COVID Pandemic Is Set to Propel Gig Economy Motor Insurance to Nearly €6 Billion by 2030
PTOLEMUS Consulting Group forecasts that European motor insurance premiums for employed and self-employed last-mile delivery will grow to €5.8 billion by 2030.
While the pandemic had a considerable impact on personal mobility, almost stopping international travel and business trips, it benefited the transport of goods, creating a phenomenal boost for the on-demand economy . Amazon hired 2,800 employees a day to reach 1.2 million employees in 2020.
Many other e-commerce players have surfed on this wave, including;
- Online marketplaces such as eBay, C-Discount, and Zalando,
- Food delivery providers such as Deliveroo, Just Eat Takeaway, Stuart, UberEats,
- Courier companies such as Correos Group, DHL, DPD, FedEx and UPS,
- Public and private-hire taxi services: Lyft, MyTaxi, Uber and WeTaxi.
But, insuring the mobility of European gig workers presents many challenges for underwriters: short-term contracts, unpredictable workloads, drivers’ inability to afford high premiums and high claims frequency and severity. Most commercial line insurers are ill-prepared to this.
Therefore, a specific type of usage-based insurance (UBI) is emerging to better cover these risks: On-Demand Insurance (ODI) policies, which adapt to the daily patterns of gig workers. Both traditional insurers such as AXA and new insurtechs such as Inshur, Qover and Zego, are starting to address this market.
PTOLEMUS’ Gig Economy Motor Insurance European Study is the first comprehensive investigation of the European market for the insurance of scooters, cars and vans for the purpose of last-mile delivery, in both employed and self-employed markets. It includes over 220 pages of insights, data, analyses and forecasts through to 2030. A link to the report can be found here: https://bit.ly/2YZKrNJ
Dr Andrew Jackson, PTOLEMUS’ Research Director stated: “Since the coronavirus crisis began, the market potential for on-demand insurance, covering the specific needs of last-mile delivery, has exploded.”
PTOLEMUS Consulting Group is the first strategy consulting & research firm entirely focused on connected & autonomous mobility. It assists leading mobility stakeholders including governments, insurers, telematics service providers, automotive OEMs and vertical service providers in defining & deploying their strategies.
For more information, please contact Andrew Jackson, at: firstname.lastname@example.org
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
LFB1.3.2021 14:02:06 CET | Press release
LFB Announces that the European Medicines Agency (EMA) Has Accepted for Filing the Marketing Authorization Application for eptacog beta (activated), a Recombinant Coagulation Factor VIIa
BOEHRINGER-INGELHEIM1.3.2021 14:02:06 CET | Press release
Boehringer Ingelheim and Gubra Join Forces to Identify and Validate Innovative Peptides for the Treatment of Obesity
CA-NETAPP1.3.2021 14:02:06 CET | Press release
NetApp Joins Aston Martin Cognizant Formula One Team to Pioneer Data-Driven Racing Strategy
MA-HOLOGIC-INC1.3.2021 13:02:10 CET | Press release
Hologic Acquires European Molecular Diagnostic Company Diagenode for Approximately $159 Million
TX-MOUSER-ELECTRONICS1.3.2021 13:02:09 CET | Press release
Mouser Electronics Releases New Intelligent Revolution eBook Examining AI in Humanitarian Applications
TSUNO-GROUP1.3.2021 11:37:13 CET | Press release
Market Survey by TSUNO Group Reveals “Rice Bran Oil” Market in Japan Is Expanding Under COVID-19 Pandemic
VISA1.3.2021 10:02:12 CET | Press release
Visa’s Mission to Digitally Enable Small Businesses Gains Momentum Across Europe
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom