March 17, 2017 / 12:29 PM / 4 months ago

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

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Traffic flows along the M56 motorway as the sun sets near Manchester, northern England February 15, 2016Phil Noble

LONDON (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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