| As innovative brands like Tesla continue to advance in technological developments, accessibility to consumers and sales, the popularity of electric cars continues to grow steadily, as well. There were close to zero electric cars on the road anywhere in the world in 2010. That may seem hard to believe now, as the global stock total topped 7.2 million in 2019 — and that’s not even including new car sales so far in 2020. 2019 recorded 2.1 million electric passenger car sales, the International Energy Agency (IEA) reports, culminating in a global stock total of 7.2 million electric and plug-in hybrid passenger cars — more than doubling the international stock total in just two years — up from 3.2 million in 2017. With this explosive growth in a new market comes a need — or opportunity — for new insurance products. There are many factors to consider in car shopping, including price, fuel costs, safety and more. In shopping for an electric car, these main considerations are much the same — but what about insurance coverage? Insurance basics for electric cars According to Allstate, auto insurance policies for electric cars aren’t much different than traditional coverage for standard fuel-run vehicles. One additional consideration drivers should consider, however, pertains to more than just your new battery-charged ride. According to Allstate, the installation of vehicle charging stations may affect homeowners’ insurance policies. The American Association of Insurance Services reports that laws in at least two states (Oregon and California) require some homeowners and condo owners to have liability coverage that protects the charging equipment. Where electric cars dominate the roadways Insurers should take note of where electric cars are most populated. Breaking down electric car ownership by region, China dominates the market. According to the IEA’s 2019 Global Outlook report, China accounted for more than half of electric car sales globally in 2019, and 3.35 million of the global total to-date. Europe takes second place with 560,000 sales, followed by the United States, with roughly 330,000 electric passenger cars sold in 2019. Despite rapid year-over-year growth, electric cars and plug-in hybrids accounted for just 2.6% of global passenger car sales in 2019, according to the IEA’s 2019 Outlook. Looking at 2020, the IEA expects electric cars to outperform the automobile industry as a whole this year. Sales of electric cars are expected to be in line with 2019’s total, while the global passenger car market is expected to decline by 15%, largely due to the COVID-19 pandemic, experts say. Facing the latter-half of 2020, a new report from Statista sourced data from Clean Technica to determine the estimated sales of electric vehicles from January through June 2020 and rank the best-selling models in the first half of 2020. |
Risk Management
Mitigating Financial Losses During Hurricane Season: A Skyscraper Insurance Guide
As hurricane season approaches, businesses must take proactive steps to safeguard against financial losses. At Skyscraper Insurance, we understand the unique challenges companies face in times of disaster, and we’re committed to helping our clients navigate them successfully. Here’s how your business can mitigate financial risks with the right strategies and support. 1. Diversifying Income Streams for Resilience A diversified revenue model is crucial to withstanding the disruptions caused by hurricanes. Skyscraper Insurance works with businesses to evaluate new opportunities—whether it’s launching an online platform, expanding services, or entering new markets. This ensures that if one revenue stream is impacted, others can sustain the business. 2. Comprehensive Insurance Coverage The first line of defense is making sure your insurance policies are up to date and cover potential hurricane-related damages. Skyscraper Insurance specializes in providing tailored insurance solutions, including business interruption coverage, property damage, and flood insurance, to protect our clients against catastrophic financial losses. 3. Creating a Contingency Plan with Experts In partnership with Skyscraper Insurance, businesses can develop disaster contingency plans that ensure operations continue smoothly, even in the face of supply chain delays or power outages. We help you establish backup solutions, such as alternate suppliers or inventory management systems, minimizing financial fallout. 4. Maintaining a Recovery Fund Skyscraper Insurance advises its clients to maintain a recovery fund, ensuring fast access to resources for repairs, inventory restocking, and other unforeseen costs. This proactive approach enables businesses to get back on their feet quickly without waiting for loans or insurance claims to process. 5. Leveraging Government Aid and Local Resources In the aftermath of a hurricane, government aid can be crucial for businesses. We assist our clients in navigating grants, low-interest loans, and tax breaks available through local and federal disaster relief programs, ensuring that financial recovery is swift. 6. Risk Management Strategies At Skyscraper Insurance, we provide businesses with customized risk management strategies designed to reduce vulnerabilities and protect financial stability. From evaluating potential hazards to implementing risk-transfer solutions, we help you mitigate loss before a disaster strikes. 7. Ensuring Proper Documentation for Claims Keeping detailed financial records is essential for filing accurate and timely insurance claims. We help clients organize and maintain critical documents that streamline the claims process, ensuring a quicker recovery period. Skyscraper Insurance: Your Partner in Resilience While hurricanes can be unpredictable, your business doesn’t have to face them alone. At Skyscraper Insurance, our commitment goes beyond coverage; we provide expert guidance and comprehensive risk management services that empower businesses to stay strong and resilient during hurricane season.
