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Study Period | 2020 - 2030 |
Market Size (2025) | USD 210.90 Billion |
Market Size (2030) | USD 950.59 Billion |
CAGR (2025 - 2030) | 35.14 % |
Fastest Growing Market | North America |
Largest Market | Asia |
Market Concentration | Medium |
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 210.90 billion in 2025 to USD 950.59 billion by 2030, at a CAGR of 35.14% during the forecast period (2025-2030).
The embedded insurance landscape is experiencing a fundamental transformation as traditional insurers and technology companies forge strategic partnerships to enhance distribution capabilities and customer reach. The property and casualty (P&C) insurance sector, which forms the backbone of embedded insurance offerings, demonstrated robust growth with net premiums written reaching USD 781.6 billion in the United States alone in 2022. This substantial market size has attracted numerous technology players and insurtech startups, leading to innovative distribution models and enhanced digital capabilities across the insurance value chain.
The mobility and transportation sector has emerged as a key battleground for embedded insurance innovation, driven by the explosive growth in bicycle and e-bike adoption globally. The World Bicycle Industry Association reported combined global sales of 90.1 million bicycles and 42.31 million e-bikes in 2022, creating unprecedented opportunities for embedded insurance providers to integrate protection solutions at the point of sale. Insurance companies are increasingly partnering with manufacturers and retailers to offer seamless embedded coverage options, ranging from theft protection to accident coverage, directly embedded within the purchase journey.
The pet insurance segment is witnessing remarkable evolution within the embedded insurance ecosystem, supported by the growing pet ownership trends across major markets. China's pet population reached approximately 220 million in 2022, while India reported over 31 million pet dogs in 2023, highlighting the massive untapped potential for embedded insurance solutions. Insurance providers are leveraging these demographics to develop innovative products that can be seamlessly integrated into pet-related services, veterinary care platforms, and pet retail channels.
Technology investments and regulatory developments are reshaping the competitive landscape of the embedded insurance market. Major insurance groups are making substantial investments in technological capabilities, exemplified by Ping An's commitment to invest approximately USD 14 billion in AI, cloud computing, and blockchain technologies by 2030. On the regulatory front, the Saudi Central Bank's introduction of new insurtech regulations in July 2023 demonstrates the growing recognition of embedded insurance as a distinct business model requiring specialized oversight. These developments are fostering an environment conducive to innovation while ensuring consumer protection and market stability.
Embedded Insurance Market Trends
Growing Digital Transformation and E-commerce Integration
The rapid digitalization of financial services and e-commerce platforms has created unprecedented opportunities for embedded insurance integration. Traditional insurers and digital platforms are increasingly collaborating to offer seamless embedded insurance products at the point of sale, leveraging advanced technologies like APIs, cloud computing, and artificial intelligence. This transformation is particularly evident in the banking sector, where both digital and traditional bank customers show strong interest in embedded insurance products, with approximately 49% citing convenience and ease of use as primary motivators, while 46% of digital bank customers and 42% of traditional bank customers express trust in their banks for insurance services.
The evolution of vertical SaaS platforms across various industries has further accelerated the adoption of embedded insurance solutions. These platforms, serving specific sectors like restaurants (Toast), construction management (Procore), and commercial service professionals (ServiceTitan), create comprehensive ecosystems that facilitate the distribution of embedded insurance services, including insurance products. The integration of insurance into these platforms enables real-time risk assessment, automated underwriting, and instantaneous policy issuance, significantly reducing the friction in insurance purchases while providing valuable data insights for more accurate pricing and risk assessment.
Technological Advancements in Insurance Infrastructure
The insurance industry is witnessing a significant transformation through technological innovation, with companies making substantial investments in digital infrastructure. For instance, Ping An Insurance Group has committed to investing approximately USD 14 billion in technological developments including AI, cloud computing, and blockchain by 2030, demonstrating the industry's commitment to digital transformation. These investments are enabling the development of sophisticated embedded insurance platforms that can process complex data in real-time, automate underwriting decisions, and provide instantaneous coverage based on customer behavior and needs.
