The Insurtech industry in India is growing by leaps and bounds, already becoming the 2nd largest insurance technology market in Asia.
A new report by S&P Global Market Intelligence recently stated that India's insurance technology market attracted over 35% of total venture capital poured into the sector.
Key Highlights
- India's Insurtech industry now second largest in Asia, tailing behind China.
- The sector attracted 35% of venture capital invested, amounting to approximately $1.28 billion solely on Insurtech.
- India now has 66 insurtech startups, where 2 are valued at over $1 billion.
Why It Matters
- India has a very active startup ecosystem, and bosts the third-largest startup ecosystem the world (following behind the US and China).
- In India alone, insurance premiums totalled to $107 billion as of 31st March 2020.
- The insurance industry is expected to grow by many fold, as a greater number of the population leverage on digital banking solutions to purchase premiums.
- More tech giants are looking to tap in this space, and are actively leveraging solutions offered by startups for speed.
