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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