Global Organization
At the time, we were not aware of the association’s plans: to create specific insurance policies for NEVs (new energy vehicles). The first ones were presented on December 27. IAC set the rules for such exclusive insurance policies at the beginning of the month, and the Shanghai Insurance Exchange did not waste time.
The battery pack alone – whether it is a large (in EVs) or a smaller one (in PHEVs) – is a costly component that could easily make a minor crash turn into a total loss. The NEV policies have comprehensive coverage for motors, battery packs, and the systems that control them, such as the BMS and inverters.
On August 9, 2021, we told our readers that the IAC (Insurance Association of China) was discussing the inclusion of spontaneous fire coverage in EV insurances in the country. At the time, we were not aware of the association’s plans: to create specific insurance policies for NEVs (new energy vehicles). The first ones were presented on December 27.
As EV adoption surges, insurers are venturing into new frontiers like battery life insurance, which protects against degradation and replacement costs, and cybersecurity insurance, which mitigates risks associated with hacking connected vehicles.
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).
As China leads the EV boom, innovative insurance models are reshaping the industry, says Zhang Lei, CEO at Cheche Group. China’s unparalleled leadership in the electric vehicle (EV) market is bringing about more than just environmental benefits – it’s fundamentally transforming the auto insurance industry.
As EV adoption surges, insurers are venturing into new frontiers like battery life insurance, which protects against degradation and replacement costs, and cybersecurity …
Exclusive insurance for new energy vehicles (NEVs) has officially become available in China, after the Insurance Association of China (IAC) released its terms and conditions earlier this month. On December 27, …
The clauses provide targeted insurance policies exclusive to NEVs, including self-use charging pile loss insurance and self-use charging pile liability insurance.
It does not only review the terms and tariffs, but also introduces a number of extension covers designed exclusively for new energy vehicles, including external grid failure …
Exclusive insurance for new energy vehicles (NEVs) has officially become available in China, after the Insurance Association of China (IAC) released its terms and …
Zhitong Finance APP learned that on December 14, the China Insurance Industry Association issued the "Exclusive Clauses for Commercial Insurance of New Energy …
With any emerging technology like battery energy storage, comes new risk to insurers however one issue that is relatively well known in this sector is the risk of fire. We break down fire …
New energy vehicles (NEVs) face higher insurance rates and claim frequencies compared to traditional fuel vehicles. Insurance companies often operate at a loss in this …
Zhitong Finance APP learned that on December 14, the China Insurance Industry Association issued the "Exclusive Clauses for Commercial Insurance of New Energy …
The NEV policies have comprehensive coverage for motors, battery packs, and the systems that control them, such as the BMS and inverters.
He has over 25 years of experience in the renewable energy and power space and is a recognised industry leader and specialist in battery storage, risk and insurance. He …
At Swiss Re Reinsurance Solutions, we offer a powerful suite of tools and services spanning the entire insurance value chain. From our risk consulting to leading software solutions as well as …
It is worth mentioning that according to the rate switching time of the new energy vehicle commercial insurance model clauses, all new insurance and renewed new …
On December 14, the China Insurance Industry Association officially released the "Exclusive Clauses for Commercial Insurance of New Energy Vehicles (Trial)", which has …
However, a lack of dealership preparedness, concerns over battery replacement costs, expensive car insurance premiums, and the high price of new EVs deter many …
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 …
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 …
A new AGCS publication, The Electric Vehicles R-EV-olution: Future Risk And Insurance Implications, highlights that the use of electric cars is expected to soar in future as …
The NEV policies have comprehensive coverage for motors, battery packs, and the systems that control them, such as the BMS and inverters.
Although we know how to recycle electric car batteries, it''s currently quite an expensive and energy ... probably the most obvious use is to package them up into a brand …
Exclusive insurance for new energy vehicles (NEVs) has officially become available in China, after the Insurance Association of China (IAC) released its terms and conditions earlier this month. On December 27, …
Electric Motor: The heart of an EV converting electrical energy from the battery into mechanical energy to drive the wheels. Battery Pack: ... New Insurance Models and Considerations. The …
When it comes to insurance and vehicle services, EV has become the focus area for the respective domain. I talked more about the insurance regulation breakthroughs for EV in Swiss …
It does not only review the terms and tariffs, but also introduces a number of extension covers designed exclusively for new energy vehicles, including external grid failure insurance, charging pile damage and liability …
To support sales, EV producers are acquiring their own insurance licences, 10 and some are partnering with insurance companies to offer risk covers. 11 However, the new …