Europe Online Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 108.54 Billion EUR |
| Market Size (2029) | USD 155.02 Billion EUR |
| CAGR (2024 - 2029) | 7.39 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Online Insurance Market Analysis
The Europe Online Insurance Market size is estimated at EUR 108.54 billion in 2024, and is expected to reach EUR 155.02 billion by 2029, growing at a CAGR of 7.39% during the forecast period (2024-2029).
In a business environment that is changing quickly, exploring insurance distribution channels has become more and more important for insurance firms. While the transition to digital has been a natural process for the majority of global companies in recent years, it has not been simple for the insurance sector.
Insurance has always been sold by brokers and agents who know their clients well. It is a trusting relationship, particularly when it comes to life and health insurance. In terms of premiums, more than 99% of life insurance plans are sold in person or through intermediaries. Only the final 1% is sold via other methods, including web aggregators.
Online sales are barely getting started; online sales are prohibited in Bulgaria and are already being partially enforced in the Czech Republic due to COVID-19. Over 80% to 90% of Denmark's sales are made online. Online sales are rising in Estonia. Some businesses only conduct internet sales. Online sales are not seen as a separate channel of distribution in France; they are included with other channels. In Croatia, around 1% of all sales are made online in total.Online sales are possible in Italy and internet sales for cars were 7%. Online sales of non-life products are very widespread in Norway. Online sales in Turkey only account for 2.5% of GWP.
With the growing popularity of price comparison websites among consumers and insurance companies, price comparison website companies are indulging in partnerships and acquisition activities to enrich their market presence and product offerings.
Europe Online Insurance Market Trends
This section covers the major market trends shaping the Europe Online Insurance Market according to our research experts:
Covid-19 accelerated the Digital insurance
During the COVID-19 crisis, In Insurance sector, chat and videoconference replaced some of the traditional face-to-face interactions between clients and their intermediaries. And, while personal contact remains important.
While only 22% of Belgian brokerage offices is leveraging software or InsurTech applications to work more efficiently, a growing number of comparison websites is helping brokers develop an offering that better matches client needs.
Brokerage firms are becoming increasingly paperless, with two-thirds of them claiming to have already reached this goal.
Rising Numbers of Insurtech Funding
In 2021, European insurtech funding reached an all-time high, with around EUR 2.5 billion invested through 92 deals.
The ecosystem is maturing so that the average deal size jumped from ~EUR 8 million in 2020 to EUR 28 million in 2021 That's also related to mega-rounds (tickets over EUR 100 million) announced across Europe. Most of them were disclosed in the first half of the year: Zego and BoughtByMany in the UK, Wefox in Germany, and Alan and Shift Technology in France. Only one happened in H2 2021: EnvelopRisk in the UK.
Europe Online Insurance Industry Overview
The report covers the major international players operating in the European online insurance market. In terms of market share, the major traditional players are currently partnering with technological companies to gain competitive advantage in the market studied. However, they face stiff competition from mid-size and smaller insurtech companies, which focus on disrupting the market studied by offering tailored solutions. Some of the major Companies includes Allianz Se, Assicurazioni Generali, Axa Sa, Munich Re among others.
