The average cost of a lithium fire-related claim is £50,000. This includes fires caused by leaking and damaged batteries and overcharged e-vehicles igniting at home.
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The average cost of a lithium fire-related claim is £50,000. This includes
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AI Customer ServiceSome international insurers require a Class D, F-500, 9-litre (up to 4.8KWh) or an extinguisher specifically for Lithium-Ion fires. The UK insurance industry no longer covers business fires caused by Lithium-ion batteries. While this is more for larger-scale storage, exclusions are rapidly spreading to consumer use of Lithium-ion battery devices.
Unfortunately, fires started by lithium batteries have only become more frequent and more devastating. The average cost of a lithium fire-related claim is £50,000. This includes fires caused by leaking and damaged batteries and overcharged e-vehicles igniting at home.
The average cost of a lithium fire-related claim is £50,000. This includes fires caused by leaking and damaged batteries and overcharged e-vehicles igniting at home. This is higher than the price of a laptop, phone and many e-vehicles, meaning the damage is spreading beyond the device.
Under-insurance is the bane of most consumer insurance claims. Lithium-ion fires have thermal runaway that makes them almost impossible to extinguish. Home fires related to these devices are often complete losses.
The most common loophole was the clause to take every precaution to reduce the insurance company’s exposure to risk. Lithium-ion batteries are a known high-risk. The key issue is the need for insurance companies to develop a Lithium-ion device risk profile to calculate premiums coverage and exclusions.
In December 2022, the ACCC declared Lithium-ion batteries a product safety priority for 2023 and issued a discussion paper. The most interesting fact is that Lithium-ion batteries, particularly those using Lithium Cobalt Oxide (most) and Lithium Aluminium Oxide, had the lowest thermal stability and highest thermal runaway risk.
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