The insurtech market is projected to experience significant growth in the coming years, driven by an increase in global insurance claims and the streamlining of claims procedures, according to a report by Market Research Future. The market is expected to reach $20.26 billion by 2025. Furthermore, the data indicates the sector could reach $958.85 billion by 2034, reflecting a compound annual growth rate of 53.5%.
North America currently accounts for a substantial portion of the global insurtech revenue, generating over 45.80% of the total.
This influx of revenue into insurtech companies, particularly those leveraging AI and automated services, has exposed the top insurers to heightened cybersecurity risks. The rate of breaches at leading insurance companies has surpassed that of the S&P 500 companies, with a combined 21%, and also exceeds that seen in the U.S. energy sector (14%).
