Study: German insurtechs lag behind

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

The German insurtech ecosystem does not fare 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.

Germany lags well behind the United Kingdom (224) and France (194) in terms of the number of insurtechs (128). While Germany has the highest funding contributions compared to the other two countries, 62 percent of that went to a single company, Wefox. Since 2019, only 46 deals have been completed in Germany. That's 55 percent fewer than in the U.K. and 36 percent fewer than in France. Moreover, most of the investment in German startups was due to foreign investors, he said. The study would show that Germany has some catching up to do in 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 this country - especially considering the regulatory peculiarities," says Anna Kessler, who as Ecosystem and Program Director is responsible for the VC as well as startup partner network of InsurLab Germany.