In this high-speed digital era, the insurance industry is undergoing a significant transformation, propelled by cutting-edge technology popularly known as ‘Insurtech’. This revolutionary approach is reshaping traditional insurance practices, bringing about increased efficiency and unparalleled customer experience. Trending upwards, the insurtech market is rapidly expanding. But just how big is this dynamic market? Stick with us as we dive deep into the latest insurtech market size statistics, cutting through the data to provide you with a comprehensive understanding of this tech-driven industry and its incredible growth potential.

The Latest Insurtech Market Size Statistics Unveiled

The global Insurtech market size was valued at USD 5.48 billion in 2019.

Peering into the insurtech market afresh, a striking revelation one would observe is the colossal value it commanded in 2019, standing at an impressive USD 5.48 billion. In a blog post elucidating on insurtech market size statistics, this figure contributes an indispensable part of the narrative.

Why so? For starters, by throwing light on the past, it helps us predict the future trajectory of the market. It provides a clear benchmark against which growth or shrinkage can be measured accurately. It also furnishes stakeholders – from investors and entrepreneurs to regulators and traditional insurers – with a quantitative understanding of the market, and its potential for profitability and risk.

Moreover, understanding the value of the market at a specific point in time supports a robust analysis of what market forces and technological improvements might have led to the existing status of the insurtech sector. In essence, one could say that this figure serves as a crucial piece of the puzzle, providing necessary context and adding depth to the discussion of insurtech market size statistics.

The insurtech market size is predicted to reach USD 10.14 billion by 2025.

In the audacious world of Insurtech market statistics, projections such as the impressive ascension to a gargantuan USD 10.14 billion by 2025 captures the magnitude of opportunity and growth within the sector. This numerical prediction, notable as it is, is a beacon signifying not only the market’s potential scalability, but also the level of innovation and technological breakthroughs poised to reshape the insurance industry. This acts as a beacon guiding businesses and investors towards lucrative ventures, thereby catalyzically accelerating development within this boundary-pushing industry. Furthermore, it underscores the depth of confidence vested by experts in the Insurtech realm, hinting at the transformational changes about to sweep through the insurance ecosystem.

The CAGR of Insurtech was 40.8% during 2021-2028.

Highlighting the Compound Annual Growth Rate (CAGR) of Insurtech at 40.8% from 2021 to 2028 brings to light the exponential progress and burgeoning potential in the insurtech industry. With unprecedented growth rates such as this, the revelation amplifies both the actual and predictive trajectory of the market, painting a vivid picture of the future for investors, innovators, and competitors. This statistic is a wind vane, if you will, showcasing how fast the insurtech landscape is evolving, driven by technology advancements and market demands, thus emphasizing the need for readers to stay attuned and ahead of the curve in this swiftly changing sector.

Europe’s Insurtech market size is projected to reach $17.85 billion by 2027.

Unraveling the forecast for Europe’s Insurtech market size to crescendo at a phenomenal $17.85 billion by 2027, serves as an astoundingly relevant reference point for any blog post scrutinizing insurtech market size dynamics. It imparts a clear trajectory of the market’s prodigious growth and evokes an image of an accelerating industry with sturdy investment potential. This number, far from just another statistic, depicts the size and value of opportunities that lay in wait for entrepreneurs, investors, and innovators alike in the realm of Insurtech in Europe. It enhances the understanding of the market’s propensity for economic influence and sheds light on its potential to reshape the insurance landscape. Consequently, it underpins the discourse, bringing into sharp focus the immense stakes at play in the European Insurtech space.

The North American Insurtech market accounted for around 39% of the global market in 2019.

Highlighting the commanding 39% share of the North American Insurtech market in the global arena in 2019 illuminates America’s dominant role as a powerhouse in this rapidly growing sector. It underscores the innovative spirit of North America, with its substantial investments in technology and willingness to embrace change in the insurance industry. In the context of a blog post about insurtech market size statistics, this data point provides readers with a representative snapshot of the sector’s global distribution, setting the stage for further exploration of regional differences, competitive landscape and growth opportunities. It also signals to investors, startups, and professionals in the industry that North America, with its significant market share, should be at the forefront of their strategic considerations.

75% of insurers believe that Insurtech is going to play a major role in the industry.

Anchoring our discussion in solid empirical data, let’s illuminate the profound pulse of the industry – a striking 75% of insurers forecast Insurtech to be a titan in the arena. This overwhelming concurrence underlines the substantial shift in perspective, from viewing Insurtech as just an auxiliary tool to recognizing it as an industry transformer. Noting this prevailing sentiment adds significant weight to the escalating Insurtech market size, and serves as a crystal-ball view into the future dynamics of the insurance industry. It encapsulates an industry-wide anticipation and readiness to embrace the Insurtech wave. As such, it offers not only an insight into the potential scale of the market, but is also a loud wake-up call for all stakeholders to effectively gear up for an imminent industry revolution.