Europe Online Insurance Market Leaders
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Allianz SE
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Assicurazioni Generali SpA
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AXA SA
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Munich RE
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Swiss Re AG
*Disclaimer: Major Players sorted in no particular order
Europe Online Insurance Market News
- In 2022-Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry's entire ecosystem
- In 2022-Allianz Direct and CHECK24 are launching a strategic partnership in Germany and Spain: in future, consumers in both countries will be able to access Allianz Direct products on CHECK24's comparison portals. The first joint product launch will be in motor insurance in Germany: Following a pilot phase in August, Allianz Direct will be fully integrated with car insurance on CHECK24's comparison portal from September 2022
Europe Online Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Defination
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
- 2.1 Study Deliverables
- 2.2 Study Assumptions
- 2.3 Analysis Methodology
- 2.4 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Market Opportunities
- 4.5 Industry Value Chain Analysis
- 4.6 Insights into Latest Technological Innovations and Recent Trends in the Market
- 4.7 Insights on Government Regulations in the Industry
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4.8 Porters Five Force Analysis
- 4.8.1 Threat of New Entrants
- 4.8.2 Bargaining Power of Buyers
- 4.8.3 Bargaining Power of Suppliers
- 4.8.4 Threat of Substitutes
- 4.8.5 Intensity of Competitive Rivalry
- 4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance Type
- 5.1.1 Life Insurance
- 5.1.2 Non-life Insurance
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5.2 By Geography
- 5.2.1 Germany
- 5.2.2 France
- 5.2.3 United Kingdom
- 5.2.4 Italy
- 5.2.5 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration
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6.2 Company Profiles
- 6.2.1 Allianz SE
- 6.2.2 Assicurazioni Generali SpA
- 6.2.3 AXA SA
- 6.2.4 Munich RE
- 6.2.5 Swiss Re AG
- 6.2.6 Aviva
- 6.2.7 Zurich Insurance*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityEurope Online Insurance Industry Segmentation
Online insurance is one can buy insurance online by sitting at home or office without visiting an agent or company. The Europe online insurance market is segmented by Type (life and non-life insurance), and Geography (Germany, France, United Kingdom, Italy, and the Rest of Europe.). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Insurance Type | Life Insurance |
| Non-life Insurance | |
| By Geography | Germany |
| France | |
| United Kingdom | |
| Italy | |
| Rest of Europe |
Europe Online Insurance Market Research FAQs
How big is the Europe Online Insurance Market?
The Europe Online Insurance Market size is expected to reach EUR 108.54 billion in 2024 and grow at a CAGR of 7.39% to reach EUR 155.02 billion by 2029.
What is the current Europe Online Insurance Market size?
In 2024, the Europe Online Insurance Market size is expected to reach EUR 108.54 billion.
Who are the key players in Europe Online Insurance Market?
Allianz SE, Assicurazioni Generali SpA, AXA SA, Munich RE and Swiss Re AG are the major companies operating in the Europe Online Insurance Market.
What years does this Europe Online Insurance Market cover, and what was the market size in 2023?
In 2023, the Europe Online Insurance Market size was estimated at EUR 101.07 billion. The report covers the Europe Online Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Online Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the recent developments in the Europe Online Insurance Industry?
Recent developments in the Europe Online Insurance Industry include a) Acquisitions and Partnerships b) Introduction of digital claims processing to improve efficiency and customer satisfaction
What are the key trends shaping the Europe Online Insurance Market?
The key trends shaping the Europe Online Insurance Market are a) Rise of insurtech companies b) Adoption of AI and machine learning c) Growing popularity of usage-based insurance models
Europe Online Insurance Industry Report
The Europe online insurance market is experiencing robust growth, driven by the increasing adoption of digital platforms for insurance services. This market offers a diverse range of products including motor, health, travel, and property insurance, available through user-friendly online platforms that allow easy comparison and purchase. Competitive pricing, often more favorable than traditional channels due to lower operational costs, further fuels market expansion. However, challenges such as security concerns and the lack of personal interaction can deter some customers. Despite these hurdles, there are significant opportunities for growth through expansion into untapped regions and the introduction of innovative, tailored insurance products. Insurers are increasingly collaborating with technology companies to enhance offerings and improve customer experiences. Market dynamics are shaped by technological advancements, changing consumer behaviors, and varying regulatory frameworks across Europe. For detailed statistics, market share, size, revenue growth rate, and a historical overview of the Europe Online Insurance market, refer to industry reports by Mordor Intelligence™, which include market forecasts and a free report PDF download available as a sample. Key areas such as the European insurance market size, the insurance technology market in Europe, and the roles of insurance companies in Europe are critical components of this analysis.
