Market Size of Europe Online Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 108.54 Billion EUR |
| Market Size (2029) | USD 155.02 Billion EUR |
| CAGR (2024 - 2029) | 7.39 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Online Insurance Market Analysis
The Europe Online Insurance Market size is estimated at EUR 108.54 billion in 2024, and is expected to reach EUR 155.02 billion by 2029, growing at a CAGR of 7.39% during the forecast period (2024-2029).
In a business environment that is changing quickly, exploring insurance distribution channels has become more and more important for insurance firms. While the transition to digital has been a natural process for the majority of global companies in recent years, it has not been simple for the insurance sector.
Insurance has always been sold by brokers and agents who know their clients well. It is a trusting relationship, particularly when it comes to life and health insurance. In terms of premiums, more than 99% of life insurance plans are sold in person or through intermediaries. Only the final 1% is sold via other methods, including web aggregators.
Online sales are barely getting started; online sales are prohibited in Bulgaria and are already being partially enforced in the Czech Republic due to COVID-19. Over 80% to 90% of Denmark's sales are made online. Online sales are rising in Estonia. Some businesses only conduct internet sales. Online sales are not seen as a separate channel of distribution in France; they are included with other channels. In Croatia, around 1% of all sales are made online in total.Online sales are possible in Italy and internet sales for cars were 7%. Online sales of non-life products are very widespread in Norway. Online sales in Turkey only account for 2.5% of GWP.
With the growing popularity of price comparison websites among consumers and insurance companies, price comparison website companies are indulging in partnerships and acquisition activities to enrich their market presence and product offerings.
Europe Online Insurance Industry Segmentation
Online insurance is one can buy insurance online by sitting at home or office without visiting an agent or company. The Europe online insurance market is segmented by Type (life and non-life insurance), and Geography (Germany, France, United Kingdom, Italy, and the Rest of Europe.). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Insurance Type | |
| Life Insurance | |
| Non-life Insurance |
| By Geography | |
| Germany | |
| France | |
| United Kingdom | |
| Italy | |
| Rest of Europe |
Europe Online Insurance Market Size Summary
The European online insurance market is experiencing a significant transformation as companies adapt to the rapidly changing business environment. The shift towards digital distribution channels has become crucial for insurance firms, although the transition has been more challenging for the insurance sector compared to other industries. Traditionally, insurance sales have relied heavily on brokers and agents who maintain personal relationships with clients, especially in life and health insurance sectors. Despite this, the market is witnessing a gradual increase in online sales, with varying degrees of adoption across different countries. For instance, while Denmark sees a high percentage of online sales, other countries like Bulgaria and Turkey are still in the early stages of digital adoption. The rise of price comparison websites is further influencing the market, as these platforms engage in partnerships and acquisitions to enhance their offerings and market presence.
The European insurtech landscape is also evolving, with significant investments and partnerships shaping the market dynamics. Brokerage firms are increasingly adopting digital solutions, with many moving towards paperless operations. The ecosystem is maturing, as evidenced by the substantial increase in average deal sizes and the occurrence of mega-rounds in funding. Major international players in the market are collaborating with technological companies to maintain a competitive edge, while also facing competition from mid-size and smaller insurtech firms that offer innovative, tailored solutions. Notable companies such as Allianz SE, Assicurazioni Generali, AXA SA, and Munich RE are actively participating in this evolving market, with strategic partnerships and acquisitions aimed at enhancing their digital capabilities and market reach.
Europe Online Insurance Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Market Opportunities
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1.5 Industry Value Chain Analysis
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1.6 Insights into Latest Technological Innovations and Recent Trends in the Market
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1.7 Insights on Government Regulations in the Industry
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1.8 Porters Five Force Analysis
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1.8.1 Threat of New Entrants
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1.8.2 Bargaining Power of Buyers
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1.8.3 Bargaining Power of Suppliers
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1.8.4 Threat of Substitutes
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1.8.5 Intensity of Competitive Rivalry
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1.9 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance Type
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2.1.1 Life Insurance
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2.1.2 Non-life Insurance
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2.2 By Geography
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2.2.1 Germany
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2.2.2 France
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2.2.3 United Kingdom
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2.2.4 Italy
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2.2.5 Rest of Europe
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Europe Online Insurance Market Size FAQs
How big is the Europe Online Insurance Market?
The Europe Online Insurance Market size is expected to reach EUR 108.54 billion in 2024 and grow at a CAGR of 7.39% to reach EUR 155.02 billion by 2029.
What is the current Europe Online Insurance Market size?
In 2024, the Europe Online Insurance Market size is expected to reach EUR 108.54 billion.
