Global 'Insurtech' Premiums On Track To Reach $400B By 2023

Law360, London (August 22, 2018, 4:30 PM BST) -- Premiums taken by firms using new insurance technology will more than double globally from $187 billion today to higher than $400 billion by 2023, an analyst has predicted, as industry developments increasingly leave regulators struggling to keep pace.

Juniper Research Ltd., a U.K. market analysis company, said that so-called insurtech will make up 10 percent of the global insurance market within five years, up from around four percent today.

"Efforts to strategically invest in and acquire insurtech start-ups makes sense," the company said in a statement accompanying a report published on Tuesday. "These innovators can be leveraged to accelerate the insurers'...

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