Oona Insurance Boss Opens Up About Electric Vehicle Insurance Risks

The electric vehicle (EV) market in Indonesia is growing significantly, prompting many insurance companies to enter the segment, including Oona Insurance Indonesia. President Director & CEO of Oona Insurance Indonesia, Vincent Soegianto, sees great potential in the EV market. However, he noted that the challenge lies in the risk and the higher loss ratio of electric vehicles. “The challenge is that the loss ratio is higher compared to conventional cars, and this is an ongoing issue. So many insurance companies are still hesitant to take on EV risk. But we are very much a pioneer, an early adopter in taking on EV risk,” he said at the Multifinance CEO Gathering 2026 with OJK, themed “Navigating Uncertainty: Maintaining Multifinance Business Performance Amid Economic Challenges and Changing Risk Landscapes,” at Parle Senayan, Tuesday (11/8/2026). Vincent explained that Oona is one of the early insurance companies to face risks in the EV segment. However, he acknowledged that historical data on electric vehicles is still relatively short and not yet fully commercially conducive. This requires insurance companies to be more cautious in formulating underwriting strategies and setting premiums. He continued that these conditions have a direct impact on multi-finance companies. If insurance companies are unwilling to underwrite the risks of electric vehicles, financing companies will likely find it difficult to obtain protection for the assets they finance. “If insurance companies are not brave enough to take on EV risk, there will be no protection for multi-finance. So, this is something we need to discuss together with colleagues in the ecosystem,” he explained. Vincent views that communication and collaboration among industry players are key to maintaining the growth of the automotive, multi-finance, and insurance ecosystems, as consumer protection needs are shifting in line with changes in business financing models.