Electric Vehicle Surge Drives Insurance Market Highs
Electric Vehicle Surge Drives Insurance Market Highs

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Swiss Re forecasts a 30% annual growth in global electric vehicle (EV) sales until 2030, driving the EV insurance market to surpass $200 billion by 2030, up from $51 billion in 2022. The surge in the market is influenced by shifting EV driving patterns, repair expenses, and associated vehicle risks, posing challenges to the profitability of underwriting. Insurers are encountering high combined ratios, underscoring the need for closer collaboration between car manufacturers and insurers. The global EV market is rapidly expanding, with EVs forecasted to comprise half of all new car sales globally by 2035.
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