buy
- Visualize the growth potential of global electric vehicle insurance markets.
- Identify key challenges and opportunities arising within the space.
- Benchmark yourself against the progress of leading insurers within this developing sector.
FAQs
What are the key value chains in the EV insurance market?
The key value chains in the EV insurance market are product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.
What are the key technology trends impacting the EV insurance market?
The key technology trends impacting the EV insurance theme are battery chemistries, expensive batteries, hybrid vehicles, improved batteries, fire risks in EVS, and Tesla’s insurance product.
What are the key macroeconomic trends impacting the EV insurance market?
The key macroeconomic trends impacting the EV insurance theme are chip shortage, COVID-19, China impact, strategic partnerships, raw material supply chains, charging infrastructure, inflation, and Russia/Ukraine conflict.
What are the key regulatory trends impacting the EV insurance market?
The key regulatory trends impacting the EV insurance theme are ICE vehicle bans, Paris Agreement, and financial incentives to purchase EVs.
Which are the leading companies associated with the EV insurance market?
The leading companies associated with the EV insurance market are Allianz, Allstate, Aviva, AXA, Direct Line, Ford, General Motors, Hyundai, Mercedes-Benz, Ping An Insurance, Stellantis, Tesla, Toyota, Travelers, Volkswagen, Zurich Insurance, and Zhejiang Geely.
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