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.

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 2023 and is anticipated to reach $XX Billion by 2029, registering a CAGR of XX% from 2024 to 2030.

SOUTH KOREA EV INSURANCE MARKET 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.

SOUTH KOREA EV INSURANCE 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.

SOUTH KOREA EV INSURANCE MARKET COMPANY PROFILES

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

THIS SOUTH KOREA EV INSURANCE MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average cost per South Korea EV Insurance 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 and key vendor selection criteria
6. Where is the South Korea EV Insurance manufactured? What is the average margin per equipment?
7. Market share of South Korea EV Insurance manufacturers and their upcoming products
8. The most important planned South Korea EV Insurance 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 2024-2030 and every year in between?
15. Global production breakup of South Korea EV Insurance Market, by suppliers and their OEM relationship