The insurtech market is projected to grow at 39.1% CAGR between 2022-2030, improving underwriting accuracy and loss prediction
Acumen Research and Consulting recently published a report titled “Insurtech Market Report and Region Forecast, 2022 – 2030”. The study estimates that the global insurtech market will reach $166.4 Billion by 2030, growing at a CAGR of 39.1% from 2022 to 2030.
Last year, the market was valued at $8.8 Billion, while the North American insurtech market share occupied over 36% of the global volume.
The growing adoption of cloud computing, ML, big data analytics, and AI is a key trend for the insurtech industry growth. Other factors include the expanding digitisation of businesses, the rapidly increasing number of smartphone users, as well as the growing percentage of the tech-savvy population.
Insurtech platforms improve underwriting accuracy and loss prediction. They enable insurance companies to increase operational efficiency and lower the costs of insurance products. Therefore, the research predicts that insurtech startups will play a critical role in the broader insurance ecosystem over the next eight years.
The North American region is expected to maintain its market dominance in the forecast period. Meanwhile, Asia-Pacific is also expected to grow at a rapid pace.