Electric vehicles (EVs) now account for the majority of new car registrations, and have reached a defining milestone in Singapore.
Allianz Insurance Singapore believes that the national EV conversation is evolving beyond adoption towards a fundamental shift in how drivers think about vehicle ownership. 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.
Allianz Insurance Singapore CEO Hicham Raissi said that as EVs become more popular, the conversation is moving beyond adoption to ownership. "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,” he said.
EVs 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.
As EV adoption transitions into everyday ownership, insurance plays a foundational role in supporting this shift in mindset," said Mr Raissi. "Our focus is on ensuring protection frameworks evolve alongside mobility, so drivers can navigate electric vehicle ownership with clarity and confidence."