Market Size of Europe InsurTech Industry
| 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.
