Business Insurance

Insurtech seen eating into market share of established insurers

Established insurers will face a squeeze on profits and market share as new financial technology companies muscle in on the industry, a senior European Union official said on Wednesday.

More fintech firms are expected to offer insurance, helped by the impact of the coronavirus crisis which has encouraged the swifter adoption of new technology in the workplace and business, said Martin Merlin, the European Commission’s director for banking, insurance and financial crime.