Motor insurance market to shrink 70% by 2030
Saturday, 10 01 2016, Category: Insurance and Reinsurance, Country: World
The personal motor insurance market in mature economies could be 70 percent smaller in 2030 than it is today due to imminent large-scale disruption, according to a report by Boston Consulting Group and Morgan Stanley.
The report is based on 45 interviews with senior executives of insurers, original equipment manufacturers (OEMs) and technology providers and a global survey of motor insurance customers in 11 countries.
An accumulative effect of new mobility, car technology, availability of data, digitisation, regulation, and world economics threatens a significant part of the $200 billion global motor insurance market.
Source: Intelligent Insurer