AXA Thailand General Insurance, the global insurance provider, is launching today the country's first insurance product tailored to meet the specific needs of electric vehicles (EV) owners, making headway in the local EV market. AXA Thailand is the first insurance company in the country to offer specific EV insurance products, which have been approved by the Office of Insurance Commission (OIC). Electric vehicles are the main highlight of this year's 39th International Motor Expo, of which AXA Thailand is the Official Insurance Sponsor.
AXA Thailand has designed additional EV insurance coverage to propose better solutions for EVs users. The new range of insurance coverage will attract car buyers who are considering the purchase of electric vehicles while adopting a more environmentally friendly lifestyle. The coverage offered to customers includes accidental damage or loss of charging cable (up to THB 10,000 per policy), accidental damage or loss of home charger (up to THB 50,000 per policy), and third-party liability due to the use of home charger and public EV charging station (up to THB 1,000,000 per accident). In addition, AXA customers can benefit from AXA 24/7 Emergency Roadside Service Assistance.
"The Motor Expo is one of the largest auto show events in Southeast Asia. As the event's Official Insurance Sponsor and as an exhibitor, AXA Thailand is proud to introduce our new insurance policies designed for electric vehicles. As the motor industry is going through a major transformation with technology, research, and the development of electric vehicles to replace gasoline-powered vehicles, AXA aims to be at the forefront to encourage innovation and promote environmental sustainability," said Mr. Claude Seigne, CEO of AXA Thailand General Insurance.
"Our new EV insurance products are designed to help individuals and companies in Thailand adapt to this major evolution in the car industry. Our EV insurance products address their specific needs, so they can be confident they have the right cover to protect them. Our objective is to make their transition to EVs easier" added Mr. Seigne.
Since 2018, the number of electric vehicles registered in Thailand has been multiplied by 2.3, increasing from 124,000 to 284,600 units. This includes Hybrid Electric Vehicles (HEV; currently representing 71% of registrations), Battery Electric Vehicles (BEV; 16%), and Plug-in Hybrid Electric Vehicles (PHEV; 13%). For the year 2022, sales of electric vehicles are forecasted to reach 63,600 units, an increase of 48% YoY, versus 302,600 vehicles equipped with internal combustion engines (ICE), which are expected to decrease by 8.8% YoY.
This evolution results from the global trend for electric vehicles, the increasing gasoline and diesel costs, and the Thai government's policy to promote the production of electric vehicles in Thailand, both for the domestic and export markets. Forecasts indicate that by 2030, electric vehicles will represent 30% of Thailand's total car production, or 700,000 EVs per year.
During this year's Motor Expo and in line with its newly introduced EV insurance policies, AXA Thailand's booth is based on the concept of "Drive to the Green Future". AXA aims to strengthen its ties with the 35 car brands from 10 countries, and 17 motorcycle brands from 8 countries, participating in this year's event. The AXA Booth welcomes all dealers, customers and visitors who would like to discover AXA's special promotions and its comprehensive range of products for motor vehicles, health, personal accident, travel and more.
In line with its marketing and commercial strategies, AXA Thailand will continue to participate in events, such as the 39th Motor Expo, that are consistent with its brand image of quality, with the aim to boost customer engagement, satisfaction, and loyalty.
The AXA Booth is conveniently located at Row D03, at the center of the Challenger Hall.
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Source: Francom Asia