Latest news with #HiteshMotwani
The National
a day ago
- Automotive
- The National
UAE electric vehicle premiums surge but experts remain bullish as market grows
Insuring an electric car in the UAE has become much more costly, after last year's record floods, but industry experts believe the future remains bright for the vehicle segment as sales increase. one of the country's leading providers, said insuring an electric vehicle on average costs 72 per cent more on average than a petrol or diesel-powered alternative. Figures compiled by the company show the average comprehensive EV policy currently stands at about Dh4,992 per year, compared to Dh2,895 for regular internal combustion engine vehicles, when comparing vehicles of similar body type. 'Repair costs for EVs are higher due to specialised parts and battery systems,' said Hitesh Motwani, deputy chief executive of the insurance group. 'There are fewer authorised repair centres, and parts often have to be shipped internationally.' The repair problems were brought into sharp focus by the unprecedented floods that hit the UAE in April 2004, when mass EV battery failures drove insurance claims up. Still, Mr Motwani believes that the market is entering a 'transition phase' that will see more nuanced pricing, factoring in battery age, charging behaviour and self-driving features. 'More insurers are also partnering with authorised EV dealers to streamline the repairs and claim services,' he said. 'We're watching the space evolve from novelty to norm – and as that happens, customers can expect more competitive, data-driven pricing, but also a need to be more informed buyers.' EVs are expected market share of more than 15 per cent of all sales in the UAE by 2030, and could reach about 110,500 vehicles five years later, PwC's recently released Mobility Outlook report found. The UAE has set an ambitious target of having EVs make up half of the cars on the roads by 2050, in support of the nation's net zero drive. Staying the course When Toshita Chuahan took delivery of her Tesla three years ago, the choice was less about a moral stand on emissions than a hard-headed calculation. 'I wanted an SUV I could drive for the next decade,' said Ms Chauhan, chief business officer at 'At the time, fuel savings, free charging for Teslas, and monthly instalments comparable to a petrol model made the decisions obvious.' Today, with insurance premiums for electric vehicles (EVs) on the rise, her budget is different. 'Back then, the cost difference wasn't much,' said Ms Chuahan. 'But even factoring in that increase, I'm still saving on running costs. For two years, charging was free – I was paying nothing beyond road tolls and the odd car wash.' EV boom reshaping the roads While the UAE's EV market has faced challenges, it has enjoyed healthy growth in recent years. EVs made up 13 per cent of new car sales in 2023, up from 0.7 per cent in 2021, according to government data cited by e-mobility specialist, Heiko Sietz. To put this into perspective, this is equal to between 28,000 and 33,000 new EVs, including plug-in hybrids, sold in 2023, compared to only a few thousand in 2021. 'This marks one of the fastest adoption curves in the region,' said Mr Sietz. Regionally, Mr Sietz told The National, this means that the UAE now leads the Middle East in EV penetration, well ahead of neighbouring countries where electric models still account for about one per cent or less of new car sales. 'Nearly two-thirds of UAE residents now say they intend to make an EV their primary vehicle by 2025, showing how quickly public sentiment is shifting in favour of more sustainable mobility,' said Sietz, the global eMobility leader at PwC. 'A growing variety of EV models at accessible price points is helping to accelerate this adoption.' Overcoming road blocks The UAE is quickly overcoming traditional barriers to EV adoption, particularly charging access, range concerns, and upfront costs. As such, Mr Seitz believes that the conditions are 'highly favourable' for ownership. 'Running costs are a fraction of petrol, range anxiety is easing, and the variety of models at accessible price points is growing fast.' In Abu Dhabi alone for example, a joint venture between Adnoc and Taqa aims to install 70,000 EV chargers by 2030. Drivers can now also travel further with a charged battery, as many new EVs are able to cover distances of more than 400km on a full charge, with premium models exceeding 600km. A maturing market will bring new realities For drivers such as Ms Chuahan, the honeymoon period may be over – Tesla's once-free charging network now comes at a cost. A minor incident left her waiting for three months for a replacement bumper shipped from China. 'If it had been major damage, that would have been a serious inconvenience,' she told The National. Policybazaar's own data reflects a shift in buying behaviour. There are more enquiries for brands from China, such as BYD, and for premium EVs from brands such as Mercedes and Volvo, as well a growing second-hand Tesla market. 'We're also seeing that EVs aren't always the primary car in a household,' she notes. 