Europe Insurtech Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 15.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Insurtech Market Analysis
The Europe InsurTech Market is poised to grow at a CAGR of greater than 15% during the forecast period. The COVID-19 pandemic had a significantly positive impact on the European insurtech market by accelerating the new generation of start-ups and customer demand for innovative insurtechs. Despite the pandemic, the region attracted a record level of insurtech investments for the year.
A new generation of start-ups, accelerated by the pandemic and new customer demand, is fuelling innovation in the European insurtech industry. Insurers and insurtechs are expanding beyond insurance services, including risk analysis, prevention, and replacement services. This transformation is fueled by the availability of contextual data and is shifting the role of insurers into service companies. The combined value of the European insurtech market has increased drastically over the years, and Europe is starting to see the emergence of major insurtech companies in healthcare, P &C insurance, and Software-as-a-Service.
The insurtech industry is evolving, and various players in the value chain are partnering to offer a broader ecosystem of services. The industry is rapidly embedding into platforms and other services, from repairs and maintenance to healthcare services and prevention. Insurance is moving beyond pure risk transfer to risk management and prevention, which is further fueled by an exponential increase in the availability of data. This shift may become a determining factor for some companies in the market in the next decade.
Europe Insurtech Market Trends
This section covers the major market trends shaping the Europe Insurtech Market according to our research experts:
Investments in Insurtech Start-ups in Europe are Rising
With the emergence of new start-ups, the insurance industry in Europe is gaining momentum. The combined enterprise value of the European insurtech start-ups has increased by four times from 2016, reaching EUR 17 billion. Similarly, insurance investment in Europe is also growing faster than anywhere else in the world. The year 2021 proved to be a turning point for European insurtechs. Venture capitalist investments already reached EUR 1.8 billion in just five months. Compared to 2016, the investment has increased by 16 times and is at an all-time high.
United Kingdom is Home to the Largest Number of Insurtech Companies
Europe has been a potential market for the development of insurtech companies. Between 2010 and September 2021, there were 293 new insurtech companies in Europe. The United Kingdom, Germany, and France alone made up 201 of these companies. These three countries host almost 70% of the insutechs in the region. In 2021, the European insurtech market became the second most funded market in the space, behind the United States. Insurtechs in Europe accounted for 26.9% of the capital invested, which stood at 15.6% in 2020.
Europe Insurtech Industry Overview
Since a large number of new start-ups are emerging in Europe, the insurance market is quite fragmented. The number is increasing prominently in the United Kingdom, Germany, and France. The emerging players in the industry are Wefox, Clark, Coya, Luko, GetSafe, SimpleInsurance, Omni: US, INZMO, Decado, FRISS, and Thinksurance. The majority of insurtechs are still in the seed stage, and very few are in the growth and maturity stage. Thus, competition exists among the insurtech companies to get seed funding from venture capitalists.
Europe Insurtech Market Leaders
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Wefox
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Clark
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Coya
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Luko
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FRISS
*Disclaimer: Major Players sorted in no particular order
Europe Insurtech Market News
- In October 2021, GetSafe extended its Series B funding round. In addition to its original Series B funding of USD 30 million, the company added another USD 63 million in fresh capital. Overall, GetSafe raised USD 93 million in the Series B round. The investors included an unnamed family office, Earlybird, and Abacon Capital.
- In June 2021, the Berlin insurance company Wefox Group raised a record-breaking USD 650 million in funds, leading to a USD 3 billion valuation of the company. With this funding, the insurtech start-up's value has grown threefold since tapping investors in 2019.
Europe Insurtech Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insight on Various Regulatory Trends Shaping the Market
- 4.6 Insight on Technological Innovations in the Market
- 4.7 Insights on Venture Capital Investment in Insurtech in Europe
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Business Model
- 5.1.1 Carrier
- 5.1.2 Enabler
- 5.1.3 Distributor
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5.2 By Geography
- 5.2.1 United Kingdom
- 5.2.2 Germany
- 5.2.3 France
- 5.2.4 Italy
- 5.2.5 Switzerland
- 5.2.6 Sweden
- 5.2.7 Netherlands
- 5.2.8 Other Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Wefox
- 6.2.2 Clark
- 6.2.3 Coya
- 6.2.4 Lukp
- 6.2.5 GetSafe
- 6.2.6 Simplesurance
- 6.2.7 OMNI: US
- 6.2.8 INZMO
- 6.2.9 Decado
- 6.2.10 FRISS
- 6.2.11 Thinksurance*
- *List Not Exhaustive
7. MARKET OPPORTUNITY AND FUTURE TREND
8. DISCLAIMER
** Subject To AvailablityEurope Insurtech Industry Segmentation
Insurtech refers to the use of technological innovation to improve the efficiency of the current insurance business model. The growing digitization has led various participants of the insurance industry value chain toward technological innovations. These rapid technological advancements are leading to an expansion of the insurtech market.
The European insurtech market is segmented by business model and geography. By business model, it can be segmented into carrier, enabler, and distributor. By geography, it can be segmented into the United Kingdom, Germany, France, Italy, Switzerland, Sweden, the Netherlands, and Other Countries. The report also offers a complete background analysis of the European insurtech market, including market sizes, market segments, industry trends, and growth drivers. The market sizes and forecasts for the above segments are provided in value (USD Billion) terms.
| By Business Model | Carrier |
| Enabler | |
| Distributor | |
| By Geography | United Kingdom |
| Germany | |
| France | |
| Italy | |
| Switzerland | |
| Sweden | |
| Netherlands | |
| Other Countries |
Europe Insurtech Market Research FAQs
What is the current Europe InsurTech Market size?
The Europe InsurTech Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)
Who are the key players in Europe InsurTech Market?
Wefox, Clark, Coya, Luko and FRISS are the major companies operating in the Europe InsurTech Market.
What years does this Europe InsurTech Market cover?
The report covers the Europe InsurTech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe InsurTech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe InsurTech Industry Report
Statistics for the 2024 Europe InsurTech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe InsurTech analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
