Europe InsurTech Market Size (2024 - 2029)

Europe Insurtech Market Analysis

The Europe InsurTech Market is poised to grow at a CAGR of greater than 15% during the forecast period. The COVID-19 pandemic had a significantly positive impact on the European insurtech market by accelerating the new generation of start-ups and customer demand for innovative insurtechs. Despite the pandemic, the region attracted a record level of insurtech investments for the year.

A new generation of start-ups, accelerated by the pandemic and new customer demand, is fuelling innovation in the European insurtech industry. Insurers and insurtechs are expanding beyond insurance services, including risk analysis, prevention, and replacement services. This transformation is fueled by the availability of contextual data and is shifting the role of insurers into service companies. The combined value of the European insurtech market has increased drastically over the years, and Europe is starting to see the emergence of major insurtech companies in healthcare, P &C insurance, and Software-as-a-Service.

The insurtech industry is evolving, and various players in the value chain are partnering to offer a broader ecosystem of services. The industry is rapidly embedding into platforms and other services, from repairs and maintenance to healthcare services and prevention. Insurance is moving beyond pure risk transfer to risk management and prevention, which is further fueled by an exponential increase in the availability of data. This shift may become a determining factor for some companies in the market in the next decade.

Europe Insurtech Industry Segmentation

Insurtech refers to the use of technological innovation to improve the efficiency of the current insurance business model. The growing digitization has led various participants of the insurance industry value chain toward technological innovations. These rapid technological advancements are leading to an expansion of the insurtech market.

The European insurtech market is segmented by business model and geography. By business model, it can be segmented into carrier, enabler, and distributor. By geography, it can be segmented into the United Kingdom, Germany, France, Italy, Switzerland, Sweden, the Netherlands, and Other Countries. The report also offers a complete background analysis of the European insurtech market, including market sizes, market segments, industry trends, and growth drivers. The market sizes and forecasts for the above segments are provided in value (USD Billion) terms.