German InsurTech is revolutionizing insurance channels

13/09/2023 Article
profile picture of Aki Ono

Aki Ono

NRI - Nomura Research Institute

Expert Consultant

InsurTech’s growth in Germany

German InsurTech is on a torrid growth trajectory. Over the four years through 2022, German InsurTech startups raised a cumulative €1.86bn, more than their French and UK counterparts. Berlin-based Wefox is Europe’s biggest InsurTech startup with an implied valuation of $4.5bn based on its latest funding round. Germany has some 120 InsurTech startups. The UK has twice as many, more than any other European country. The difference in InsurTech populations between the two countries reflects that InsurTech is regulated more stringently in Germany.

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