S&P Global Market Intelligence reported India as the 2nd largest insurance-technology (insurtech) market in Asia-Pacific(AP) region after China, as it accounts for 35 percent/$1.28 billion of the total venture capital ($3.66 billion) poured into the insurtech sector in the AP region so far.
About the S&P Global’s report:
i.Around 335 private insurtechs are operating in AP, in which 122 of them disclose fundraise, to a total of USD 3.66 billion. Almost half of the insurtechs are headquartered in India and China and have collectively attracted about 78 percent of the total investment.
ii.The report stated India as the world’s 3rd largest startup ecosystem, as it has at least 66 insurtech startups.
Report on Insurance tech investment in India:
i.As per the report, Insurance premiums in India for the FY20, summed up to $107 billion, after growing at a compounded annual growth rate (CAGR) of 10 percent between FY15 and FY20.
ii.Insurance technology investors are attracted to India, as it is one of the fastest-growing insurance markets globally.
Note – The report noted big technology companies like Tencent Holdings, Ant Group Co Ltd, Amazon.com Inc and Grab Holdings Inc to influence the insurtech ecosystem in the AP region.
Recent Related News:
S&P Global Ratings in its report on Asia-Pacific Financial Institution projected Indian economy growth for FY22 at 11 per cent. It has also projected an additional 6.1 per cent-6.4 per cent forecast increase for the next couple of years.
About S&P Global:
Headquarters– New York, United States.
President and CEO – Douglas L. Peterson