China Leads in EV Insurance Uptake as SunCar Expands Market Reach

Life Insurance International  

China has emerged as the global leader in electric vehicle (EV) insurance adoption, significantly outpacing other markets, according to GlobalData’s 2024 Emerging Trends Insurance Consumer Survey. The study, which gathered data from multiple countries, reveals that 27.2% of insured vehicles in China are EVs—far surpassing the global average of 6.2%. In comparison, the United States stands at 7.5%, Germany at 6.4%, and the UK at 6.0%. Meanwhile, emerging markets such as South Africa (0.5%) and Mexico (1.4%) report substantially lower EV insurance penetration.

A key driver of China’s rapid growth in EV insurance is the expansion of SunCar Technology Group, which has strengthened its partnership with a global EV manufacturer. The company’s introduction of an advanced e-insurance system in early 2024 has streamlined policy renewals and extended coverage to over two million EV owners. As a result, SunCar’s premium volume has skyrocketed from $400,000 in January 2024 to nearly $40 million by year-end, with operations now spanning 48 cities.

Looking ahead, SunCar plans to integrate its insurance services directly into the EV manufacturer’s platform, allowing customers to manage policies seamlessly alongside their vehicle ownership services.