Gig Economy Motor Insurance European Study

The first report to assess & forecast the motor insurance market for the European gig economy

Great market opportunities…

Gig economy insurance

In the midst of the COVID-19 pandemic, fast growing markets are hard to come by. So it gives PTOLEMUS great pleasure to announce its latest report that analyses and forecasts a major opportunity for commercial line insurers serving the so-called “gig workers”.

The motor insurance market serving the last-mile food delivery, courier and private- & public-hire taxi services, is set to explode over the next 10 years, to reach premiums of €5.8 billion by 2030.

The 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 brings 220 pages of insight, data, analyses and forecasts through to 2030.

As a result of the national lockdown restrictions imposed across Europe, demand for e-commerce and the associated delivery services has rocketed in the last 12 months, accelerating expansion plans of last-mile food delivery and courier services as they become embedded in the daily habits and requirements of businesses and families alike.

A perfect example of this is the food delivery service provider Deliveroo in the UK: in 2020, it attracted 20,000 new restaurants, it doubled its delivery workforce, and it plans to expand into 100 new towns and cities.

… great challenges for insurance companies

However, insuring the mobility of European gig workers presents considerable challenges for underwriters: short-term contracts, unpredictable workloads, drivers’ inability to afford high premiums and high claims frequency and severity. Some of these drivers are employed by the last mile provider while others are self-employed. Most commercial line insurers are ill-prepared to handle this complexity, diversity and unpredictability of risks.

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 Wakam and new insurtechs such as Inshur, Qover and Zego, are starting to address this market. 

self-employed commercial motor insurance

The 220-page study contains:

  • An assessment of the European gig economy motor insurance market today including an assessment of the major prevailing legistlative and commercial trends, that are set to shape the next decade across Europe;
  • A comprehensive review of the impact of the global impact of COVID-19 on the last-mile movement and delivery of goods food and people;
  • A comprehensive breakdown and explanation of the gig economy motor insurance market by the major modalities (scooter, car and LCV) and across its 3 major verticals (food delivery, courier and taxicab);
  • Forecasts for 5 countries and the rest of Europe including revenue projections and number of policies from 2020 to 2030.

The research provides you with an unparalleled understanding of the impact of how this rapidly growing gig economy is poised to impact the commercial line insurance market.

The report enables you to:

  • Learn about the top 5 countries’ and the European region, players, current status and key future developments that any industry player or investor must understand to successfully develop their future strategy;
  • Identify the commercial opportunities, with the report’s profiling of both mature and nascent markets for self-employed commercial motor insurance in the gig economy.
  • Increase your ROI by identifying investment opportunities and aligning your strategy with the correct industries and future national legislative changes across the top 5 European economies;
  • Reduce uncertainty regarding your business strategy, as our bottom-up forecasts take into account the impact of COVID-19, giving you the best possible guide to build your business projections through to 2030

The research features:

  • 220+ pages of analysis on the current and future volume and value of the European self-employed commercial motor insurance market
  • Analysis of the European gig economy motor insurance market across 6 markets:
    • France
    • Germany
    • Italy
    • Spain
    • United Kingdom
    • Rest of Europe
  • The identification of which industry verticals will display the highest growth
  • Conclusions that detail where the major revenue opportunities will be across 3 industry verticals, including:
    • Food delivery
    • Courier
    • Taxicab
  • Conclusions that detail where the major revenue opportunities will be across 3 modalities, including:
    • Scooters
    • Cars
    • Light Commercial Vehicles (LCVs)
  • Forecasts of the volume and value of the European gig economy commercial motor insurance market from 2020 to 2030, taking into account the impact of COVID-19
    • Number of policies and premiums for each of the 6 geographic regions
    • Number of policies and premiums for each of the 3 vertical markets

Fill in this form to download the report’s free abstract