Insurance Business Australia

Big growth forecast in EV and hybrid automotive insurance

The insurance global market for electric and hybrid vehicles is likely to have substantial growth. Market research company HTF Market Intelligence (HTF) expects to see a compound annual growth rate (CAGR) of 16.88% from 2024 to 2030, says Insurance Business Australia.

Are EVs a fire risk for insurers?

Most EV batteries are considered a low fire risk and rigorous standards apply, however a perception persists among media and the public that EVs are a high fire risk, some insurance stakeholders say.