Whether we like it or not, cities have become the main protagonists of the 21st century. Currently, around 56% of the world’s population lives in urban areas. This trend is increasing, so much so that the United Nations estimates that by 2050 nearly 7 out of every 10 people will live in these spaces, meaning about 68% of the planet’s inhabitants.

Furthermore, at present, more than 500 cities have populations exceeding one million, and megacities—those with population centers of over 10 million people—already number more than forty worldwide.

New mobility on the rise 

This growing mass is a major challenge for urban mobility, which in recent decades has undergone a significant transformation to adapt not only to population growth, but also to challenges such as climate change and the fight against pollution.  

Several factors converge in this paradigm shift: the emergence of personal mobility vehicles, shared use, the trend toward transportation electrification, and the implementation of low-emission zones. The new ecosystem therefore ranges from electric scooters and shared bicycles to carsharing, autonomous vehicles, etc.  

It is precisely this new mobility that will grow the most over the next decade. At least, this is the conclusion of a report prepared by the Oliver Wyman Forum and the Institute of Transportation Studies (ITS) at the University of California, Berkeley, which forecasts an average annual growth of nearly 10%, compared to a 5% increase for the sector overall.  

Some cities are already making a difference, such as Copenhagen and Amsterdam, with models to follow in cycling mobility and efficient public transportation; Oslo, as a leader in the adoption of electric vehicles; Singapore, as a pioneer in the use of advanced technology for traffic management; and Helsinki, with its innovative mobility system that integrates various modes of transportation in one place. 

Keys to the evolution of insurance

The rise of these new modalities is transforming the way we travel in cities and poses unique challenges for the insurance industry. Insurance companies are making a significant effort to adapt to the new landscape, focusing on the following key areas: 

• • • • • An innovative approach 

          In short, new urban mobility requires an innovative approach in the field of insurance. As cities adapt to new forms of transportation, this sector evolves to offer more flexible solutions that not only protect users, but also promote a safer environment, with the use of technology and a commitment to sustainability.  

          In this area, Mapfre has insurance for electric scooters, ‘MásPatín,’ in Spain. Since 2021, it has offered its customers the ‘Cambio’ Range, an insurance product for electric and plug-in hybrid cars, specifically designed to cover the unique needs of this type of vehicle. 

          Verti also has its own personal mobility product, focused on providing coverage for public transportation, taxi, VTC, shared vehicles, and electric scooters. The type of transportation no longer matters—what counts now is the personalization of the offering.