The latest from Prestige Underwriting;
Prestige Underwriting welcomes the UK Government’s enactment of the Product Regulation and Metrology Act (notified today) which in part aims to mitigate fire risks associated with electric power-assisted bicycles (e-bikes) and lithium-ion batteries.
This legislation will allow the Government to ensure that the UK’s product safety framework can keep up with technological developments, including on e-bikes. The powers in the Act will enable the Government to update regulations to ensure protection for consumers, in particular to ensure that products that can pose a greater risk, such as lithium-ion batteries and e-bikes and e-scooters, are safe.
Alison Williams, Managing Director at Prestige Underwriting said:
“The rising number of fire-related claims linked to lithium-ion battery-powered devices has been alarming. This legislation is a crucial step toward safeguarding households from such devastating incidents. We fully support the Government’s initiative and urge fellow insurers to endorse this Act to protect lives and property.”
Research by Prestige Underwriting indicates a significant increase in the average cost of fire-related home insurance claims, now exceeding £24,000. This surge is partly due to the growing use of lithium-ion batteries in homes.
As a supporter of Electrical Safety First, a charity dedicated to reducing electrical-related deaths and injuries in UK homes, Prestige Underwriting has developed a consumer guide addressing lithium-ion battery fire risks. This guide is available from brokers with arrangements with Prestige Underwriting or directly at:
https://www.prestigeunderwriting.co.uk/resources-hub/personal-electric-vehicles-fire-hazards/
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