The emergence of API-first technology platforms has revolutionized the way insurance products are distributed and managed. These platforms enable seamless integration between insurance providers and third-party distributors, allowing for real-time data exchange, automated claims processing, and dynamic pricing adjustments. The technology infrastructure also supports the development of usage-based insurance products, parametric insurance solutions, and micro-insurance offerings that can be embedded into various customer journeys. This technological evolution has made it possible for insurers to offer highly personalized products while maintaining operational efficiency and reducing distribution costs. The insurance software market is a key enabler in this transformation, providing the necessary tools and platforms to support these advancements.
Regulatory Support and Innovation Initiatives
Regulatory bodies worldwide are increasingly supporting the growth of embedded insurance through innovative frameworks and sandbox initiatives. The creation of regulatory sandboxes enables insurance providers and technology companies to test new digital insurance products and services in a controlled environment, fostering innovation while ensuring consumer protection. For instance, the Saudi Central Bank (SAMA) approved new rules governing fintech companies in July 2023, with a specific focus on insurtech firms, demonstrating the regulatory commitment to fostering innovation in the insurance sector.
The regulatory landscape is evolving to accommodate new distribution models while maintaining strong consumer protection measures. The Insurance Distribution Directive (IDD) in Europe has created a level playing field for various market participants involved in insurance sales, including e-commerce websites and point-of-sale retailers. These regulatory frameworks are complemented by data protection and security regulations that ensure the safe handling of consumer information in digital insurance transactions. The combination of supportive regulations and consumer protection measures has created a conducive environment for the growth of embedded insurance solutions while maintaining market stability and consumer confidence. The embedded insurance market is poised for growth as these regulatory measures continue to evolve.
Segment Analysis: By Insurance Line
Travel Insurance Segment in Global Embedded Insurance Market
Travel insurance has emerged as the dominant segment in the global embedded insurance market, commanding approximately 36% market share in 2024. This significant market position is driven by the increasing integration of embedded travel insurance products into travel bookings and reservations across various digital platforms. Major travel companies, airlines, and online travel agencies are actively incorporating embedded travel insurance options into their booking processes, making it more convenient for travelers to secure coverage. The segment's growth is further supported by heightened awareness of travel-related risks and the need for comprehensive protection, particularly for international travel. Additionally, the rise of digital travel platforms and the seamless integration of insurance products through API-based solutions have made it easier for travelers to purchase coverage during their booking journey.
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Pet Insurance Segment in Global Embedded Insurance Market
The pet insurance segment is demonstrating remarkable growth potential in the embedded insurance market, with an expected growth rate of approximately 39% from 2024 to 2029. This exceptional growth is driven by increasing pet ownership globally and rising veterinary costs, combined with growing awareness of pet healthcare needs. The segment is witnessing significant innovation in terms of product offerings, with insurers developing specialized coverage options for different types of pets and various medical conditions. The integration of pet insurance into pet-related e-commerce platforms, veterinary clinic systems, and pet service applications has made it more accessible to pet owners. Furthermore, the adoption of digital technologies and automated claims processing has enhanced the customer experience, contributing to the segment's rapid expansion.
Remaining Segments in Global Embedded Insurance Market by Insurance Line
The embedded insurance market encompasses several other significant segments including electronics, mobility, furniture, sports equipment, and other specialty insurance lines. The electronics segment has established itself as a crucial component, particularly in e-commerce platforms and retail channels, offering protection for various electronic devices and appliances. The mobility segment, focusing on bikes and e-bikes, has gained traction with the rising popularity of sustainable transportation options. Furniture insurance has found its niche in online and offline retail channels, while sports equipment insurance caters to the growing sports and fitness market. Each of these segments contributes uniquely to the market's diversity, serving specific consumer needs and preferences across different distribution channels.
Segment Analysis: By Channel
Online Channel Segment in Global Embedded Insurance Market
The online channel segment has emerged as the dominant force in the global embedded insurance market, commanding approximately 94% of the total market share in 2024. This overwhelming dominance is driven by the increasing digitalization of insurance distribution channels and the seamless integration of embedded insurance products into e-commerce platforms, digital banking applications, and online retail environments. The segment's leadership position is reinforced by the growing consumer preference for digital insurance purchases, enhanced by sophisticated technologies like AI-powered underwriting, automated claims processing, and real-time policy management. Online channels have become particularly effective in distributing various insurance products, including travel insurance, electronics protection, and mobility coverage, through strategic partnerships with digital platforms and marketplaces. The segment's success is further bolstered by the rising adoption of mobile banking, digital payments, and e-commerce platforms, which provide natural touchpoints for embedded coverage offerings.
