Europe Insurtech Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The European Insurtech Market is Segmented by Business Model (Carrier, Enabler, and Distributor) and Geography (United Kingdom, Germany, France, Italy, Switzerland, Sweden, Netherlands, and Other Countries). The market sizes and forecasts for the above segments are provided in value terms.

Europe Insurtech Industry Overview

Europe InsurTech Market Summary
Study Period: 2018 - 2028
CAGR: > 15 %

Major Players

Europe InsurTech Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Insurtech Market Analysis

The European insurtech market is expected to register a CAGR of about 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 Segments

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.

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 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.

Europe InsurTech Market - Combined value of European InsurTech and VC investment, (2016-2021), In Euro Billion

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 Market - Number of Insurtech Companies in Selected European Countries (As of 2021)

Europe Insurtech Market Competitor Analysis

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 Top Players

  1. Wefox

  2. Clark

  3. Coya

  4. Luko

  5. Getsafe

  6. SimpleInsurance

  7. Omni: US

  8. INZMO

  9. Decado

  10. FRISS

*Disclaimer: Major Players sorted in no particular order

Europe InsurTech Market Concentration

Europe Insurtech Market Recent Developments

  • 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. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insight on Various Regulatory Trends Shaping the Market

    6. 4.6 Insight on Technological Innovations in the Market

    7. 4.7 Insights on Venture Capital Investment in Insurtech in Europe

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Business Model

      1. 5.1.1 Carrier

      2. 5.1.2 Enabler

      3. 5.1.3 Distributor

    2. 5.2 By Geography

      1. 5.2.1 United Kingdom

      2. 5.2.2 Germany

      3. 5.2.3 France

      4. 5.2.4 Italy

      5. 5.2.5 Switzerland

      6. 5.2.6 Sweden

      7. 5.2.7 Netherlands

      8. 5.2.8 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Wefox

      2. 6.2.2 Clark

      3. 6.2.3 Coya

      4. 6.2.4 Lukp

      5. 6.2.5 GetSafe

      6. 6.2.6 Simplesurance

      7. 6.2.7 OMNI: US

      8. 6.2.8 INZMO

      9. 6.2.9 Decado

      10. 6.2.10 FRISS

      11. 6.2.11 Thinksurance

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITY AND FUTURE TREND

  8. 8. DISCLAIMER

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Europe Insurtech Market Research FAQs

The Europe InsurTech Market market is studied from 2018 - 2027.

The Europe InsurTech Market is growing at a CAGR of >15% over the next 5 years.

Wefox, Clark, Coya, Luko, Getsafe, SimpleInsurance, Omni: US, INZMO, Decado, FRISS are the major companies operating in Europe InsurTech Market.

Europe InsurTech Industry Reports

In-depth industry statistics and market share insights of the Europe InsurTech sector for 2020, 2021, and 2022. The Europe InsurTech research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Europe InsurTech report PDF.

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