Great Eastern launches standalone EV insurance plan in support of Singapore’s EV-only vision by 2030
GREAT EV Protect is a first-in-market insurance plan to protect Electric Vehicle (EV) owners against electric shock, home contents damage due to fire and accidental damage to private charging station
Singapore, 6 September 2023 – Leading regional insurer Great Eastern today announced the launch of its new standalone EV insurance plan – GREAT EV Protect – in tandem with the acceleration of Singapore's transition to an EV-only future.
From 2030, all new vehicles in Singapore are to run on cleaner energy, supported by a network of 60,000 charging points around the island, including 20,000 in private premises. Despite the long runway, the number of EVs have already increased rapidly over the past few years, with a 122% jump in the number of EVs on the road in 2022 compared to the previous year.
However, Singapore's journey to an EV-only nation will require support beyond ready infrastructure and buyer impetus.
Jimmy Tong, Managing Director of General and Group Insurance, Great Eastern, said: "The launch of our standalone EV insurance plan is timely and important. The adoption of EVs will only continue to increase with the push for Singapore to electrify all vehicles and build a sustainable land transport system. This means we need to ensure everyone is well-covered by a protection plan tailored for unique incidents to EVs, which are not adequately addressed by conventional internal combustion engine vehicle policies. GREAT EV Protect will give a peace of mind for our customers, by applying the same rigour as our protection for drivers of non-electric vehicles with new coverage for potential EV-only issues."
With GREAT EV Protect, Great Eastern will be the first to implement the following benefits to EV owners:
- Outpatient medical claims due to electric shock from electric vehicle charging station (up to S$1,000)
- Home contents insured for damage caused by fire from private electric vehicle charging station at landed properties (up to S$20,000)
- Accidental damage to owner’s private electric vehicle charging station (up to S$5,000)
Great Eastern continues to offer comprehensive insurance for both internal combustion engine (ICE) vehicles and hybrids through its 'Drive and Save Plus' a competitive motor plan and provide one of the highest personal accident coverage in the market of up to $120,000.
More information about Great EV Protect can be found here: https://www.greateasternlife.com/sg/en/personal-insurance/our-products/car-insurance/great-ev-protect.html
About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$100 billion in assets and more than 15 million policyholders, including 12 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei.
The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by S&P Global Ratings since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the leading asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank, formed in 1932. It is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.