According to LexisNexis Risk Solutions' internal analysis of claims data in the Chinese market, claims frequency of EVs is on average 56% higher and claims severity on average 52% higher, than those of ICE vehicles across all vehicle price ranges. Credit: unlimit3d/Adobe Stock
As electric vehicles begin to take hold in the United States, automotive stakeholders are finding that they are often building the plane while flying it. Automakers are experiencing tremendous challenges in ramping up their EV production capacities due to talent shortages and supply chain challenges. Charging infrastructure is being deployed just a few steps ahead of demand. And insurers are finding that with each claim comes new lessons for how to cover these exciting new EV risks.
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