Europe Embedded Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.08 Billion |
| Market Size (2029) | USD 37.08 Billion |
| CAGR (2024 - 2029) | 35.24 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Embedded Insurance Market Analysis
The Europe Embedded Insurance Market size in terms of premium value is expected to grow from USD 8.08 billion in 2024 to USD 37.08 billion by 2029, at a CAGR of 35.24% during the forecast period (2024-2029).
Embedded insurance, an innovative concept, integrates insurance products and services directly into a business's offerings, enhancing the customer experience at the point of sale. This approach eliminates the need for customers to engage with a separate insurance provider, allowing them to purchase insurance coverage alongside their desired product or service seamlessly. While its early iterations involved bundling insurance with specific purchases, Embedded Insurance 2.0 ushered in a new era of data-driven, transparent, and flexible fintech and insurtech solutions. These solutions, often tailored for digital ecosystems, combined open APIs with on-demand insurance, providing customers with cost-effective and hassle-free coverage. Europe, particularly the United Kingdom, Germany, and France has emerged as a hotbed for embedded insurance, witnessing significant business growth in this industry.
With a keen eye on evolving customer demands and the influx of new players, European insurers are revamping their business models and bolstering their distribution channels. This strategic shift is crucial for them to stay competitive in this dynamic market. Additionally, the European embedded insurance market is witnessing a surge, fueled by notable increases in fresh fundraising rounds, propelling the industry to new heights.
The European embedded insurance market is expected to flourish during the forecast period. The market growth is expected to be driven by the increasing demand for seamless insurance integration across digital platforms like e-commerce, fintech, and mobility services. Personalization and on-demand insurance are gaining prominence, with insurers and tech companies forging partnerships to leverage technologies like AI and IoT for enhanced risk assessment and customer experiences. Regulatory initiatives, such as the European Union's digital single market, are further shaping the landscape, fostering innovation and competition.
Europe Embedded Insurance Market Trends
Digitalization and High-speed Internet to Propel the European Embedded Insurance Market
Rapid digitalization and widespread availability of high-speed internet across Europe are proving to be a game-changer for the embedded insurance market. This digital push has paved the way for insurance products to seamlessly integrate into diverse digital channels, spanning e-commerce websites, mobile apps, and even IoT devices. As a result, insurance is becoming more accessible and convenient for consumers, fueling heightened engagement, enriched user experiences, and expanded distribution channels. Moreover, this enhanced connectivity empowers insurers to leverage real-time data for personalized coverage options that are finely tuned to individual needs and behaviors. Consequently, the embedded insurance market in Europe is witnessing robust growth.
Fintech Adoption is Expected to Drive Market Growth
The adoption of fintech solutions in Europe's embedded insurance market is revolutionizing operations, elevating customer experiences, and expanding market horizons. Fintech platforms, with their array of offerings, are reshaping insurance distribution. From digital payments to automated underwriting and even personalized insurance recommendations based on financial insights, these platforms are streamlining transactions, cutting costs, and enhancing accessibility. Furthermore, through strategic fintech collaborations, insurers are tapping into vast datasets for risk assessment, crafting bespoke insurance products, and fueling the competitive growth of Europe's embedded insurance market.
Europe Embedded Insurance Industry Overview
The European embedded insurance market is semi-consolidated, with few players. Some major players include Cover Genius, Munich Re, Allianz, Chubb Limited, AXA, and HDI. The market players are also involved in mergers and acquisitions and partnerships to expand their presence in the market. The market is anticipated to present growth opportunities over the forecast period, which may ratchet up competition. Nonetheless, mid-size to smaller businesses are expanding their market presence by landing new contracts and breaking into untapped sectors thanks to product innovation and technology improvement.
Europe Embedded Insurance Market Leaders
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Munich Re
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Allianz
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Chubb Limited
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AXA
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Cover Genius
*Disclaimer: Major Players sorted in no particular order
Europe Embedded Insurance Market News
- March 2024: Chubb Limited recently unveiled a global platform aimed at offering transactional risk liability insurance products in international markets.
- January 2024: Cover Genius, a leading insurtech for embedded protection, and Vueling, Spain's prominent low-cost airline, unveiled an exclusive partnership aimed at safeguarding over 30 million travelers. By tapping into Cover Genius' robust global technology, this collaboration empowers Vueling to expand its reach beyond Spain, effectively addressing the evolving demands of the global travel community.
- November 2023: Cover Genius, a prominent insurtech specializing in embedded protection, and SAS, the premier airline in Scandinavia, unveiled an exclusive and tailor-made protection program. This program spans over 25 European countries and the United States and has the potential for global expansion. By integrating comprehensive travel protection directly into the customer booking process, passengers not only enjoy AI-driven price optimization and personalized product suggestions but also a hassle-free claims process.
Europe 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
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Cashless Transactions will Boost the Market
4.2.2 Growth in E-Commerce is Driving the Market
4.3 Market Restraints
4.3.1 Changing Regulations and Policies by the Government
4.3.2 Cyber Security Risk and Data Privacy Concerns
4.4 Market Opportunities
4.4.1 Insurers Strategic Investments in Insurtech Firms
4.4.2 Increasing Partnership Among Tech Companies, Banks and Insurtechs
4.5 Insights on Various Regulatory Trends Shaping the Europe Embedded Insurance Market
4.6 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)
4.7 Industry Attractiveness: Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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 Other Insurance Lines
5.2 By Channel
5.2.1 Online
5.2.2 Offline
5.3 By Geography
5.3.1 UK
5.3.2 France
5.3.3 Germany
5.3.4 Italy
5.3.5 Spain
5.3.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Cover Genius
6.2.2 Munich Re
6.2.3 Allianz
6.2.4 Chubb Limited
6.2.5 AXA
6.2.6 Assicurazioni Generali.
6.2.7 Companjon
6.2.8 Qover
6.2.9 Swiss Re
6.2.10 Zurich*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Europe 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 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, channels, and geography. By insurance line, the market is segmented into electronics, furniture, sports equipment, travel insurance, and other insurance lines. By channel, the market is segmented into online and offline channels. The market is geographically segmented into the United Kingdom, France, Germany, Italy, Spain, and Rest of Europe. The report offers market sizes and forecasts in terms of revenue (USD) for all the above segments.
| By Insurance Line | |
| Electronics | |
| Furniture | |
| Sports Equipment | |
| Travel Insurance | |
| Other Insurance Lines |
| By Channel | |
| Online | |
| Offline |
| By Geography | |
| UK | |
| France | |
| Germany | |
| Italy | |
| Spain | |
| Rest of Europe |
Europe Embedded Insurance Market Research FAQs
How big is the Europe Embedded Insurance Market?
The Europe Embedded Insurance Market size is expected to reach USD 8.08 billion in 2024 and grow at a CAGR of 35.24% to reach USD 37.08 billion by 2029.
What is the current Europe Embedded Insurance Market size?
In 2024, the Europe Embedded Insurance Market size is expected to reach USD 8.08 billion.
Who are the key players in Europe Embedded Insurance Market?
Munich Re, Allianz, Chubb Limited, AXA and Cover Genius are the major companies operating in the Europe Embedded Insurance Market.
What years does this Europe Embedded Insurance Market cover, and what was the market size in 2023?
In 2023, the Europe Embedded Insurance Market size was estimated at USD 5.23 billion. The report covers the Europe Embedded Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Embedded Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Embedded Insurance Industry Report
Statistics for the 2024 Europe Embedded Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Embedded Insurance analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