Offline Channel Segment in Global Embedded Insurance Market
The offline channel segment continues to play a vital role in the embedded insurance market, particularly in regions where traditional distribution networks remain strong. This segment maintains its relevance through physical retail locations, automotive dealerships, and traditional banking branches, where face-to-face interactions are still valued by certain customer segments. Offline channels excel in providing personalized consultation and support, especially for complex insurance products that may require detailed explanation and customization. The segment has evolved to incorporate hybrid models, where physical touchpoints are enhanced by digital capabilities, creating a more integrated customer experience. Traditional retailers and brick-and-mortar businesses are increasingly incorporating embedded insurance offerings into their point-of-sale systems, demonstrating the segment's adaptation to changing market dynamics while maintaining the human touch that many customers still prefer.
Embedded Insurance Market Geography Segment Analysis
Embedded Insurance Market in North America
North America represents the most mature and largest market for embedded insurance solutions, with the United States and Canada leading technological innovation in this space. The region benefits from advanced digital infrastructure, high consumer awareness, and favorable regulatory environments that support the integration of embedded insurance products into various customer touchpoints. Both countries have witnessed significant adoption across multiple sectors, including travel, electronics, mobility, and pet insurance, driven by strong partnerships between traditional insurers, technology providers, and various distribution channels.
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Embedded Insurance Market in the United States
The United States dominates the North American embedded insurance market, leveraging its robust property and casualty insurance foundation and extensive network of insurtech partnerships. The market benefits from a sophisticated regulatory framework that enables innovation while ensuring consumer protection. The country's insurance sector is characterized by strong digital adoption rates, diverse product offerings, and seamless integration capabilities across multiple industries. The United States holds approximately 48% market share of the global embedded insurance market in 2024, supported by its large consumer base and advanced technological infrastructure.
Embedded Insurance Market in Canada
Canada emerges as the fastest-growing market in North America, demonstrating remarkable innovation in embedded insurance solutions, particularly in small and medium-sized business segments. The country's growth is driven by vertical SaaS platforms, strategic partnerships between insurers and technology providers, and increasing consumer demand for integrated insurance products. The Canadian market is projected to grow at approximately 36% annually from 2024 to 2029, fueled by strong adoption in sectors such as automotive, retail, and financial services.
Embedded Insurance Market in Europe
Europe represents a diverse and sophisticated market for embedded insurance, with multiple countries contributing to its growth and innovation. The region benefits from harmonized regulatory frameworks under EU directives, particularly the Insurance Distribution Directive, which facilitates cross-border operations and standardized consumer protection measures. The market demonstrates strong adoption across various sectors, with countries like Germany, France, and the UK leading in technological integration and product innovation.
Embedded Insurance Market in the DACH Region
The DACH region, comprising Germany, Austria, and Switzerland, stands as the largest embedded insurance market in Europe. The region's success is built on its strong technological infrastructure, high digital adoption rates, and the presence of innovative embedded insurance companies. The DACH region commands approximately 6% of the global embedded insurance market share in 2024, supported by its robust economy and advanced financial services sector.
Embedded Insurance Market in Spain
Spain emerges as Europe's fastest-growing embedded insurance market, characterized by its dynamic insurtech landscape and innovative distribution models. The country's market is experiencing rapid transformation with over 340 insurtech startups actively developing new insurance products and cover options. The Spanish market is projected to grow at approximately 37% annually from 2024 to 2029, driven by strong adoption in mobility, travel, and electronic sectors.
Embedded Insurance Market in Asia Pacific
The Asia Pacific region represents a diverse and rapidly evolving market for embedded insurance, characterized by varying levels of digital maturity and regulatory frameworks across different countries. The region encompasses mature markets like Japan and South Korea, alongside emerging powerhouses such as China and India, each contributing uniquely to the overall market landscape. The market demonstrates strong potential across various sectors, particularly in mobile commerce, digital payments, and e-commerce platforms.
