African insurers are warming up to EV coverage

From the newsletter

King Price Insurance has become the first insurer in a major African country to cover a commercial fleet of EVs. It started to give preferential coverage to Everlectric, an electric fleet company in South Africa. The firm provides commercial EVs as a service to businesses, focusing on the logistics and distribution sectors. It runs a total of 200 vehicles.  

• Commercial fleet companies have been struggling to convince insurers to drop high premiums based on expensive EV components like batteries. 

• Increased EV adoption in the past year has enabled insurers to gather more data and assess risks in more detail.   

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