2022 Worldwide Embedded Insurance Business and Investment Opportunities Industry – Asia-Pacific is the Largest Market – PR NewswireMarch 24, 2022 By admin
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DUBLIN, March 23, 2022 /PRNewswire/ — The "Global Embedded Insurance Business and Investment Opportunities – Q1 2022 Update" report has been added to ResearchAndMarkets.com’s offering.
According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.
The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 20.7% during 2022-2029. The embedded insurance revenues in the region will increase from US$56,979.8 million in 2022 to reach US$161,598.3 million by 2029.
The Asia Pacific is the largest embedded insurance market. The region is home to one-third of the world’s population and one of the world’s fastest-growing economies. The most significant number of insurtech firms are emerging in China and India. This is primarily due to a large uninsured population and the strong growth of the fintech industry.
Insurers and insurtech firms are widely experimenting with new insurance offerings, distribution models, and technological advancements resulting in innovations. In the recent four to eight quarters, there has been a significant increase in the number of funds raised by market players in the embedded insurance ecosystem.
Additionally, substantial growth in digitization in emerging countries such as Indonesia, Malaysia, Thailand, India is attracting the attention of market players. However, the number of technology companies trying to underwrite and sell policies will be limited in the region due to regulatory restrictions on issuing carrier licenses.
Insurers are making strategic investments in insurtech firms to expand their digital distribution channels
Leading insurance companies are planning to expand their operations across the globe, taking advantage of the tremendous growth opportunity that exists in the global embedded insurance industry. For instance,
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. For instance,
The Africa & Middle East Embedded insurance market gained a huge traction in mobility sector
The Africa & Middle East region witnessed significant growth in the embedded insurance demand by the mobility sector. Moreover, the embedded insurance market has already crossed the growth stage in the mobility embedded insurance product life cycle and now are moving towards the maturity stage at a considerable pace. The market witnessed numerous collaborations among ride-hailing, driver-sharing, and embedded insurers. For instance,
The developments mentioned above show that the mobility sector has provided embedded insurance to its clients and drivers for years. Additionally, the market for mopeds and e-bikes is expanding rapidly due to the surge in food and grocery delivery requirements due to the Covid-19 pandemic. As a result, insurtech firms have been drawn to capitalize on the expanding market for usage-based insurance for e-bike and moped fleets.
Market participants are introducing new products through newly obtained funds. The launch of new products will assist fleet businesses by providing flexible and seamless embedded insurance options. For instance,
Latin America is witnessing evolution in embedded health & life insurance technology by insurtech firms
The global coronavirus pandemic has propelled the demand for health insurance products in the Latin American region. Looking at this growing demand for health insurance in the region, insurtech firms are improving their offerings to serve the health insurance segment in a better way.
Furthermore, amid the insurtech boom in the region, firms are aggressively raising funds to scale their platforms and expand their list of partners in the healthcare industry. The firms are upgrading their offerings by adding new product features and technologies. For instance,
Reasons to buy
Key Topics Covered:
1 About this Report
2 Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
3 Embedded Insurance Industry Market Size and Forecast by Type of Insurance
3.1 Market Share Analysis by Type of Insurance
3.2 Life Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
3.3 Non-Life Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4 Embedded Insurance Industry Market Size and Forecast by End Use Industry
4.1 Market Share Analysis by End Use Industry Segments
4.2 Consumer Products – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.3 Travel & Hospitality – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.4 Automotive – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.5 Healthcare – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.6 Real Estate – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.7 Transport & Logistics – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.8 Other – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
5 Embedded Insurance Industry Market Size and Forecast by Type of Offering
5.1 Market Share Analysis by Type of Offering
5.2 Product Based Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
5.3 Service Based Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
6 Further Reading
For more information about this report visit https://www.researchandmarkets.com/r/fnu7w3
Research and Markets
Laura Wood, Senior Manager
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