Electric Revolution: Insurance in the Era of Electric Vehicles
THE INSURANCE TIMES|July 2024
EVs are renowned for their advanced software algorithms that control various functions. It is essential to note that when the EVs connect to charging stations, the cable not only transmits power but also exchanges a multitude of data. This expanded risk surface increases the vulnerability to potential cyberattacks, which could involve data theft or the introduction of viruses to manipulate the system.
Subasree Sampath
Electric Revolution: Insurance in the Era of Electric Vehicles

Charging system

The "charging system" includes various elements, like home and outdoor charging infrastructure, as well as hardware components such as charging stations, ports, connectors, cables, and the necessary software for user authentication, billing, and remote monitoring. The range of EV charging systems varies from home-based Level 1 (120 Volts) chargers to public Level 2 (220/240 Volts) chargers and high-power DC (480 Volts) fast chargers, all designed to meet the diverse needs of electric vehicle owners. The primary hazard associated with EV charging is fire. The cause of the fire is often outdated electrical wiring and an unstable power supply in the charging location. If charging is done at home, such incidents could damage both the EV and the property.

When using public charging stations, the consequences may extend to damaging other vehicles and nearby properties. The charging stations and ports are exposed to weather events like heavy rain and flooding that could pose risks. Additionally, these stations are susceptible to acts of vandalism, such as tampering with electrical components or the charger, which could cause serious accidents during charging. Charging involves the transmission of high-voltage electricity, and malfunctions can result from factors such as physical damage, wear and tear on the charging port, connector, cable, or software glitches. There is also a potential risk of electric shock from a compromised charging system.

Esta historia es de la edición July 2024 de THE INSURANCE TIMES.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición July 2024 de THE INSURANCE TIMES.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE THE INSURANCE TIMESVer todo
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
THE INSURANCE TIMES

"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."

About Dr Anil Subba Rao Paila

time-read
10 minutos  |
November 2024
IRDAI Corner
THE INSURANCE TIMES

IRDAI Corner

Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024

time-read
4 minutos  |
November 2024
Insurance Caselaws
THE INSURANCE TIMES

Insurance Caselaws

The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.

time-read
5 minutos  |
November 2024
New Product Launches
THE INSURANCE TIMES

New Product Launches

Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation

time-read
5 minutos  |
November 2024
Gunford: Marine Insurance Fraud or Purely Coincidence!!
THE INSURANCE TIMES

Gunford: Marine Insurance Fraud or Purely Coincidence!!

Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.

time-read
10+ minutos  |
November 2024
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
THE INSURANCE TIMES

How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector

India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.

time-read
4 minutos  |
November 2024
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
THE INSURANCE TIMES

Exclusion clauses in Insurance Contract: Enforceability and Interpretation

The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.

time-read
10+ minutos  |
November 2024
Risk Management 2.0 in the new Gen Z Milieu
THE INSURANCE TIMES

Risk Management 2.0 in the new Gen Z Milieu

I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.

time-read
2 minutos  |
November 2024
International News
THE INSURANCE TIMES

International News

Growing demand in Europe: Munich Re remains disciplined while further expanding

time-read
5 minutos  |
November 2024
Life Insurance News
THE INSURANCE TIMES

Life Insurance News

About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.

time-read
6 minutos  |
November 2024