Europe InsurTech Market Size (2024 - 2029)

The Europe insurtech market is experiencing significant growth, driven by a new wave of start-ups and increased customer demand for innovative solutions, a trend accelerated by the COVID-19 pandemic. This growth is characterized by the expansion of insurers and insurtechs beyond traditional services into areas like risk analysis and prevention, transforming their roles into service-oriented companies. The market's value has seen substantial increases, with Europe witnessing the rise of major insurtech players across various sectors. The industry is increasingly integrating into broader service ecosystems, moving from mere risk transfer to comprehensive risk management and prevention, a shift largely propelled by the surge in data availability.

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Market Size of Europe InsurTech Industry

Europe InsurTech Market Summary
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

Europe InsurTech Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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
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Europe InsurTech Market Size Summary

The European insurtech market is experiencing significant growth, driven by a surge in innovative start-ups and increased customer demand for advanced insurance solutions. The COVID-19 pandemic acted as a catalyst, accelerating the development of new insurtech companies and boosting investment levels in the region. This growth is characterized by a shift in the role of insurers, who are expanding their services beyond traditional insurance to include risk analysis, prevention, and replacement services, leveraging the availability of contextual data. As a result, the market is witnessing the emergence of major insurtech players in sectors such as healthcare, property and casualty insurance, and Software-as-a-Service, transforming the industry into a more integrated ecosystem of services.

The European insurtech landscape is marked by a high level of fragmentation, with a substantial number of start-ups emerging, particularly in the United Kingdom, Germany, and France. These countries account for a significant portion of the region's insurtech companies, which have seen a dramatic increase in enterprise value and investment over recent years. Despite the majority of these companies being in the seed stage, the competition for venture capital funding is intense, as evidenced by substantial funding rounds for companies like GetSafe and Wefox Group. This dynamic environment positions Europe as a leading market for insurtech development, with the region attracting a considerable share of global investment in the sector.

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Europe InsurTech Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insight on Various Regulatory Trends Shaping the Market

    6. 1.6 Insight on Technological Innovations in the Market

    7. 1.7 Insights on Venture Capital Investment in Insurtech in Europe

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Business Model

      1. 2.1.1 Carrier

      2. 2.1.2 Enabler

      3. 2.1.3 Distributor

    2. 2.2 By Geography

      1. 2.2.1 United Kingdom

      2. 2.2.2 Germany

      3. 2.2.3 France

      4. 2.2.4 Italy

      5. 2.2.5 Switzerland

      6. 2.2.6 Sweden

      7. 2.2.7 Netherlands

      8. 2.2.8 Other Countries

Europe InsurTech Market Size FAQs

The Europe InsurTech Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

Wefox, Clark, Coya, Luko and FRISS are the major companies operating in the Europe InsurTech Market.

Europe InsurTech Report Snapshots

Europe Insurtech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)