Analysis

Briefing: Soaring EV sales spark new underwriting concerns over fire risks

By 2025-02-13T08:05:00

electric car

Electrified vehicles now represent a 7.7% share of the UK’s used car market, which could impact the severity of lithium-ion battery risks insurers are grappling with

New figures released this month (February 2025) by the Society of Motor Manufacturers and Traders (SMMT) showed a 5.5% increase in transactions in the UK’s used car market in 2024.

This is good news for the government, which is pushing ahead with plans to outlaw the sales of new internal combustion engine vehicles in the next decade, and for the motor industry. However, for insurers, it compounds the growing issues around lithium-ion battery risks.

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