The embedded insurance market size has experienced rapid growth in recent years, expanding from $82 billion in 2023 to $97.57 billion in 2024 at a compound annual growth rate (CAGR) of 19%. This historic growth can be attributed to various factors, including regulatory support, cost-effectiveness, increasing awareness of cyber and environmental risks, and rising urbanization rates. In the forecast period, the embedded insurance market size is expected to continue its rapid expansion, projected to reach $196.5 billion in 2028 at a CAGR of 19.1%. The anticipated growth during this period can be linked to enhanced customer experience, increased market penetration, improved risk management, operational efficiency, and advancements in data privacy and security. Key trends expected to shape this market include a focus on sustainability, integration with IoT devices, utilization of blockchain technology, microinsurance solutions, and telematics-based insurance.
Global Embedded Insurance Market Key Driver
The growing adoption of digital platforms is set to propel the embedded insurance market, as consumers increasingly prefer the convenience and accessibility of online services. Digital platforms enable the purchase, management, and customization of insurance policies, integrating services into non-insurance platforms through APIs. Rising demand for convenience, technological advancements, and attractive pricing options are key drivers of this trend. According to data from the US Bureau of the Census, e-commerce sales in the first quarter of 2024 increased by 8.6% from the first quarter of 2023, with total retail sales rising by 1.5%, and e-commerce accounting for 15.9% of total sales. This growth in digital platform usage is expected to continue driving the embedded insurance market forward.
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Global Embedded Insurance Market Segments
The embedded insurance market covered in this report is segmented –
1) By Type: Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance, Billboard Insurance
2) By Channel: Online, Offline
3) By Industry: Automotive, Healthcare, Real Estate, Consumer Products, Travel And Hospitality, Other Industries
By Geography:The regions covered in the embedded insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the embedded insurance market in 2023. North America is expected to be the fastest-growing region in the forecast period.
Major Embedded Insurance Industry Players
Zurich Insurance Group Ltd., The Chubb Corporation, Acko General Insurance Ltd., Root Insurance Company, Next Insurance Inc., Zego, Lemonade Insurance Agency LLC, Vouch Inc., Getsafe GmbH, Hippo Enterprises Inc, Qover S.A./N.V, Hepster, Cover Genius Insurance Services LLC, Cuvva, Sure Inc., wefox Insurance AG, SimpleSurance, Akur8 SAS, Trov, CoverWallet Inc., Slice Insurance Technologies Inc., Boost Insurance USA Inc., Kasko Ltd., Bimaplan, Bsurance GmbH
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Embedded Insurance Market Overview
Embedded insurance integrates coverage directly into the purchase process of products or services, bundling insurance with related goods or services to simplify the process for customers. This approach aims to make insurance more accessible and convenient, increasing adoption by eliminating the need for a separate purchase decision.
Embedded Insurance Global Market Report 2023 provides data on the global embedded insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The embedded insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
