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UK motor insurance market will shrink by 21 pct by 2040 - BOE
March 17, 2017 / 2:35 PM / 9 months ago

UK motor insurance market will shrink by 21 pct by 2040 - BOE

LONDON, March 17 (Reuters) - The British motor insurance market will shrink by 21 percent by 2040 due to the introduction of self-driving cars, the Bank of England said in a report on Friday.

Self-driving vehicles will account for 80 percent of new sales by 2040, the central bank said in its quarterly bulletin, based on a survey of technology and insurance specialists.

The change would lead to “a reduction in claims frequency as safer automonous vehicles make up an increasing proportion (of total cars licenced in Britain)”, the report said.

Reporting by Carolyn Cohn; editing by David Clarke

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