South Korea EV Insurance Market 2022-2027

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    SOUTH KOREA EV INSURANCE MARKET

    INTRODUCTION

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

     

    Given the additional difficulties presented by the infrastructure for charging and the various technological backgrounds of the automobiles, this progress is acceptable. The insurance business must make sure it stays up with the developing car industry.

     

    Infographic: South Korea EV Insurance Market, South Korea EV Insurance Market Size, South Korea EV Insurance Market Trends, South Korea EV Insurance Market Forecast, South Korea EV Insurance Market Risks, South Korea EV Insurance Market Report, South Korea EV Insurance Market Share

     

    As the popularity of EVs develops, insurers are racing against time to perfect this job, but without decades of data and experience, it is currently challenging to comprehend and price the risk profile of these new cars.

     

    High claims costs for EVs are a result of high battery pricing, complicated in-vehicle technologies, and immature but still constrained supply chains; but, over time, falling prices and developing repair networks will balance this.

    SOUTH KOREA EV INSURANCE MARKET SIZE AND FORECAST

    The South Korea 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 SERVICE LAUNCH

    Insurtech from South Korea Launch of Pay-Per-Mile Insurance by Carrot Specifically For Electric Vehicles. The new service, dubbed “Carrot EV Cover,” was developed to go along with the recently released KIA EV6 model, the South Korean automaker’s first fully electric vehicle built on the electric-only worldwide modular platform developed by Hyundai Motor Group (E-GMP).

     

    Carrot intends to soon increase its product offers for additional electric cars, starting with coverage for the EV6. Part of the reason for the creation of Carrot EV Cover is to give owners of electric vehicles access to a just and sustainable insurance alternative.

    MARKET DYNAMICS

    Insurance providers in South Korea will soon begin offering coverage for autonomous vehicles. The nation’s 12 non-life insurance firms will begin offering new insurance policies that can help cover the risk of accidents involving commercial self-driving cars, according to a financial supervisory service announcement.

     

    Insurance firms will be authorised to market insurance products for self-driving vehicles, starting with coverage for commercial self-driving cars, if the country’s Act on Compensation for Car Damages is revised.

     

    After analysing market patterns in the next year, the insurers are expected to cover privately-owned autonomous vehicles. The insurance policy for commercial self-driving vehicles will have a special language that asks automakers to provide indemnification when accidents happen as a result of flaws in the self-driving mode.

    COMPANY PROFILE

    • Hyundai Marine & Fire Insurance Co.
    • Samsung Fire & Marine Insurance Co.
    • KB Insurance Co.
    • Insurtech

    THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

    1. What is the average cost per South Korea 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 South Korea?
    3. How many South Korea 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 South Korea EV Insurance Market  and key vendor selection criteria
    6. Where is the South Korea EV Insurance Market manufactured? What is the average margin per equipment?
    7. Market share of South Korea EV Insurance Market manufacturers and their upcoming products
    8. The most important planned South Korea EV Insurance Market  in the next 2 years
    9. Details on a network of major South Korea EV Insurance Market and pricing plans
    10. The cost advantage for OEMs who manufacture South Korea EV Insurance Market in-house
    11. 5 key predictions for the next 5 years in South Korea EV Insurance Market
    12. Average B-2-B South Korea EV Insurance Market price in all segments
    13. Latest trends in South Korea EV Insurance Market, by every market segment
    14. The market size (both volume and value) of South Korea EV Insurance Market in 2022-2027 and every year in between?
    15. Global production breakup of South Korea EV Insurance Market, by suppliers and their OEM relationship
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2022-2027
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2022-2027
    19 Market Segmentation, Dynamics and Forecast by Application, 2022-2027
    20 Market Segmentation, Dynamics and Forecast by End use, 2022-2027
    21 Product installation rate by OEM, 2022
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2022
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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