Market Size of Asia-Pacific InsurTech Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Insurtech Market Analysis
The Asia-Pacific InsurTech Market is expected to register a CAGR of greater than 7% during the forecast period.
Growth in Insurtech in Asia due to several factors including younger population, low insurance penetration, rapid adoption of mobility (mobility and 5G), increasing incomes and trends related to health accidental and health risk & awareness. Insurtech has seen tremendous growth in APAC, especially after the pandemic. In the APAC region, China, and India account for almost half of the private Insurtech companies and around 78% of the investment.
Insurtech investments in APAC have been on the rise in recent years as disruptive technologies transform the insurance industry. Rapid digitalization and the adoption of innovative business models are driven by rising smartphone penetration, expanding internet penetration, and changing customer preferences. Insurtech investment in APAC has been particularly strong in China, India, and Southeast Asian countries.
Insurance companies are iadopting digital solutions to expand their business and create new product lines based on niche customer needs, which is a major contributor to the market growth. However, the insurance industry is subject to varying standards and regulations, as well as privacy and security concerns, which limit the growth of the market. In addition, emerging economies provide significant growth opportunities for the Insurtech market, allowing insurers to expand and develop their offerings, particularly in emerging economies like Australia, China, and India, as well as Singapore and South Korea.
