Taking the temperature of the electric vehicle market
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With the Financial Conduct Authority’s price walking ban coming into force and customers transitioning from internal combustion engines to electric and hybrid vehicles, the motor insurance industry is currently in a state of flux. Eleanore Robinson reports.
A recent Insurance Age survey investigates where senior employees in this sector stand, and uncovered concerns from brokers about the consequences of the pricing changes.
With fuel prices, vehicle running costs, and the cost of living resulting in commercial fleet and personal motor customers being squeezed financially, brokers ranked the price of policies and claim offerings as the first and second most important factors respectively when providing cover for clients (See figure one).
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