A recent study conducted by BlueWeave Consulting has shown that the global insurtech market was worth USD 5.3 billion in 2020. The study also revealed that the global insurtech market is expected to grow at a CAGR of 10.6% for the 2021–2027 period, resulting in an overall worth of USD 10.7 billion by the end of 2027. This rapid growth is due to the growing adoption of advanced technologies such as machine learning, internet-of-things (IoT) devices and cloud computing. In particular, insurance companies have access to much more data with which to track and analyze consumer behavior. At the same time, data privacy issues and rising cyberattacks represent a major constraint on global insurtech growth.
To view more details on the study, click here.