Embedded Insurance Market in China
China leads the Asia Pacific embedded insurance market, leveraging its massive digital ecosystem and advanced technological infrastructure. The country's market benefits from the presence of major technology companies and their super-apps, which serve as powerful distribution channels for embedded insurance products. The market is characterized by innovative partnerships between insurers, technology companies, and various platform providers.
Embedded Insurance Market in India
India emerges as the fastest-growing market in the Asia Pacific region, driven by rapid digitalization, increasing smartphone penetration, and supportive regulatory initiatives. The market demonstrates strong potential across various sectors, particularly in automotive, travel, electronics, and healthcare segments. The country's growth is supported by significant investments in insurtech startups and the development of innovative distribution models, making it a key player in the embedded insurance landscape.
Embedded Insurance Market in Latin America
Latin America's embedded insurance market is experiencing significant transformation, driven by increasing digital adoption and evolving consumer preferences. The region encompasses key markets including Mexico and Brazil, each contributing to the market's growth through different strengths and opportunities. Brazil emerges as the largest market in the region, while Mexico shows the fastest growth potential, both countries benefiting from their large consumer bases and rapid digital transformation initiatives.
Embedded Insurance Market in the Middle East & Africa
The Middle East & Africa region presents a growing market for embedded insurance, characterized by rapid digital transformation and supportive regulatory initiatives. The region includes key markets such as the UAE, Saudi Arabia, and South Africa, each contributing uniquely to the market's development. Saudi Arabia emerges as the largest market in the region, while also demonstrating the fastest growth potential, driven by its Vision 2030 initiative and significant investments in digital infrastructure.
Embedded Insurance Industry Overview
Top Companies in Embedded Insurance Market
The embedded insurance market features prominent players like Cover Genius, Lemonade, Qover, Bolttech, and Assurant, leading innovation and market expansion. These embedded insurance companies are increasingly focusing on developing sophisticated API-driven platforms and plug-and-play solutions to enable seamless integration of insurance products into third-party ecosystems. Strategic partnerships with e-commerce platforms, automotive manufacturers, financial institutions, and technology providers have become crucial for market penetration. Operational agility is demonstrated through the rapid deployment of customized insurance solutions across multiple verticals, including electronics, mobility, travel, and pet insurance. Product innovation is centered around creating contextual, real-time insurance offerings that align with customer purchase journeys, while expansion strategies emphasize both geographic growth and diversification into new industry verticals.
Consolidated Market with Strong Growth Potential
The embedded insurance market exhibits a moderately consolidated structure dominated by established insurtech companies and traditional insurance providers who have successfully pivoted to digital distribution models. Global players maintain significant market share through their extensive partner networks and technological capabilities, while regional specialists carve out niches in specific verticals or geographical markets. The market is characterized by increasing consolidation through strategic partnerships and acquisitions, as larger players seek to acquire technological capabilities and expand their distribution networks.
The competitive landscape is evolving with the entry of new insurtech startups and traditional insurers looking to capitalize on the embedded insurance opportunity. Merger and acquisition activity is primarily driven by the need to acquire technological capabilities, expand geographic presence, and gain access to new distribution channels. Companies are increasingly focusing on building comprehensive embedded insurance provider platforms that can serve multiple industries and use cases, leading to a natural consolidation of capabilities under larger, more resourceful organizations.
Innovation and Integration Drive Market Success
Success in the embedded insurance market increasingly depends on technological capabilities, partner ecosystem development, and regulatory compliance expertise. Incumbent players are focusing on expanding their partner networks, enhancing their technological infrastructure, and developing more sophisticated API integration capabilities to maintain their market position. For contenders looking to gain ground, the focus needs to be on identifying underserved niches, developing specialized solutions for specific industries, and building strong relationships with distribution partners.
Market participants must navigate complex regulatory requirements across different regions while ensuring data privacy and security in their operations. The risk of substitution remains moderate as traditional insurance distribution channels continue to serve specific market segments, though the convenience and contextual relevance of embedded insurance provide significant competitive advantages. Success in this market requires a delicate balance between innovation, regulatory compliance, and operational efficiency, with companies needing to continuously adapt their strategies to changing market conditions and customer preferences.
