The global InsurTech industry is expected to be worth $16.8bn by 2025 months after the sector enjoyed its best year yet.
The market is estimated to be growing at a compound annual growth rate of 43% between 2019 and 2025, according to research from million Insights.
The ubiquity of new technologies such as artificial intelligence and machine learning and their adoption by insurers drive the growth.
The news comes after the global InsurTech market enjoyed a record year in 2020.
Despite the pandemic, the InsurTech segment of the FinTech sector raised $6.2bn across 323 deals last year, according to FinTech Global’s research.
That’s up from the $1.7bn raised across 190 deals in 2016.
Copyright © 2021 FinTech Global
