The Latin America, Middle East and Africa Insurtech Market would witness market growth of 55.2% CAGR during the forecast period (2021-2027).
The fact that carriers are choosing to stick with their insurtech providers and even boost performance is helping the industry to expand further. The insurance industry has made significant progress in the areas of health, automobile, and other insurances; nevertheless, other segments, such as property and crop insurance, still have room for growth. Carriers, on the other hand, are more likely to take risks on new, untested insurtech firms since they are devoted to the creative initiatives and insurtech partners with which they are currently involved.
In the near term, it's likely to be an extremely demanding business environment and an uneven market for new B2B insurtechs trying to create relationships with potential customers. As the Insurtech market has changed, many businesses appear to be pushing the boundaries of product innovation, providing greater value-added services and rapidly growing to create major eco-system plays.
Given its importance in alleviating poverty, financial inclusion is a basic principle of the Sustainable Development Goals (SDGs). Africa is disproportionately affected, as half of the population lacks access to formal financial services. Access to bank accounts is over 40%, whereas insurance accounts for only 3% of GDP, compared to a global average of 7%.
Recent technological advancements, on the other hand, have made the financial system more accessible to low-income people than ever before. Mobile penetration rates in Sub-Saharan Africa, for example, have climbed to over 43%, offering a critical platform for the digital expansion of financial services. InsurTech, on the other hand, is rapidly becoming a major factor in altering the structure of financial services in Sub-Saharan Africa. Emerging innovations are being created and applied, which are altering the competitive scene, posing challenges to established institutions, and vastly enhancing insurance access.
The Brazil market dominated the LAMEA Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $699.9 million by 2027. The Argentina market is poised to grow at CAGR of 56.1% during (2021 - 2027). Additionally, The UAE market would display a CAGR of 54.8% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services (Managed Services, Consulting, and Support & Maintenance). Based on End-use, the market is segmented into BFSI, Automotive, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Based on Technology, the market is segmented into Cloud Computing, IoT & Machine Learning, Blockchain, Robo Advisory, and Others. Based on Type, the market is segmented into Health, Specialty, Travel, Auto, Home, and Business & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Insurtech Market is Predict to reach $39.4 Billion by 2027, at a CAGR of 48.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, DXC Technology Company, Oscar Health, Inc., Majesco, Insurance Technology Services, OutSystems, Shift Technology, Quantemplate, Inc., and Damco Group.
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