The Asia-Pacific region is expected to show a 43.6% growth rate for Insurtech from 2020 to 2027.

Delving into the anticipated 43.6% growth rate for Insurtech in the Asia-Pacific region from 2020 to 2027, uncovers a treasure trove of insights for anyone interested in the ever-changing landscapes of the insurance and technology sectors. This powerful prediction not only underlines the increasing relevance and adoption of digital solutions in the insurance world, but it also illuminates the burgeoning potential offered by the Asia-Pacific market. For startups, investors, and established insurers alike, this rate of expansion provides a fertile ground for opportunity, investment and the implementation of cutting-edge technology. This notable uptick further accentuates the robustness of the region’s Insurtech scene, injecting momentum into the broad range of conversations around global insurance trends. Manifesting the dynamic future of a traditionally steady industry, this statistic serves as both a compass and catalyst for the evolution of Insurtech within an increasingly digitized and interconnected world.

Automated underwriting in Insurtech is expected to show a compound annual growth rate (CAGR) of 42.8% between 2020 and 2027.

Imagine a rocket that’s ready to take off and reach the stars, showing interstellar speed. That’s what the insurtech market stands poised to emulate, with automated underwriting expecting to see a hefty CAGR of 42.8% from 2020 to 2027. They say the future is digital, but it seems the future is already here in the form of these tech-driven insurance initiatives. This explosive growth rate not only exemplifies the increasing reliance on technology but also highlights the significant potential for investment returns in this sector. With such a stratospheric upsurge, stakeholders, and entrepreneurs can clearly visualize the sector’s promising potential and strategize their moves accordingly. So, fasten your seat belts, the insurtech rocket is ready to reach stellar speeds.

The use of smartphone insurance services reached 71.9% in 2019.

Diving into the depths of the insurtech market, an intriguing revelation surfaces: In 2019, the penetration rate of smartphone insurance services climbed to a hefty 71.9%. This noteworthy figure offers a convincing testament to the soaring prominence of insurtech solutions within our day-to-day lives. Not only does it underscore the market’s formidable expansion, but it also highlights consumers’ escalating trust in such services. As we trek further into this tech-infused era, this number promises a compelling narrative of insurtech’s growing impact, enriched by evolving consumer habits and preferences. A statistic like this, therefore, helps paint an intense, vivid picture of the current insurtech landscape – a terrain fertile with opportunities and ripe for exploration.

Insurtech companies raised over $3 billion in 2018.

Unveiling the magnitude of the financial backing that insurtech companies garnered in 2018—a whopping $3 billion—a striking panorama of the insurtech market size comes to light. Through this staggering number, one can trace the escalating growth, expanding influence, and burgeoning potential of this industry. It doesn’t just throw light on the substantial investments but also imbues us with the confidence that insurtech is backed by robust financial ethos, destined to disrupt conventional insurance paradigms. This capital influx thus paints a dynamic picture of the insurtech landscape, propelling its narrative beyond traditional perspectives.

Over 86% of insurers fear they may lose revenue to InsurTechs.

Imagery that paints the future in a stark light often illuminates the present. This is clearly exemplified by the statistic stating ‘Over 86% of insurers fear they may lose revenue to InsurTechs.’ It’s the tremor before a seismic shift—a sign signaling the expanding prowess of the InsurTech market.

This figure captures the lurking anxiety of traditional insurance giants as they grapple with the rise of technology-driven challengers. As the corporate equivalent of Davids, these emerging InsurTechs are well-equipped with their tech-enabled slings to take on the Goliaths of the insurance industry, thereby potentially reshaping the marketplace.

The implications, however, go beyond a mere power shift. It’s a wake-up call for innovation, pushing insurance incumbents to step out of their comfort zones, review their strategies, and adopt technology to stay relevant.

In the context of a blog post about InsurTech market size statistics, this revelation adds a hue of urgency, highlighting the potential that lies within the InsurTech market for investors, tech innovators, and policyholders alike. It underscores the whirling winds of change in the insurance industry and the inescapable reality of digital transformation—a riveting narrative that prompts readers to keep an eye on this burgeoning ecosystem.

There was a 32% revenue increase in acquiring customers through insurTech start-ups in 2019.