'People still keep a petrol car for longer trips or as a back-up.' Manufacturers push confidence Concerns over insurance are temporary growing pains, as EV adoption grows and more data becomes available, said Roberto Lopes Da Silva, UAE general manager of electric car brand Nio. 'We expect pricing to normalise. Moreover, continued dialogue between insurers, regulators, and EV manufacturers will be key in bridging this gap and making EV ownership more accessible,' he told The National. Nio's customers he adds are often 'forward-thinking individuals who are enthusiastic about technology and sustainability, especially in the premium to luxury segment.' For Mr Lopes Da Silva, this dynamic environment in the UAE, means products must truly differentiate themselves, be it in range, technology, design, or customer experience. He adds that the driving range of an electric vehicle depends on several variables, including the model type, battery capacity, and real-world driving conditions such as speed, terrain, and climate. For example, the Nio ET5 Long Range variant has a certified range of up to 615 kilometres. For daily use, under mixed driving conditions, customers can realistically expect between 500 to 550 kilometres per full charge. Evolving sector As the UAE's EV market matures, infrastructure is expanding and resale values are expected to stabilise. Ms Chauhan said she is committed. 'Driving my Tesla has become second nature,' she said, describing the experience of driving a petrol car like stepping back in time. With the UAE government's goal of half of the cars on the road to be electric by 2050 – she is expected to have a lot more company on the roads.
Khaleej Times
26-06-2025
- Automotive
- Khaleej Times
UAE: Why it costs more to insure a Chinese car than a Japanese or Korean car
The auto market has witnessed rapid growth of Chinese cars in the UAE roads, but owners face a higher insurance premiums compared to their Japanese and Korean counterparts. UAE motorists pay up to 43 per cent more to insure Chinese vehicles, driven by a mix of perceived risks, higher repair costs and uncertainty in repair timeline. "The average comprehensive premium for a Chinese vehicle is around Dh2,800 to Dh3,000 for a sedan or crossover compared to Dh2,100 for Japanese and Korean brands. This is typically due to uncertainty in repair timelines, limited historical claims data and higher perceived repair costs,' said Hitesh Motwani, Deputy CEO at He added that repairs tend to be more expensive and slower than those of Japanese and Korean models due to parts availability delays, fewer specialised repair shops, and a greater reliance on dealer networks. 'This has led insurers to maintain higher premiums to offset increased claim costs and longer vehicle off-road time.' As the after-sales network for Chinese vehicles improves, he expects this to gradually normalise. Demand and interest in Chinese cars have grown significantly over the past few years, as many new brands have entered the UAE, and confidence and trust in these brands have improved substantially. According to a study by technology and consulting company Carma, Chinese automotive brands are gaining global media confidence, with limited outright scepticism. Through a variety of online articles, media in the Philippines, Malaysia and the UAE showcased the highest levels of confidence in Chinese automotive brands – over 60 per cent confidence in each of those markets. 'Interest in Chinese brands has grown significantly, from just 2 per cent of total car insurance enquiries in early 2023 to over 10 per cent by mid-2025. Key drivers include improved design, technology, warranty support, and most notably, affordability without sacrificing reliability,' Motwani told Khaleej Times. He pointed out that the record rains in early 2024 – which caused massive damage to vehicles in Dubai, Sharjah, and the Northern Emirates – were one of the key factors that shifted the trend. 'The April 2024 floods marked a notable shift. Many residents had to replace their damaged vehicles and began opting for more economical, readily available ones, a space where Chinese brands excel. This sparked a surge in interest in the second and third quarters of 2024,' he added. Brands like Omoda and Jaecoo, BYD, Jetour and others have made a strong mark in the local market. 'Top performers include MG, Jetour, Geely, and Changan. MG consistently leads in lead volume, while Jetour and Geely have gained ground since 2024, especially in the SUV and crossover segments,' he added. The deputy CEO of Insurancemarket noted that many buyers initially viewed Chinese cars as temporary or cost-driven decisions. 'But now, customer feedback shows increasing brand loyalty and satisfaction, especially with tech features, fuel economy, and warranty coverage.' To respond to the rise of Chinese brands, insurers in the UAE are quickly adapting by building brand-specific risk models, partnering with authorised workshops and importers, and offering tiered pricing. 'As more data becomes available, we're seeing better segmentation, leading to fairer premiums and better coverage options,' concluded Motwani.
