Insurance Companies to Tap Electric Vehicle Market

In anticipation of EV insurance premium regulation, several insurance companies are gearing up for scenarios to adjust the fees based on conventional vehicle insurance.

Rika Anggraeni

25 Feb 2024 - 18.55
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Insurance Companies to Tap Electric Vehicle Market

Electric vehicle illustration. /Freepik

Bisnis, JAKARTA —The insurance industry is gearing up to bolster premium contributions for electric vehicles (EVs) in line with the widespread adoption of environmentally friendly vehicle programs.

However, at present, businesses are still awaiting regulations regarding EV premium rates, which are said to be under review by the Financial Services Authority (OJK). Several general insurance companies have already responded positively, with some launching specialized insurance products for EVs.

In anticipation of EV insurance premium regulation, several insurance companies are gearing up for scenarios to adjust the fees based on conventional vehicle insurance. PT Asuransi Allianz Utama Indonesia (Allianz Indonesia), for instance, is among these companies.

Allianz Utama Indonesia’s president director Sunadi Tan said the premiums booked from electric vehicle insurance amounted to around IDR500 million with protection for less than 100 cars last year. Meanwhile, this year, the company is still adopting a "wait and see" approach as this segment is still treading new ground.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
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