Nairobi, Kenya September 11^th , 2024 … In a significant step toward enhancing safety for electric vehicle operators, GA Insurance Ltd, ARC Ride, and M-TIBA have teamed up to launch ‘SwapCare,’ a personal accident insurance plan specifically designed for electric motorcycle riders who utilize e-battery swap services.

This innovative plan, underwritten by GA Insurance and powered by M-TIBA’s advanced health insurance technology platform, offers comprehensive accident coverage seamlessly integrated into ARC Ride’s battery swap service. This ensures that operators are automatically covered each time they swap a battery, making insurance both accessible and convenient.

In the unfortunate event of an accident, SwapCare provides the financial coverage for hospital bills, meaning out-of-pocket payments are not necessary. Hospitalized riders will receive cash compensation for lost income, and in the tragic case of death, the cover will extend to funeral expenses.

Joseph Hurst-Croft, CEO of ARC Ride, highlighted the importance of this partnership: “ARC Ride is at the forefront of Kenya’s electric mobility revolution. By embedding insurance with our battery swap services, we not only enhance safety and peace of mind for our customers but also elevate their overall experience, distinguishing ARC Ride in the rapidly growing EV market.”

Expanding on the technological innovation behind Swap Care, Pieter Prickaerts, CEO and Managing Director of M-TIBA, stated, “M-TIBA’s platform enables real- time, embedded insurance solutions, offering health and accident coverage directly linked to essential services like battery swaps. This approach significantly reduces

administrative overheads while making insurance more accessible to Kenya’s underserved markets, particularly for those in the informal sector.”

Mr. Vijay Srivastava, Group CEO of GA Insurance Ltd, emphasized the broader impact of this initiative: “This partnership underscores GA Insurance’s commitment to supporting sustainable, clean energy in Kenya’s transport sector. By integrating insurance into everyday activities such as battery swapping, we ensure that protection is both affordable and readily available for electric vehicle operators, aligning with our mission to promote economic resilience and environmental stewardship.”

This target contributes to the global transition to electric motorcycles – which could prevent 11 billion tons of carbon dioxide emissions by 2050—saving motorcycle owners a combined Sh5 trillion (USD 350 billion) in fuel and maintenance costs – according to the United Nations Environment Programme.

Furthermore, according to the Kenya Demographic and Health Survey, only 26% of the population currently has health insurance, with coverage heavily concentrated among wealthier demographics.

This initiative, therefore, plays a vital role in extending much-needed coverage to the often- overlooked boda-boda riders while also contributes to global environmental and economic goals.