GlobalData surveying has found that China is a leader in electric vehicle (EV) insurance uptake. Meanwhile, SunCar Technology Group has expanded its partnership with a global EV manufacturer, driving significant growth in its insurance services.
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey, which collected responses from multiple countries, highlights China’s strong EV insurance uptake compared to other markets. While 27.2% of insured vehicles in China are EVs, the global average sits at 6.2%. Other major markets, including the US (7.5%), Germany (6.4%), and the UK (6.0%), lag behind, while emerging markets such as South Africa (0.5%) and Mexico (1.4%) report far lower adoption.
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Percentage of respondents with an insured electric vehicle by country, 2024
SunCar Technology has significantly expanded its presence in China’s EV insurance market through its partnership with a global EV manufacturer. The company’s e-insurance system, introduced in early 2024, has streamlined policy renewals and expanded coverage to over two million EV owners. This has contributed to a sharp increase in premium volume, rising from $400,000 in January 2024 to nearly $40 million by the end of the year, with operations now spanning 48 cities. Looking forward, SunCar plans to further extend its geographical reach and integrate its insurance services directly into the EV manufacturer’s platform, offering policy management within the same ecosystem as vehicle ownership services.
China has positioned itself at the forefront of EV adoption. This high level of EV ownership has created an increasing demand for insurance solutions tailored to EVs, driving the rapid growth seen by providers such as SunCar. With China’s EV sector continuing to expand, insurers operating in the country are well placed to capitalise on rising policy demand, provided they can navigate the challenges associated with pricing, risk assessment, and digital integration.
