Europe’s online insurance sector poised for growth with Insurtech investments.

March 20, 2024
1 min read





TLDR:

Key points from the article:

  • Europe online insurance market is forecasted to grow significantly, reaching EUR 155.02 billion by 2029.
  • Technological advancements and the impact of COVID-19 are driving the growth trajectory in the industry.

The Europe online insurance industry is experiencing a transformative growth trajectory, with market size projections indicating a substantial expansion from EUR 108.54 billion in 2024 to EUR 155.02 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 7.39%. The shift towards digital channels is reshaping the European insurance landscape rapidly, with online platforms capturing marketplace shares traditionally dominated by brokers and agents. Price comparison websites are playing a significant role in consumer decision-making processes, enhancing transparency and triggering strategic partnerships and acquisitions.

In response to the COVID-19 pandemic, the insurance industry has embraced digital tools to enhance client-intermediary relations, with a notable adoption of InsurTech applications to optimize operational efficiency. The European insurance sector has seen a rise in funding, reaching a record-breaking EUR 2.5 billion in 2021, indicating maturity and high growth outlook. Traditional insurance companies are partnering with tech entities, while agile insurtech firms are challenging the status quo with innovative solutions.

Key players in the market include Allianz SE, Assicurazioni Generali, AXA SA, and Munich Re. The detailed market analysis aims to provide stakeholders with a comprehensive understanding of the European Online Insurance Market’s present conditions and expected growth pattern. Interested parties are encouraged to access the full-length market research for a deeper insight into the competitive landscape and strategic decision-making processes.

Overall, the Europe online insurance industry is poised for significant growth, driven by technological advancements, the impact of COVID-19, and increasing investments in InsurTech.


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