The UK’s InsurTech sector is displaying great strength in the global market with a substantial enterprise value of around $21bn, as reported by McKinsey.
Despite falling behind the US and China in total enterprise value, the UK’s InsurTech industry has established a unique global standing when adjusted for population size.
The UK’s InsurTech industry, which has been growing since the early 2000s, is now home to approximately 280 firms, thus securing a notable 10% share of the worldwide market. These firms have collectively generated a revenue of £2bn to £3bn in 2022, marking a sixfold increase since 2015.
InsurTech firms in the UK have significantly contributed to job creation, providing employment to around 14,000 individuals, which is roughly 4% of the total UK insurance industry employment. In addition, they indirectly support an extra 23,000 jobs via supply chain links and consumer spending of its employees.
London is the epicentre of this InsurTech revolution, boasting the highest number of InsurTechs per capita among major world economies, and hosting five InsurTech unicorns. However, the industry’s growth extends beyond London, with a robust presence in various regions across the UK, including the northwestern and southern parts of England, and Wales.
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