Market Size of Insurtech Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 10.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Insurtech Market Analysis
Global Insurtech Market revenue is valued at 5.48 billion in 2019 and is expected to reach 10.14 billion by 2025, growing at a CAGR of 10.80% during the period 2019-2025. The insurance industry with global premiums exceeding US$4.9 trillion in 2017, is one of the most complex businesses around. Although late, the industry now appears to be at a key inflection point with many experts viewing the digitization of insurance as the next big opportunity after FinTech.
- The global insurtech market is expected to grow significantly during the forecast period, owing to the factors, such as simplification of the claims process, improved communication with the client, and the capabilities to implement automation.
- Health insurance market is expected to have the highest growth rate in the upcoming years as the adoption of Insurtech is significantly higher compared to that of other insurance sectors, such as property and casualty, vehicle, and others. Under Property and casualty insurance industry, companies such as Lemonade and Zhong An holds the major share of the insurtech market.
- The differentiating factors about the industry are their innovations and unique solutions to improve the insurance value chain that are attracting funds from legacy players and investors worldwide.
