Prestige Underwriting has expressed support for the government's plan to legislate measures aimed at reducing fire risks associated with electric power-assisted bicycles (EPACs) and lithium-ion batteries.
The recent King's Speech included a commitment to introduce the Product Safety and Metrology Bill, which seeks to address the fire risks linked to e-bikes and lithium-ion batteries. This legislation aims to clarify legal responsibilities for suppliers, including online marketplaces, and to enhance compliance and enforcement measures.
Currently, e-bike manufacturers are able to self-certify their products for safety, which can result in substandard or dangerous items reaching consumers.
Research conducted by Prestige Underwriting has found a significant increase in the average cost of fire-related home insurance claims, now exceeding £24,000. This rise is partly attributed to the increased use of lithium-ion batteries in homes.
The costs associated with fire-related claims are expected to continue growing, partly due to the proliferation of lithium-ion batteries in consumer devices.
Alison Williams (pictured above), managing director at Prestige Underwriting, highlighted the concern over the rising trend in fire-related claims fuelled by lithium-ion battery-powered devices.
“Legislative change is urgently needed to reduce the risk to households from these devastating fires. We warmly welcome the Government's intention to legislate. While it is early in the process and there is much work to be done, we encourage other insurers to support the Bill to reduce risks to human life and property,” Williams said.
Prestige Underwriting has also previously announced its support for Electrical Safety First, a charity that campaigns to reduce deaths and injuries caused by electricity in UK homes.
The charity has closely examined safety concerns around EPACs, including conversion kits, charger compatibility, EPAC design, and lithium-ion battery disposal. It has also looked into various strategies to mitigate EPAC fire risks implemented in other regions, particularly New York and Paris.
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