Time of India
08-06-2025
- Time of India
Why more UAE residents are buying travel insurance, even when visiting home
Travel insurance premiums in the UAE have jumped 12% to 18% as more residents insure even familiar trips this summer. With summer holidays around the corner and schools on break, UAE residents are gearing up for vacations, many of them heading to their home countries. But what's different this year is the growing number of people purchasing travel insurance, even for destinations that feel familiar. This trend was highlighted in a recent Khaleej Times report on changing travel insurance habits among UAE residents. Industry experts say this rising trend is driven by a mix of practical concerns and evolving travel patterns. Hitesh Motwani, Deputy CEO at said there's a significant shift in how UAE travellers view insurance when heading abroad. 'There is a noticeable trend of UAE residents purchasing travel insurance even when travelling to their home countries,' he said. 'This shift is driven by increased awareness of potential risks such as medical emergencies, travel disruptions, or baggage issues that can occur regardless of familiarity with the destination. The affordability of travel insurance also contributes to its growing adoption among travellers seeking comprehensive protection during their trips.' Toshita Chauhan, business head of general insurance at confirmed that more expats are now insuring trips home during high-traffic periods like summer, Eid, and school breaks. 'Yes, we've definitely seen that shift. More and more UAE expats are buying travel insurance when flying back home for holidays — especially during summer, Eid, or school breaks,' she said. 'Even if they're going somewhere familiar, many realise that medical expenses or flight delays aren't always easy to manage. The ease of comparing policies online and the affordability of plans has made it a convenient decision for most.' Premiums are rising: Here's what's behind It Travel insurance is becoming more common, and more expensive. As summer travel picks up, insurance premiums in the UAE have risen by 12% to 18% year-on-year, According to figures shared by industry executives with Khaleej Times, the increase reflects global medical cost pressures and growing claims activity. Toshita Chauhan explained that this increase translates to a difference of AED 15 (approx. $4.08) to AED 70 per policy, depending on the travel duration, destination, and the traveller's age. 'The primary factors behind this increase include rising global medical costs and increased claims from travellers bound for Europe, particularly Schengen countries, largely due to hospitalisation and lost baggage.' She noted. She added that France, Spain, and Italy have topped the list of destinations where UAE travellers request help with medical emergencies. In contrast, tropical vacation spots like Thailand, Bali, and the Maldives have seen more flight cancellations, mostly due to weather-related disruptions. Travellers heading to the UK and US also face higher medical costs, which has added to the upward pressure on insurance premiums. So far this year, the most common claims filed by UAE travellers are for missed flights and delayed baggage. Who's paying the most? Not all travellers are affected equally by these price hikes. Those aged 60 and above have seen the largest premium increases, between 25% and 30%. Meanwhile, people purchasing coverage for adventure sports are facing the steepest rise overall, with premiums up by as much as 40% compared to standard plans. Even frequent travellers are feeling the change. According to Chauhan: 'Multi-trip annual policies have also become more expensive, with prices increasing by more than 15% due to evolving claims trends and longer average travel times.' She told Khaleej Times. A word of caution for high-risk destinations Travellers heading to conflict zones or politically unstable regions, such as Syria, should exercise extra caution when choosing travel insurance. Syria is considered a high-risk destination, and coverage is usually limited or outright excluded by most insurers. 'Many insurers exclude war-prone countries from their standard policies, making it challenging to obtain comprehensive coverage for travel to Syria,' said Hitesh Motwani. 'As a result, most travellers to Syria may not purchase travel insurance, either due to limited availability or the perception that coverage won't be applicable. For those seeking insurance, specialized policies with higher premiums and restricted benefits may be available through select providers, but these are exceptions rather than the norm.' Toshita Chauhan agreed that some travellers still try to get coverage for Syria, mainly for medical emergencies, trip delays, or baggage loss, but warned that exclusions are often buried in the fine print. 'Importantly, most travel insurance policies explicitly exclude coverage for war zones, areas under conflict, or destinations marked as high-risk by government advisories,' she said. 'Before purchasing a policy, travellers should confirm if Syria is included in the policy's coverage region. Due to the complex risk profile, travellers are strongly advised to proceed with extreme caution and ensure they have complete clarity on coverage terms before making the trip.'
