JAPAN EV INSURANCE MARKET

INTRODUCTION

Leading insurers in the EV sector are increasingly adopting the practice of creating separate, EV-specific insurance coverage.

Given the additional difficulties presented by the infrastructure for charging and the different technological backgrounds of the automobiles, this progress is acceptable. Despite this, there has been a recent movement in the conventional motor insurance industry, and the electrification of vehicles will hasten this change.

Longer battery lifespan, affordable charging infrastructure, and falling EV prices will all contribute to increasing the adoption of EVs. These factors will also help to grow the market for EV insurance.

The automobile industry is undergoing unprecedented upheaval, and the rapid, global adoption of EVs is the current pressing concern.

JAPAN EV INSURANCE MARKET SIZE AND FORECAST

The Japan EV Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.

NEW PRODUCT LAUNCH

A new usage-based insurance programme for personal-line customers has been introduced by Aioi Nissay Dowa Insurance Company Limited (Aioi Nissay Dowa Insurance), a member of the MS&AD Insurance Group, the largest P&C insurer in Japan, in collaboration with Cambridge Mobile Telematics (CMT), the world authority on smartphone telematics.

The Tough Mimamoru Car Insurance Plus S software makes use of the DriveWell platform from CMT to assess driving performance and perform collision detection and reconstruction in real-time.

The programme has an initial discount of 4%, and responsible drivers can save up to 8% when their discount is renewed.

The programme includes collision detection and roadside assistance services in addition to incentives for defensive driving. Depending on the details of the accident, the Tough Mimamoru Car Insurance Plus S app sends out an urgent alarm.

MARKET DYNAMICS

The Telematics Damage Service System (the "Service"), a new accident response service that uses driving data obtained from connected cars to enable the visualisation of driving conditions such as driving route and driving behaviour at the time of an accident, and uses artificial intelligence to achieve advanced accident detection, was developed jointly by Toyota Motor Corporation (Toyota) and the MS&AD Insurance Group's Aioi Nissay Dowa Insurance Co., Ltd. (Aioi Nissay Dowa Insurance).

Recent developments in linked technologies for automobiles and other fields have made it feasible to collect and use vehicle data from connected cars and provide new mobility services.

Together, Toyota and Aioi Nissay Dowa Insurance created Japan's first telematics motor insurance, "TOUGH Connecting Car Insurance," which offers features including customer

COMPANY PROFILE

• Tokio Marine & Nichido Fire Insurance Co., Ltd.
• Sompo Japan Nipponkoa Insurance Inc.
• Mitsui Sumitomo Insurance Company, Limited
• Aioi Nissay Dowa Insurance Company, Limited
• Rakuten General Insurance Co., Ltd.
• AGCS

THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average cost per Japan EV Insurance Market right now and how will it change in the next 5-6 years? 
2. The average cost to set up an EV Insurance Market in Japan?
3. How many Japan EV Insurance Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of a Japan EV Insurance Market  and key vendor selection criteria
6. Where is the Japan EV Insurance Market manufactured? What is the average margin per equipment?
7. Market share of Japan EV Insurance Market manufacturers and their upcoming products
8. The most important planned Japan EV Insurance Market  in the next 2 years
9. Details on a network of major Japan EV Insurance Market and pricing plans
10. The cost advantage for OEMs who manufacture Japan EV Insurance Market in-house
11. 5 key predictions for the next 5 years in Japan EV Insurance Market
12. Average B-2-B Japan EV Insurance Market price in all segments
13. Latest trends in Japan EV Insurance Market, by every market segment
14. The market size (both volume and value) of Japan EV Insurance Market in 2022-2027 and every year in between?
15. Global production breakup of Japan EV Insurance Market, by suppliers and their OEM relationship