As EVs become the majority of new car registrations in Singapore, Allianz highlights a shift in ownership mindset
Electric vehicles (EVs) have reached a defining milestone in Singapore. Allianz Insurance Singapore says the national EV conversation is evolving beyond adoption towards a fundamental shift in how drivers think about vehicle ownership, as EVs now account for the majority of new car registrations.
This shift coincides with enhanced national EV charging safety standards that took effect in April 2026, reflecting growing attention on the operational, safety and ownership implications of electric mobility as EV usage scales across the island – from where and how vehicles are charged, to how they are repaired, supported and protected over time.
“As electric vehicles become more popular, the conversation is moving beyond adoption to ownership,” said Hicham Raissi, chief executive officer, Allianz Insurance Singapore.
“Drivers are no longer just choosing EVs for their technology, but are increasingly focused on what it takes to protect, maintain and support them over time.”
Electric vehicles differ fundamentally from conventional petrol cars. They rely on high-voltage battery systems, electric drivetrains, electronic control units and increasingly software‑enabled driving features, all of which represent a significant proportion of vehicle value. These differences introduce ownership considerations that are distinct from internal combustion vehicles, particularly as EVs become the default choice for many drivers.
In response to these evolving ownership realities, Allianz Insurance Singapore became one of the first general insurers in the market to introduce an insurance solution specifically designed for electric vehicles, with the launch of Allianz Electric Motor Protect in 2021. The coverage is built around how EVs are used and supported in practice, including considerations for electric and electronic components such as high-voltage systems and batteries, protection linked to private home charging setups, and risks associated with increasingly connected vehicles and advanced driver assistance systems. It also reflects real-world usage scenarios such as charging-related incidents and portable charging equipment, alongside the need for consistent repair quality over time.
“As EV adoption transitions into everyday ownership, insurance plays a foundational role in supporting this shift in mindset,” added Raissi.
“Our focus is on ensuring protection frameworks evolve alongside mobility, so drivers can navigate electric vehicle ownership with clarity and confidence.”