B2C insurtech UK

Statista overview report on the B2C digital insurance industry in the United Kingdom

B2C insurtech UK

At the end of 2018, the United Kingdom (UK) insurance market had over four hundred domestically based companies operating with total premiums written of over 305 billion British pounds. The UK has the fourth largest insurance industry worldwide and the biggest in Europe, as well as boasting the highest penetration rate of any European country.

Just as other incumbent industries such as banking have had to do, the insurance sector must learn to adopt and adapt to a digital future. Although the industry got off to a slow beginning, there have been more than 1.5 thousand insurtech start-ups funded worldwide since 2008. Several technologies such as artificial intelligence, big data and connected devices are all making insurance a far more concise, and individualized process for both insurance providers and consumers. Despite this, our forecasts and consumer survey suggest that UK residents maybe not yet fully sold on the intended future of insurance.

In this report, Statista has made forecasts comparing four categories of the UK business to consumer (B2C) insurance sector. We have analyzed and forecast data from insurance categories which include private health, life annuities, and income protection, motor, and property insurance from 2018 to 2024. Our forecasts include the value of premiums written, the number of policies for the online and offline market as well as average costs of purchasing insurance. The report also explores industry specific technologies, funding and consumer insights towards the sharing of data.

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This report takes an in-depth look at both the current insurtech industry in the United Kingdom (UK) but also at the future of the sector. The study includes data and context of funding and start-ups, adoption and usage rates of specific insurtech devices and technology.

Statista has also forecast both premium and policy data on four insurance types including life, private health, motor and property insurance up until 2024.

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