The global EV insurance market is anticipated to grow at an exponential CAGR of 27.8% during the forecast period (2024-2031). The increasing adoption of EVs worldwide has created a growing customer base seeking insurance coverage tailored to their specific needs and risks. Additionally, insurance companies are recognizing the potential of the EV market and are developing innovative products and services to meet the evolving needs of EV owners. For instance,
in April 2024, Taiwan's Financial Supervisory Commission (FSC) announced the introduction of EV insurance, set to commence on July 1, 2024. Recognizing the unique structure, energy source, and maintenance requirements of EVs compared to traditional vehicles, the FSC aims to address concerns over insurance coverage for EV owners, including protection against battery failure and damage incurred during charging.
Browse the full report description of “EV (Electric Vehicle) Insurance Market Size, Share & Trends Analysis Report by Coverage (First-Party Liability Coverage, Third-Party Liability Coverage, and Others), by Vehicle Age (New Vehicle and Used Vehicle), by Application (Personal and Commercial), and by Distribution Channel (Insurance Companies, Banks, Insurance Agents/Brokers, and Other Financial Institutions) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/ev-insurance-market
Moreover, in August 2023,Zuno General Insurance introduced three new add-on covers tailored for electric vehicle (EV) owners in India. These covers are designed to safeguard EVs during charging, including protection for privately owned charging stations against fire, theft, and accidental damage. Additionally, battery coverage is provided for consequential loss due to water ingression or short circuits, while personal accident cover extends to incidents occurring at private charging stations.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Coverage
o By Vehicle Age
o By Application
o By Distribution Channel
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Allianz SE, Allstate Insurance Company, AXA Insurance Ltd, Liberty Mutual Insurance Company, and Progressive Casualty Insurance Companyamong others.
Key questions addressed by the report
Global EV Insurance Market Report Segment
By Coverage
By Vehicle Age
By Application
By Distribution Channel
Global EV Insurance Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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