Green Shift: 77% of Indians choose EVs for sustainability

Mumbai, June 10: ICICI Lombard General Insurance, one of India’s leading general insurers, unveils its latest research report on EV trends titled ‘Electric Vehicle Adoption and Its Impact on Motor Insurance.’ As electric vehicles (EVs) zoom onto our roads, this timely research uncovers how the rise of EVs is reshaping the motor insurance landscape. With insights from over 500 EV owners across India’s bustling metro cities, the report paints a vivid picture of changing consumer behaviours, emerging risks, and new market trends.

From reduced emissions to lower fuel costs, the motivations behind switching to EVs are compelling. The research not only explores the reasons driving this ‘green revolution’ but also examines the challenges and opportunities it brings to the insurance sector.

Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard, commented, "With India aiming to attain net zero status by 2070, EV mobility will see a definite rise. Studies indicate 70% of all vehicles will be EV by 2030. We have been observing a mind-set shift from consumerism to minimalism and increased accountability towards environment conservation. At ICICI Lombard, we are proactively addressing these trends by developing innovative insurance solutions tailored to meet the unique needs of EV owners, providing comprehensive solution covering traditional risks as well as specialized benefits like battery replacement and 24/7 roadside assistance.”