The insurance business estimates that the number of new EV vehicle registrations in 2024 will reach 130,000 vehicles. 22 insurance companies are competing for the cake. “Thai General Insurance Association” is rushing to understand member companies and prepare to adjust insurance models according to the new OIC criteria.
Mr. Wasit Lasam, Chairman of the Motor Insurance Committee of the Thai General Insurance Association said that in 2023, sales of electric vehicles (EV) in Thailand recorded a growth rate of 4 times higher than in 2022, with a trend of continued expansion. This is consistent with the number of electric vehicle registrations in Thailand of more than 70,000 vehicles, with high growth. Compared to 2022, there will be just over 20,000 cars.
The government has policies and measures to support the use of electric vehicles. By providing a maximum subsidy of 100,000 baht to buyers of electric cars, electric pickup trucks, and electric motorcycles between 2024-2027, which is considered one of the important issues in the decision of Thai people to buy electric cars recently.
As for 2024, the growth of EV cars It is expected that there will be a number of new vehicle registrations. 120,000-130,000 cars, which is believed to continue to grow rapidly With this year’s developments, it is believed that there will be many manufacturers who will set up factories in Thailand. Therefore, you will see more new car brands and new models coming in.
Mr Wasit said that in the past electric car users have been concerned about insurance, which still has problems in terms of coverage conditions for various damages from using electric cars, such as damage caused by batteries, repair costs, etc. The This electric vehicle (BEV) insurance policy focuses on providing coverage and premium rates consistent with risks and insurance costs, which will solve problems, reduce concerns, and be able to meet the needs of electric vehicle users in a sustainable way.
Wasit Lambam
“The association therefore held a meeting to explain the insurance policy for electric vehicles (Battery Electric Vehicle: BEV) in accordance with the Registrar’s Order No. 47/2023 regarding the use of forms, text, and insurance premium rates. electric vehicle insurance policy Create mutual understanding with member companies and guidelines for underwriting and compensation from January 31.
The Chairman of the Motor Insurance Committee also said that For electric vehicle policies There will probably be continuous reviews and improvements over a period of 1-2 years and the statistics will probably come back to consider if they are still up to date or not. What needs to be improved in terms of insurance premiums and insurance cover? This will be part of the working group of the Office of the Insurance Commission (OIC) and the Thai General Insurance Association. In the past, we have been working together for the last 8-9 months.
“In terms of insurance premiums, we try to make them consistent with the risks. Only if you look at the minimum and maximum premiums There may be further changes compared to the basic premium rates for combustion vehicles. In terms of the loss ratio that has occurred, we are still seeing a lot of changes in spare parts for many brands. Learning has to happen. Providing information about insurance companies, citizens, manufacturers and distributors working together. It will create more confidence among consumers when choosing to use EV cars. It is expected that there will be good growth.”
Mr Chuchat Pramunphon, Secretary General of the Office of the Insurance Commission (OIC), said that there will definitely be more opportunities to market electric car insurance. Following the growth of the trend of using electric vehicles in Thailand. But we recommend that you do not enter the competition to cut the price of insurance premiums too aggressively. Because it will not be beneficial to the business sector. Even if it is good for consumers. But I want you to consider the stability of the insurance company as important.
Previously, the OIC said that around 22 insurance companies currently insure EV cars. But all this is still an insurance offer under the old policy conditions. But after May 31, 2024, all companies will have to adjust their insurance policies for electric vehicles. It is a new model under the conditions OIC publishes criteria
#Insurance #hits #mark #sales #surge #units
