Overview of EVs in India Electric vehicles (EVS) are rapidly gaining popularity around the world due to their environmental friendliness and low cost. India, one of the world's largest automobile markets, has seen an increase in the adoption of electric vehicles in recent years. Because of the increased adoption of electric vehicles, India's insurance industry has had to evolve and adapt to meet the unique needs of electric vehicle owners.
India saw a 404% increase in the sales of electric two-wheelers between April and September 2022, and a 268% increase in the sales of electric automobiles in H1 FY 2022-23.
The Indian electric vehicle market is expected to reach US$47 billion by 2026. The Indian government is encouraging the use of electric vehicles through policies and incentives. India aims to increase electric vehicle sales by 30% by 2030 and has introduced several incentive programmes, including one for local battery manufacturing. India electric vehicle market is projected to grow from $3.21 billion in 2022 to $113.99 billion by 2029 at a CAGR of 66.52% in forecast period, 2022-2029.
This story is from the May 2023 edition of THE INSURANCE TIMES.
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This story is from the May 2023 edition of THE INSURANCE TIMES.
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"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."
Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.
"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."
A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.
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