Painting a full picture of the burgeoning influence of insurTech startups in the market, the 32% revenue increase in customer acquisition in 2019 serves as a guiding North Star. It silently whispers the growing power and potential of these disruptors in reshaping the insurance landscape. This vibrant splash of data not just highlights the rising acceptance among consumers, but also indicates the swift transition towards digital-first approaches. The journey from sluggish traditional models to real-time, smart, customer-centric platforms is visibly accelerating. This promising hike in revenue is not just a feather in the cap for insurTechs, but a clarion call to incumbent insurers to reinvent or risk relenting their market share. The statistic, therefore, offers an underpinning narrative to the evolving insurTech market dynamics and future trajectory in our blog post.

About 53% of insurers have already started integrating InsurTech at some range for business.

Reflecting upon the impressive insight that indicates nearly 53% of insurers are already embracing InsurTech integrations into their business processes paints a fascinating picture of the present and future dynamics in the insurtech market. This numeric gem serves as a compass pointing towards a palpable shift in mindset and strategy among major players in the insurance sector. The statistic unravels and exposes the ongoing transformation in this business sphere, suggesting that the insurtech market size is not just growing, but experiencing a veritable revolution. It highlights the demand and readiness of over half of the insurers to leverage technological advancements in our ever-evolving digital era. As we delve deeper into this subject matter, the statistic significantly aids in shaping the narrative, emphasizing the increasing importance of InsurTech in shaping the industry’s future.

There are over 1,400 InsurTech startups across the globe.

Highlighting the statistic that there are over 1,400 InsurTech startups across the world serves to underscore the booming interest and rapid expansion occurring within the InsurTech sector. This number not only heralds the market’s vitality but also the immense potential and considerable opportunities for stakeholders. It provides a testament to the wide-scale acceptance and adoption of innovative technology solutions in the insurance sector, thus intending to echo the magnitude of the global InsurTech market size in our blog post.

Around 45% of InsurTechs worldwide focus on enhancing the customer experience.

In the lively tableau of InsurTech market size statistics, one figure jumps off the page: approximately 45% of InsurTechs across the globe have their sights set on improving customer experiences. This statistic casts an intriguing highlight on the priorities and strategic directions within the sector. It reveals a potent narrative about how a substantial proportion of InsurTechs are earmarking their resources to enhance the user journey. One could even argue, they are not merely selling insurance products, but cultivating relationships with customers built on superlative service. Therefore, the InsurTech market is being significantly shaped by a culture of customer-centric innovation, a story that this figure tells with resounding clarity.

The business volume generated by Latin American InsurTechs grew by 255% between 2018 and 2019.

Unveiling the booming growth of Latin American InsurTechs in an astonishing quantum leap, a 255% growth in the business volume archived between 2018 and 2019, the statistic serves as a resounding testament to the InsurTech sector’s potential. In the grand tapestry of InsurTech market size statistics analysis, this highlights not just the mushrooming prospects in Latin America, but also sends a ripple effect, indicating a possible seismic shift in global financial technology arenas. A fast-growing InsurTech market, such as the one noted in Latin America, can pave the way for similar markets to thrive, ushering in a new wave of technological advancements and investment opportunities in this sector.

More than 60% of global insurers are looking to collaborate with InsurTech firms.

In an exciting twist on the narrative, the statistic sheds light on a sweeping trend within the global insurance industry: the burgeoning desire to form partnerships with InsurTech firms. Clocking in at a mighty 60%, this figure not only demonstrates a basic interest but a considerable majority shifting toward a new operational approach. This inclination towards collaboration endows these insurance companies with forward-thinking, digitally driven strategies that can potentially provide a competitive edge. From the perspective of the InsurTech market size, this statistic reveals the increasing reliance on technology in this industry. It further underscores the pressing need for innovation and bespoke solutions, which are quintessentially the domain of InsurTech firms. Hence, this statistic significantly contributes to the perception of the escalating demand for, and thereby growing size of, the InsurTech market. To cap it all, it paints an array of potential growth opportunities for InsurTech firms thriving in this technologically fueled landscape.


In a nutshell, the insurtech market is experiencing substantial growth, propelled by technological advancements, changing customer expectations, and the increasing need for more efficient risk management solutions. The statistics shared in this blog post provide an insight into the current trends and future predictions that are shaping this dynamic industry. Understanding these trends will not only help industry participants but also prospective investors and innovators to better position themselves in the competitive landscape. With its constant evolution, the insurtech sector shows immense potential for opportunities and will continue to revolutionize the insurance industry in the coming years. Stay tuned to this space, as we continue to bring you the latest in insurtech market developments.


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