Market Size of Europe Online Insurance Industry
| 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 |
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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 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 Size Summary
The Europe Online Insurance Market is expected to experience significant growth in the coming years. This growth is attributed to the increasing importance of exploring insurance distribution channels in a rapidly changing business environment. While the transition to digital has been a natural process for most global companies, it has been a challenge for the insurance sector, which has traditionally relied on brokers and agents for sales. However, the trend towards online sales is starting to take hold, with some countries like Denmark seeing a significant proportion of sales made online. The Covid-19 pandemic has accelerated the digital insurance trend, replacing traditional face-to-face interactions with chat and videoconferencing. The growing popularity of price comparison websites among consumers and insurance companies is also contributing to the growth of the online insurance market. The industry is seeing a rise in insurtech funding, indicating a maturing ecosystem. Major traditional players in the market are partnering with tech companies to gain a competitive edge, but they face stiff competition from mid-size and smaller insurtech companies offering tailored solutions.
Explore MoreEurope Online Insurance Market Size - Table of Contents
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1. MARKET SEGMENTATION
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1.1 By Insurance Type
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1.1.1 Life Insurance
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1.1.2 Non-life Insurance
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1.2 By Geography
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1.2.1 Germany
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1.2.2 France
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1.2.3 United Kingdom
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1.2.4 Italy
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1.2.5 Rest of Europe
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Europe Online Insurance Market Size 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.
