Emerging Opportunities in Drone Industry Expected to Propel Demand for Embedded Insurance

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Dublin, March 15, 2022 (GLOBE NEWSWIRE) — The “Business and Investment Opportunities in On-Board Insurance in Europe – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.

The European on-board insurance industry is expected to grow by 30.8% on an annual basis to reach US$10,781.8 million in 2022.

The integrated insurance industry is expected to grow steadily over the forecast period, registering a CAGR of 19.4% during the period 2022-2029. Integrated insurance revenue in the region will grow from US$10,781.8 million in 2022 to US$28,525.5 million by 2029.

The integrated insurance landscape is booming in Europe, and countries such as the UK, Germany and France have contributed significantly to the growth of the integrated insurance business in the region.

To remain competitive in the market and to keep up with ever-changing customer requirements, European insurers are changing their business models and striving to improve their distribution channels. Moreover, with the growing number of new entrants to the region, the European integrated insurance market is booming. Tremendous increases in new fundraising propel the market to new heights.

According to the publisher’s analysis, European insurtech start-ups exceeded 2020 total capital investment by more than US$1 billion in the first quarter of 2021, with a total of almost of US$2 billion invested in more than 50 transactions. . Over the next four to eight quarters, increased financial activity is expected to increase demand for integrated insurance.

In June 2021, German digital insurance startup Wefox raised a $650 million Series C funding round led by Target Global. Wefox is a digital insurer specializing in personal insurance products such as home insurance, car insurance and liability insurance. With the latest fundraising, the company reached a total value of US$3 billion.

In June 2021, Bought By Many, a London, UK-based pet insurance provider, raised US$350 million in Series D funding, bringing the total company value to more than 2 billion US dollars.

Both companies plan to use these funds to expand their operations in European countries.

The publisher expects the continuation of investment cycles in the integrated insurance sector in Europe over the next four to eight quarters.

Emerging opportunities in drone industry expected to propel demand for in-vehicle insurance

Drones have grown from humble beginnings to an integral part of military operations, and they have now firmly established themselves in the commercial and recreational realms. Various drone applications, including drone cargo deliveries, flying taxi passenger flights, and drone swarm shows, require specific usage-based insurance solutions.

On-board insurance solutions for drones are becoming increasingly popular among commercial insurance companies. To meet the ever-changing insurance requirements in the drone industry, insurers are offering insurance based on new use cases in the commercial drone industry.

Market players in the in-vehicle insurance ecosystem are combining their expertise through partnerships and collaborative strategies to develop tailored solutions for the drone market.

In January 2021, Bermuda-based P&C insurance and reinsurance provider Sompo International entered into a partnership with UK-based insurtech Flock. Additionally, Sompo’s aviation and aerospace insurance underwriting skills will be integrated with Flock’s real-time risk algorithms as part of the partnership. The collaboration aims to increase the availability of insurance crucial for the growth of commercial drone use cases.

Scope

Integrated Insurance Market Size and Forecast

Integrated insurance by industry, 2020 – 2029

  • Insurance embedded in consumer products

  • Integrated travel and hospitality insurance

  • Integrated car insurance

  • Insurance integrated into health care

  • Integrated insurance in real estate

  • Integrated transport and logistics insurance

  • Insurance integrated into other

Integrated insurance by type of insurance, 2020 – 2029

Integrated insurance by type of offer, 2020 – 2029

The region and countries included in this report are:

  • Europe

  • Austria

  • Belgium

  • Denmark

  • Finland

  • France

  • Germany

  • Greece

  • Ireland

  • Israel

  • Italy

  • Netherlands

  • Poland

  • Russia

  • Spain

  • Switzerland

  • UK

For more information on this report, visit https://www.researchandmarkets.com/r/ox766n

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Mary I. Bruner