MoneySuperMarket's parent company Mony Group lost £144 million in market value after the launch of AI-powered insurance comparison apps on ChatGPT. On Tuesday, Mony Group shares fell up to 13.8% as investors worried about competition from artificial intelligence tools that could undercut traditional comparison websites.

The share price drop came alongside similar declines at Admiral and Future Plc, which owns GoCompare. The market reaction was triggered by the launch of Tuio Home, a Spanish startup's app that lets users check home insurance prices by typing property descriptions directly into ChatGPT. This development sparked fears that customers would abandon traditional comparison websites for AI chatbots.

Analysts at RBC suggested the impact on British comparison websites might be overstated, noting that companies like Mony Group could develop their own AI-powered apps. The firm owns several major comparison platforms including TravelSupermarket, Quidco, and MoneySavingExpert. The market disruption follows similar concerns that hit US insurance companies last week after Insurify launched a comparable AI tool, highlighting growing fears about AI's potential to transform the insurance comparison industry.