[Video] Key Trends in European Motor Insurance Webinar
Key Trends in European Motor Insurance, hosted on April 14th at 5 pm CET (11 am EDT) featured Matteo Carbone, Founder & Director of the IoT Insurance Observatory, Pedro Martins Baptista, Partner at Deloitte, and Ryan McMahon, VP of Insurance & Government Affairs at CMT. The discussion highlighted general trends in the European motor insurance market and expectations for connected insurance’s continuous evolution. It also broached key differences between member states, the pace of digital transformation in European insurers, and the strategies deployed to develop different models of connected insurance.
When prompted for his thoughts on the European market, Baptista explains that “motor has always been an anchor product for insurance and has been aggressive from a pricing perspective. If we take a look back to COVID premiums, they were going up during this time. The insurance business was growing across the region and many countries had double digit growth. This means more cars which is a positive market trend. It also meant there was a need for carriers to adjust premium rates.”
The European markets “have seen champions that work with a multi-year commitment to building the capabilities to use data collected from a telematics program to obtain a material impact on their insurance activities,” according to Carbone. He claims “it’s a great opportunity for all the European insurers, but they need to provide a real commitment to bring to the table.”
Watch the recorded version to learn more about these upcoming trends. Register now for our next webinar, The Road Safety Roundtable, Part 2.