Market Size of US Insurtech Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 49.82 Billion |
| Market Size (2029) | USD 66.66 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Insurtech Market Analysis
The US Insurtech Market size is estimated at USD 49.82 billion in 2024, and is expected to reach USD 66.66 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The United States is the largest insurance market globally, and it has been a hotbed for insurtech companies. The market has experienced substantial growth in recent years, with investments pouring into insurtech startups. Insurtech has attracted significant venture capital investment. Insurtech companies leverage various technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, the Internet of Things (IoT), and blockchain to streamline processes, enhance underwriting accuracy, automate claims handling, and personalize insurance products. Insurtech has facilitated the emergence of new insurance models, such as peer-to-peer (P2P) insurance, on-demand insurance, and usage-based insurance (UBI). These models offer more tailored coverage options and flexible pricing based on individual risk profiles. Insurtech companies in the United States focus on improving customer experience by offering user-friendly digital platforms, simplified policy purchasing processes, and faster claims settlement.
The post-COVID-19 scenario of the United States insurtech market is experiencing significant growth. Insurtech companies are leveraging technology to provide innovative solutions and streamline insurance processes. Factors like increased digitization, rising customer expectations, and the need for personalized insurance offerings are driving the market.
