Dublin, March 15, 2022 (GLOBE NEWSWIRE) -- The "Europe Embedded Insurance Business and Investment Opportunities - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
Europe's Embedded Insurance industry is expected to grow by 30.8% on annual basis to reach US$10,781.8 million in 2022.
The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 19.4% during 2022-2029. The embedded insurance revenues in the region will increase from US$10,781.8 million in 2022 to reach US$28,525.5 million by 2029.
The embedded insurance landscape is booming in Europe, and countries like the United Kingdom, Germany, and France have made significant contributions to the region's embedded insurance business growth.
To remain competitive in the market and to keep pace with the ever-changing customer requirements, insurers in Europe are modifying their business models and working to improve their distribution channels. Furthermore, with the rising number of new entrants in the region, the European embedded insurance market is soaring. Considerable increases in fresh fundraising rounds are propelling the market to new heights.
According to the publisher analysis, European insurtech start-ups have surpassed the total capital investment of 2020 by more than US$ 1 billion in the first quarter of the year 2021, with a total of nearly US$ 2 billion invested across more than 50 transactions. Over the next four to eight quarters, rising finance activities are likely to raise embedded insurance demand.
In June 2021, German digital insurance start-up Wefox has raised a $650 million Series C funding round led by Target Global. Wefox is a digital insurer that specializes in personal insurance products such as home insurance, auto insurance, and personal liability insurance. With the latest fundraising round, the company has reached a total worth of US$ 3 billion.
In June 2021, Bought By Many, a pet insurance provider based in London, United Kingdom, raised US$ 350 million in Series D funding, totaling the company's value to over US$ 2 billion.
Both the companies are planning to utilize these funds to expand their operation across European countries.
The publisher anticipates continued investment rounds in the embedded insurance industry in Europe over the next four to eight quarters.
Emerging opportunities in drones' industry is set to propel the demand for embedded insurance
Drones have progressed from humble beginnings to being an integral part of military operations, and they have now firmly established themselves in the commercial and recreational realms. Diverse applications of drones, including drone cargo deliveries, flying taxi passenger flights, and drone swarm shows, are demanding specific use-based insurance solutions.
Embedded insurance solutions for drones are becoming increasingly popular among commercial insurance carriers. To cater to the ever-changing insurance requirements in the drone industry, insurance providers are offering insurance, based on new use-cases in the commercial drone industry.
Market players in the embedded insurance ecosystem combine their expertise through partnerships & collaboration strategies to develop tailored solutions for the drone market.
In January 2021, a Bermuda-based provider of property & casualty insurance and reinsurance Sompo International entered into a partnership with the United Kingdom-based insurtech Flock. Additionally, Sompo's aviation and aerospace insurance underwriting skills will be integrated with Flock's real-time risk algorithms as part of the partnership. The collaboration aims to boost the availability of crucial insurance for growing commercial drone use-cases.
Scope
Embedded Insurance Market Size and Forecast
Embedded Insurance by Industry, 2020 - 2029
- Embedded Insurance in Consumer Products
- Embedded Insurance in Travel & Hospitality
- Embedded Insurance in Automotive
- Embedded Insurance in Healthcare
- Embedded Insurance in Real Estate
- Embedded Insurance in Transport & Logistics
- Embedded Insurance in Others
Embedded Insurance by Insurance Type, 2020 - 2029
- Embedded Insurance in Life Segment
- Embedded Insurance in Non-Life Segment
Embedded Insurance by Type of Offering, 2020 - 2029
- Embedded Insurance in Product Segment
- Embedded Insurance in Service Segment
Region and countries included in this report are:
- Europe
- Austria
- Belgium
- Denmark
- Finland
- France
- Germany
- Greece
- Ireland
- Israel
- Italy
- Netherlands
- Poland
- Russia
- Spain
- Switzerland
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/ox766n
