MALAYSIA EV INSURANCE MARKET

INTRODUCTION

Electric vehicle insurance provides financial protection for cars against liabilities such as theft, fire, riots, natural disasters, unintentional damage, and third-party injuries or property damage.

Avoiding costly repair expenses and fines enforced by the law is beneficial. A good electric car insurance coverage will help you avoid paying out-of-pocket costs.

EV adoption will be aided by falling EV pricing, longer battery life, and enough infrastructure for charging them, which will expand the market for EV insurance concurrently.

The fast, worldwide expansion of EVs is the most urgent issue facing the business right now as it undergoes an unparalleled period of change. The insurance sector needs to make sure it keeps up with the evolving motor vehicle scenario.

MALAYSIA EV INSURANCE MARKET SIZE AND FORECAST

The Malaysia 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.

MARKET DYNAMICS

In Malaysia, CTOS, a well-known credit reporting organisation, plans to join the auto insurance market by extending the scope of its current services to include insurance protection for motor vehicles.

CTOS IDS Sdn Bhd, a subsidiary firm, has introduced CTOS Car Insurance, an online platform for auto insurance and road tax renewal.

The new service is a joint venture with the insurance technology company Polisea Sdn Bhd, which runs PolicyStreet.com.

In order to help drivers locate the best offers available, CTOS Car Insurance is supposed to offer a quick and hassle-free way to compare the prices of plans from more than ten different insurance companies in a matter of minutes.

Motorists may save money by comparing rates from a variety of insurance, according to CTOS IDS. The first insurer in the world to provide a plan that covers battery performance is Munich Re.

The solution enables producers in the thriving battery industry to provide long-term performance guarantees, the worth of which is supported by insurance coverage. Battery manufacturers are now able to insure their customer warranties in the new coverage.

For instance, the insurance will cover the remaining expenses if the repair or replacement of weak or damaged battery modules costs more than a certain amount. As a result, manufacturers' balance sheets may be freed up.

Because the insurance cover caps the maximum expenses for any warranties, obtaining project finance will also be simpler. For investors, this is a distinctive quality. With the help of the product, battery capacity deployment for manufacturers may be accelerated.

COMPANY PROFILE

• RHB Insurance
• Allianz Car Insurance
• Zurich Car Insurance
• MSIG Car Insurance

THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average cost per Malaysia 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 Malaysia?
3. How many Malaysia 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 Malaysia EV Insurance Market  and key vendor selection criteria
6. Where is the Malaysia EV Insurance Market manufactured? What is the average margin per equipment?
7. Market share of Malaysia EV Insurance Market manufacturers and their upcoming products
8. The most important planned Malaysia EV Insurance Market  in the next 2 years
9. Details on a network of major Malaysia EV Insurance Market and pricing plans
10. The cost advantage for OEMs who manufacture Malaysia EV Insurance Market in-house
11. 5 key predictions for the next 5 years in Malaysia EV Insurance Market
12. Average B-2-B Malaysia EV Insurance Market price in all segments
13. Latest trends in Malaysia EV Insurance Market, by every market segment
14. The market size (both volume and value) of Malaysia EV Insurance Market in 2022-2027 and every year in between?
15. Global production breakup of Malaysia EV Insurance Market, by suppliers and their OEM relationship