Embedded Insurance Market Leaders
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Lemonade
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Metromile
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Slice
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Hippo
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Root Insurance
- *Disclaimer: Major Players sorted in no particular order
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Embedded Insurance Market News
- November 2023: NJJ, a telecommunications conglomerate, collaborated with Bolttech, an Insurtech company, to offer mobile device insurance for mobile operators.
- October 2023: Modives collaborated with Bindable aimed at introducing embedded insurance into their property segment.
Embedded Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
- 2.1 Research Framework
- 2.2 Secondary Research
- 2.3 Primary Research
- 2.4 Data Triangulation & Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Insights on Various Regulatory Trends Shaping the Embedded Insurance Market
- 4.5 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Use Cases (Key Partnerships Between Insurance Companies And Retailers, E-Commerce, Technology Providers)
- 4.8 Value Chain Analysis
- 4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance Line
- 5.1.1 Electronics
- 5.1.2 Furniture
- 5.1.3 Sports Equipment
- 5.1.4 Travel Insurance
- 5.1.5 Others
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5.2 By Channel
- 5.2.1 Online
- 5.2.2 Offline
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5.3 By Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 France
- 5.3.2.3 Italy
- 5.3.2.4 Spain
- 5.3.2.5 Rest of Europe
- 5.3.3 Asia Pacific
- 5.3.3.1 China
- 5.3.3.2 India
- 5.3.3.3 Japan
- 5.3.3.4 Rest of Asia Pacific
- 5.3.4 Latin America
- 5.3.4.1 Mexico
- 5.3.4.2 Brazil
- 5.3.4.3 Rest of Latin America
- 5.3.5 Middle East & Africa
- 5.3.5.1 United Arab Emirates
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 South Africa
- 5.3.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Cover Genius
- 6.2.2 Penn.Io
- 6.2.3 Lemonade
- 6.2.4 FetchaQuote
- 6.2.5 Fletch
- 6.2.6 Bubble
- 6.2.7 Companjon
- 6.2.8 Rein
- 6.2.9 Mulberri
- 6.2.10 Qover
- 6.2.11 Bolttech
- 6.2.12 Igloo
- 6.2.13 Assurant
- 6.2.14 Bsurance
- 6.2.15 Extend*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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 |
Embedded Insurance Market Research FAQs
How big is the Embedded Insurance Market?
The Embedded Insurance Market size is expected to reach USD 210.90 billion in 2025 and grow at a CAGR of 35.14% to reach USD 950.59 billion by 2030.
What is the current Embedded Insurance Market size?
In 2025, the Embedded Insurance Market size is expected to reach USD 210.90 billion.
Who are the key players in Embedded Insurance Market?
Lemonade, Metromile, Slice, Hippo and Root Insurance are the major companies operating in the Embedded Insurance Market.
Which is the fastest growing region in Embedded Insurance Market?
North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Embedded Insurance Market?
In 2025, the Asia accounts for the largest market share in Embedded Insurance Market.
What years does this Embedded Insurance Market cover, and what was the market size in 2024?
In 2024, the Embedded Insurance Market size was estimated at USD 136.79 billion. The report covers the Embedded Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Embedded Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Embedded Insurance Market Research
Mordor Intelligence provides a comprehensive analysis of the embedded insurance market. We leverage our extensive expertise in financial technology research to deliver this report. It examines the evolving landscape of embedded insurance companies and insurance providers. Key players offering integrated insurance solutions and embedded coverage across various sectors are highlighted. The analysis includes embedded travel insurance implementations and innovations in the insurance software market. Stakeholders receive actionable insights available in an easy-to-read report PDF format for download.
The report offers invaluable data on embedded insurance market size and growth trajectories. This is supported by a thorough analysis of emerging embedded insurance trends. Stakeholders gain access to detailed assessments of how insurance providers are integrating their services into digital platforms. There is a particular focus on technological advancement and consumer adoption patterns. Our research methodology combines primary data from industry leaders with secondary research. This ensures a complete understanding of the embedded insurance ecosystem and its future direction, helping businesses make informed strategic decisions.