Allianz warns motor traders on EV batteries with guidance for brokers
Allianz UK has warned motor traders on the high risks and costs of Electric Vehicle battery fires, as it offered risk management guidance to brokers and policyholders.
Lithium-ion batteries, used in EVs, have been identified as a potential risk due to their thermal instability, the insurer highlighted.
It added when damaged, mishandled, stored or transported incorrectly, the batteries can experience ‘thermal runaway’, a rapid self-heating fire that can lead to explosions which can happen days or weeks later.
Findings from Thatcham Research indicated EVs are generally less likely to catch fire compared to traditional combustion engines, however the intensity and
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