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Europe’s accelerated transition to electric mobility

What does it mean for motor insurers and EV customers?
Omri Har-Shemesh
External consultant at Movingdots
Judith Wörle
Products & Partnerships Manager at Swiss Re

The European electric vehicle (EV) market is experiencing unprecedented growth, with 2 million electric car sales in the first quarter of 2022, a rise of 75% compared to the same period in 2021. After a boom in 2020, EV sales also continue to rapidly gain momentum in Europe, accounting for 17% of Europe's auto sales in 2021. Growth in the electric vehicles industry, not only in terms of size but also geography, comes with new risks and claims scenarios for car manufacturers, suppliers, insurers and drivers. In this article, we focus on the development of EVs in Europe.

A different kind of risk

The take-up of EVs is expected to accelerate rapidly in the years to follow, driven by consumer demand and the urge for regulatory and societal changes. This introduces new threats, potentially more expensive repair costs and sustainability issues, all resulting in insurance implications and claims complexity.

Infographic showing the different risks that have appeared with the growth of the Electric mobility industry.

Electromobility facts in Europe

With the rapid rise of electric vehicles on the road, the roll-out of adequate charging infrastructure is also becoming increasingly urgent. According to studies by the International Energy Agency (IEA), the number of public charging stations has grown by 30% over the last year to a total of 300 000 slow chargers. The Netherlands leads in Europe with a 27% share of public charging stations, followed by France (17%), Germany (13%) and the United Kingdom (10%). Fast charging stations, which would enable longer trips and encourage consumers without access to private charging infrastructure to purchase EVs, are still much less common with a total of 50 000 units, half of which are in Germany, the United Kingdom and Norway. The following visualisation of data collected from the European Alternative Fuels Observatory website reveals how countries in Europe have advanced in terms of electromobility over the last decade.

Infographic showing facts regarding the charging infrastructure in Europe from 2011 to 2021.

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