EUROPE ONLINE INSURANCE MARKET - GROWTH, TRENDS AND FORECAST (2019-2024)

The Europe online insurance market is segmented by geography (Germany, France, United Kingdom, and Others) and type (life and non- life insurance) and market dynamics - growth, trends, and forecast (2019 - 2024)

Market Snapshot

Market size
Study Period:

2015-2024

Base Year:

2018

Key Players:

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Market Overview

The Europe online insurance market (henceforth, referred to as the market studied) is projected to register a CAGR of ~7.6%, during the forecast period.

  • Online and direct channels are the fastest-growing business models in both the life and non-life insurance industries in Europe. The market share of the online/direct channel business in 2015 was 8.2% of the total business, while the total gross written premiums of this channel throughout Europe reached EUR 99.3 billion.
  • The online insurance channels in Europe grew significantly between 2000 and 2015, with higher annual growth rates than the overall insurance market. In the major European insurance markets, the direct channels grew with an average annual growth rate of approximately 22% during 2000 to 2015, which is far higher, when compared to that of the overall insurance market that grew at a rate of 5%.
  • In 2016, the direct channel market in Europe was managed by more than 439 insurers with online channels, 214 major aggregators, and 47 top insurtech companies.

Scope of the Report

A detailed analysis of the European online insurance market, which includes an assessment of the emerging trends by segments and regional markets, along with significant changes in market dynamics and market overview.

Geography
Germany
France
United Kingdom
Italy
Rest of Europe
Type
Life Insurance
Non-life Insurance

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Key Market Trends

Increasing Digital Influence in the European Insurance Market

  • The technological disruption in the European insurance industry, due to the evolution of insurtech companies, is increasing the usage of third-party price-comparison websites, as consumers look for better ease of convenience compared to the traditional model.
  • For instance, insurance buyers in the United Kingdom are the most digitally influenced, as approximately 75% of the new motor insurance policies are bought based on online price comparison websites and through online aggregators. Also, travel insurance buyers in the United Kingdom are most likely to research online and 70% of these buyers buy through online channels.
  • Price comparison websites and insurance company websites have a greater influence on the non-life insurance buyers. Price-comparison websites make it easier for customers to choose commoditized insurance products based exclusively on price.
Trend 2

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Rising Number of Aggregators and Digital Brokers

  • Insurance policies were among the first products to be successfully sold or brokered by aggregators. In many major European markets, insurance products still account for more than 75% of aggregators’ total revenue.
  • Also, as per the estimates from McKinsey, more than 50% of the sales of online insurance were accounted by aggregators in Europe, in 2018.
  • The attractive gross profit margin (~30% to 40%) that is experienced by the European insurance aggregators, and majority of the aggregators being the connection point between the customers and the insurers in majority of the sales are the factors expected to drive the online insurance market as the number of aggregators in the online insurance market in Europe has been considerably increasing in recent years.
Trend 1

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Competitive Landscape

The report covers the major international players operating in the European online insurance market. In terms of market share, the major traditional players are currently partnering with technological companies to gain competitive advantage in the market studied. However, they face stiff competition from mid-size and smaller insurtech companies, which focus on disrupting the market studied by offering tailored solutions.

Major Players

  1. Allianz SE
  2. Assicurazioni Generali SpA
  3. AXA SA
  4. Munich RE
  5. Swiss Re AG

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. Introduction

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. Research Methodology

    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases

  3. 3. Executive Summary

  4. 4. Market Dynamics

    1. 4.1 Market Overview

    2. 4.2 Market Growth Drivers

    3. 4.3 Market Challenges

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Customer Behavior and Buying Trends

  5. 5. Market Segmentation

    1. 5.1 Geography

      1. 5.1.1 Germany

      2. 5.1.2 France

      3. 5.1.3 United Kingdom

      4. 5.1.4 Italy

      5. 5.1.5 Rest of Europe

    2. 5.2 Type

      1. 5.2.1 Life Insurance

      2. 5.2.2 Non-life Insurance

  6. 6. Competitive Landscape

    1. 6.1 Market Competition Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz SE

      2. 6.2.2 Assicurazioni Generali SpA

      3. 6.2.3 AXA SA

      4. 6.2.4 Munich RE

      5. 6.2.5 Swiss Re AG

      6. 6.2.6 Aviva

      7. 6.2.7 Zurich Insurance

      8. 6.2.8 Others

  7. 7. Future of the Market

  8. 8. Disclaimer

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