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Embedded Insurance Market Size (2024 - 2029)

The embedded insurance market is experiencing significant growth, driven by its ability to integrate insurance products into widely used platforms, thereby reaching new customer segments and expanding coverage. This market expansion is facilitated by the seamless integration of insurance into everyday products, enhancing customer engagement and addressing issues of underinsurance. Both traditional insurance companies and insurtech startups are actively participating in this market, with traditional insurers leveraging their established customer bases and expertise, while insurtechs focus on innovative technologies and partnerships to disrupt the industry.

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Market Size of Embedded Insurance Industry

Embedded Insurance Market Summary
Study Period 2020-2029
Market Size (2024) USD 156.06 Billion
Market Size (2029) USD 703.44 Billion
CAGR (2024 - 2029) 35.14 %
Fastest Growing Market North America
Largest Market Asia

Major Players

Embedded Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Embedded Insurance Market Analysis

The Embedded Insurance Market size in terms of gross written premiums value is expected to grow from USD 156.06 billion in 2024 to USD 703.44 billion by 2029, at a CAGR of 35.14% during the forecast period (2024-2029).

The embedded insurance market is gaining traction due to several factors. First, it has offered a way to reach new customer segments and expand insurance coverage by embedding insurance products into popular platforms or products with large user bases. This approach has allowed insurers to tap into existing customer relationships and offer insurance solutions at the point of need or interest. Embedded insurance addresses the issue of underinsurance or lack of awareness by providing coverage that is relevant and easily accessible to customers. Embedded insurance had the potential to enhance customer engagement and loyalty. Insurers could create personalized and contextually relevant offerings by integrating insurance seamlessly into everyday products or services. Regarding market players, both traditional insurance companies and insurtech startups have been exploring embedded insurance opportunities. Traditional insurers sought to leverage their expertise and existing customer base, while insurtech startups aimed to disrupt the industry with innovative technology solutions and partnerships with platform providers.

Embedded Insurance Industry Segmentation

Embedded insurance involves incorporating insurance services into non-insurance products or services, like mobile applications, online retail platforms, or interconnected devices. It focuses on insights into the many product and application types, market dynamics, and emerging trends in the segments and regional markets. It also examines the competitive environment and the major players. The market is segmented by insurance line into electronics, furniture, sports equipment, travel insurance, and others. The market is segmented by online and offline channels. The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. The report offers market size and forecasts for the embedded insurance market regarding revenue (USD) for all the above segments.

By Insurance Line
Electronics
Furniture
Sports Equipment
Travel Insurance
Others
By Channel
Online
Offline
By Geography
North America
United States
Canada
Europe
United Kingdom
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Embedded Insurance Market Size Summary

The embedded insurance market is experiencing significant growth, driven by the integration of insurance products into widely used platforms and services. This approach allows insurers to reach new customer segments and expand coverage by offering insurance solutions at the point of need. The market is characterized by the involvement of both traditional insurance companies and insurtech startups, with the former leveraging their existing customer bases and expertise, while the latter focus on innovative technology and strategic partnerships. The increasing availability and affordability of life insurance policies have made them a key component of embedded insurance offerings, providing convenience and a seamless user experience. This integration is particularly evident in sectors such as fintech, where users can purchase life insurance while engaging in other financial activities.

In Asia, the rapid digitalization and high smartphone adoption rate have created ample opportunities for embedded insurance solutions. Insurance providers are partnering with e-commerce platforms, ride-hailing apps, and financial technology companies to offer insurance coverage seamlessly within these digital services. This strategy addresses the significant underinsurance issue in the region by making insurance products easily accessible and affordable. The market is moderately consolidated, with major players like Lemonade, Metromile, Slice, Hippo, and Root Insurance leading the way. The competitive landscape is expected to intensify as companies engage in mergers, acquisitions, and partnerships to expand their market presence, while mid-size and smaller businesses continue to innovate and penetrate untapped sectors.

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Embedded Insurance Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Various Regulatory Trends Shaping the Embedded Insurance Market

    5. 1.5 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Use Cases (Key Partnerships Between Insurance Companies And Retailers, E-Commerce, Technology Providers)

    8. 1.8 Value Chain Analysis

    9. 1.9 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Line

      1. 2.1.1 Electronics

      2. 2.1.2 Furniture

      3. 2.1.3 Sports Equipment

      4. 2.1.4 Travel Insurance

      5. 2.1.5 Others

    2. 2.2 By Channel

      1. 2.2.1 Online

      2. 2.2.2 Offline

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 France

        3. 2.3.2.3 Italy

        4. 2.3.2.4 Spain

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of Asia Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Mexico

        2. 2.3.4.2 Brazil

        3. 2.3.4.3 Rest of Latin America

      5. 2.3.5 Middle East & Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle East & Africa

Embedded Insurance Market Size FAQs

The Embedded Insurance Market size is expected to reach USD 156.06 billion in 2024 and grow at a CAGR of 35.14% to reach USD 703.44 billion by 2029.

In 2024, the Embedded Insurance Market size is expected to reach USD 156.06 billion.

Embedded Insurance Market Report Snapshots

Embedded Insurance Market Size & Share Analysis - Growth Trends & Forecast (2024-2029)