Press release
Insurtech Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Insurtech
How Large Will the Insurtech Market Size By 2025?
The insurtech industry has seen an explosive growth recently. Its market value is expected to surge from $17.08 billion in 2024 to an astounding $21.96 billion in 2025, signifying a compound annual growth rate (CAGR) of 28.5%. The substantial growth in the previous years is a result of robust economic advancement in developing markets, heightened digital transformation in insurance services, wider application of robotic process automation in insurance firms, and a surge in the number of insurtech startups.
How Big Is the Insurtech Market Size Expected to Grow by 2029?
The insurtech market is poised for dramatic expansion in the approaching years, with projections suggesting it will reach a size of $77.63 billion by 2029. This represents a compound annual growth rate (CAGR) of 37.1%. This anticipated upsurge during the forecast period can be linked to a rise in insurance claims, the embracing of cutting-edge technologies within the insurance sector, and supportive governmental policies. The forecast period also signals some key trends; these include the application of artificial intelligence (AI), concentration on smart automation responses, emphasis on product innovation, pursuit of blockchain technology, a drive towards partnerships and collaborations, as well as investment in IoT (Internet of Things) technology.
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Which Key Market Drivers Powering Insurtech Market Expansion and Growth?
The anticipated surge in insurance claims is foreseen to fuel the insurtech market's expansion. Insurtech plays an integral role in enhancing the efficiency of claims processing, risk evaluation, contract processing, and policy underwriting. A spike in hospitalization incidents during the COVID-19 pandemic has resulted in an upswing of insurance claims. For example, in April 2024, LV=, one of the UK's largest personal line insurers, reported that in 2023, it had disbursed $175.16 million (£135 million) in individual protection claims, demonstrating a 6% rise compared to 2022. Thus, the expected escalation in insurance claims is predicted to spearhead the growth of the insurtech market.
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Which Emerging Trends Are Transforming the Insurtech Market in 2025?
Leading corporations in the insurtech market are prioritizing the creation of groundbreaking solutions such as AI-fueled insurance platforms to enrich the client experience. These platforms denote digital systems that bank on artificial intelligence technologies to automate and refine various insurance procedures, including underwriting, managing claims, and customer service, leading to elevated efficiency and superior decision-making. For instance, Sapiens International Corporation, a computer software firm based in Israel, unveiled its Next-Gen Intelligent Insurance Platform in June 2024. Utilizing AI, machine learning, and cloud-native technologies, this next-gen platform streamlines insurance procedures and boosts data-driven deliberation. It provides insurers with the capability to innovate swiftly, enhance operational efficiency, and offer superior customer service by means of a robust ecosystem.
What Are the Emerging Segments in the Insurtech Market?
The insurtechmarket covered in this report is segmented -
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet Of Things), Artificial Intelligence, Big Data And Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
Subsegments:
1) By Health Insurance: Individual Health Insurance, Group Health Insurance, Critical Illness Insurance
2) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
3) By Travel Insurance: Single Trip Insurance, Annual Multi-Trip Insurance, Medical Travel Insurance
4) By Car Insurance: Third-Party Liability Insurance, Comprehensive Car Insurance, Collision Coverage
5) By Business Insurance: General Liability Insurance, Property Insurance, Workers' Compensation Insurance
6) By Home Insurance: Homeowners Insurance, Renters Insurance, Landlord Insurance
7) By Other Products: Pet Insurance, Cyber Insurance, Event Insurance
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Who Are the Global Leaders in the Insurtech Market?
Major companies operating in the insurtech market include DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
Which are the Top Profitable Regional Markets for the Insurtech Industry?
North America was the largest region in the insurtech service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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