Insurers need to gear up for electric cars: Swiss Re

The boom in electric vehicles could shake up the car insurance sector, reinsurance giant Swiss Re said Wednesday, urging insurers to gear up.

"Traditional vehicle insurance models are no longer enough to accurately capture the overall risk," a study by Swiss Re said.

"We need risk models that can focus on the particularities of EVs (electric vehicles)," it added.

Electric cars are quieter than internal-combustion vehicles, presenting a risk for pedestrians who don't hear them coming in noisy urban settings.

They are also heavier which can have its advantages, the study said.

A lower centre of gravity may make them more stable which can reduce the risk of a serious accident.

"However, greater weight means higher impact force in collision with other road users," the study added.

Putting out a fire may also prove more difficult, while other differences with conventional cars include higher repair costs.

To offset the weight of the battery, manufacturers of electric cars may use lightweight materials such as aluminium or carbon fibre.

But, the study said, four out of five components were more likely to be replaced than repaired for electric vehicles.

The market for the greener vehicles is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on manufacturers to develop less polluting products.

The study by Swiss Re said the move towards electric vehicles would "entail changes across the entire value chain".

It called on the insurance sector to collect the necessary data for new insurance models that take the differences into account.

noo/LyS/kjm/bp

SWISS RE AG

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Toward standardized tests for assessing lidars in autonomous vehicles
Bellingham WA (SPX) Jan 09, 2023
Today, autonomous vehicles (AVs) and advanced driver assistance systems (ADASs) are rapidly growing research directions aimed at increasing vehicle and road safety. Both technologies minimize human error by enabling cars to "perceive" their surroundings and act accordingly. This is achieved using light detection and ranging (lidar) technology, one of the most important and versatile components in AVs. Lidars provide a three-dimensional map of all objects around the vehicle regardless of external l ... read more