Khaleej Times
08-06-2025
- Khaleej Times
More UAE residents buying travel insurance when visiting home countries; here's why
The trend is growing among UAE residents to buy travel insurance, even when travelling to their home countries, due to increased awareness of potential risks such as medical emergencies, travel disruptions, or baggage issues, according to insurance industry executives. Outbound travel peaks during the summer, when schools are closed and many families visit their home countries to vacation with loved ones. Hitesh Motwani, Deputy CEO at said there is a noticeable trend of UAE residents purchasing travel insurance even when travelling to their home countries. 'This shift is driven by increased awareness of potential risks such as medical emergencies, travel disruptions, or baggage issues that can occur regardless of familiarity with the destination. The affordability of travel insurance also contributes to its growing adoption among travellers seeking comprehensive protection during their trips,' he said. Toshita Chauhan, business head of general insurance, said, ' Yes, we've definitely seen that shift. More and more UAE expats are buying travel insurance when flying back home for holidays — especially during summer, Eid, or school breaks.' She added that even if they're going somewhere familiar, many realise that medical expenses or flight delays aren't always easy to manage. 'The ease of comparing policies online and the affordability of plans has made it a convenient decision for most. Syrian insurance plan Syria is considered a high-risk destination due to ongoing political instability and conflict. Chauhan added that some travellers do buy travel insurance when flying to Syria, particularly for medical emergencies, trip delays, or baggage loss. Importantly, most travel insurance policies explicitly exclude coverage for war zones, areas under conflict, or destinations marked as high-risk by government advisories. She advised travellers that before purchasing a policy, travellers should confirm if Syria is included in the policy's coverage region. Due to the complex risk profile, travellers are strongly advised to proceed with extreme caution and ensure they have complete clarity on coverage terms before making the trip. Hitesh Motwani added that travel insurance coverage for Syria is generally limited due to its classification as a high-risk destination. 'Many insurers exclude war-prone countries from their standard policies, making it challenging to obtain comprehensive coverage for travel to Syria. As a result, most travellers to Syria may not purchase travel insurance, either due to limited availability or the perception that coverage won't be applicable. For those seeking insurance, specialized policies with higher premiums and restricted benefits may be available through select providers, but these are exceptions rather than the norm,' he added.
Khaleej Times
31-05-2025
- Business
- Khaleej Times
InsuranceMarket.ae appoints Hitesh Motwani as deputy chief executive officer
AFIA Insurance Brokerage Services LLC, the entity behind the UAE's most trusted insurance platform, has announced the appointment of Hitesh Motwani ACII to the additional role of deputy chief executive officer. Motwani, who continues in his approved capacity as operations manager, remains fully responsible for all regulatory and operational duties under that designation. His expanded title as deputy CEO reflects the depth of his leadership across operations, client servicing, marketing, and digital transformation at He has been with the company for over 11 years. Commenting on the announcement, Avinash Babur, chief executive officer of stated: "Leadership isn't about titles—it's about vision, ownership, and impact. Hitesh has consistently exemplified these qualities over the years. His appointment as deputy CEO is a recognition of his incredible journey with us and a commitment to strengthening our leadership bench as we continue building the future together." Motwani added: "It's been a privilege to grow with This new role is both a responsibility and an opportunity—to do more for our customers, our partners, and our team. Together, we are setting new benchmarks in how insurance is experienced and delivered in the region, and I'm excited for what lies ahead." The appointment reflects continued focus on nurturing talent from within, strengthening its succession planning, and ensuring leadership continuity as it scales both locally and regionally.
