This photo taken on June 15, 2021, shows electric vehicles at a charging station in Jeju Island. (Yonhap)
SEOUL, March. 11 (Korea Bizwire) — Sentiment is growing that the insurance industry needs to pay more attention to electric vehicle (EV) insurance products as a new channel for growth after main opposition candidate Yoon Suk-yeol was elected South Korea’s next president on Thursday.
Yoon pledged that he will freeze EV charging fees over the next five years.
In addition, he also vowed to improve related regulations towards allowing the installation of EV and hydrogen vehicle charging facilities at liquefied petroleum gas (LPG) filling stations.
Against this backdrop, the insurance industry is moving quickly to take advantage of the President-elect’s pledge and the expansion of the EV market.
Samsung Fire & Marine Insurance Co. released an insurance product for personal EVs back in September last year. This insurance product covers both injuries and vehicle damage caused by battery charging accidents without the need to buy a special insurance option.
Hyundai Marine & Fire Insurance Co. and KB Insurance Co. also released exclusive insurance products for EVs. Other non-insurance companies are also preparing to release similar products and services.
Amid expectations that EV demand will continue to increase, competition is likely to heat up further in the insurance industry to strengthen the competitiveness of EV insurance products as a way to get the upper hand in the EV insurance market.
Ashley Song (ashley@koreabizwire.com)
