Study: German insurtechs lag behind

According to a recent study, there are fewer insurance start-ups in Germany than in France and the UK.

The German insurtech ecosystem does not perform well in a European comparison - at least that is what the study "10 Years of Insurtech in Germany" by InsurLab Germany, the Maschmeyer Group and Astorya.io shows.

In terms of the number of insurtechs (128), Germany lags well behind the UK (224) and France (194). Although Germany has the highest funding contributions compared to the other two countries, 62% of this went to a single company, Wefox. Only 46 deals have been concluded in Germany since 2019. That is 55% less than in the UK and 36% less than in France. Furthermore, the majority of investments in German start-ups are attributable to foreign investors. The study would show that Germany has some catching up to do in an international comparison. "Above all, it shows that there is a clear need in the market for insurtech-focused initiatives and complementary targeted venture capital investments in Germany - especially considering the regulatory peculiarities," says Anna Kessler, who is responsible for the VC and start-up partner network of InsurLab Germany as Ecosystem and Program Director.