Latin America Embedded Insurance Market Report 2022-2029 – Latin America is Witnessing an Evolution in Embedded Health & Life Insurance Technology by Insurtech Firms
Dublin, March 21, 2022 (GLOBE NEWSWIRE) — The “Latin America Embedded Insurance Business and Investment Opportunities – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Latin America’s Embedded Insurance industry is expected to grow by 43.5% on annual basis to reach US$1,808.8 million in 2022.
The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 25.0% during 2022-2029. The embedded insurance revenues in the region will increase from US$1,808.8 million in 2022 to reach US$6,017.6 million by 2029.
Report Highlights
- Latin America has seen a significant increase in the number of start-ups in the financial and insurance industries in the last few quarters.
- Despite the continuous growth of insurtech firms in the region, Latin America’s insurtech investment lags far behind other major global geographies, such as the North America, Europe, and China.
- However, governments of various countries in Latin America have introduced improved regulations and frameworks. For instance, in 2020 Brazilian government launched a regulatory sandbox for a selected group of insurance companies, supervised by the Brazil Insurance Superintendent (SUSEP). The regulatory sandbox is expected to spur insurance market innovation.
- Insurtech firms in Latin America are increasingly investing in innovations and inventing new business models for traditional incumbents.
- Moreover, Latin America has the fastest growing e-commerce market, pushed further by the Covid-19 pandemic. This growth presents a huge development opportunity for market players to embed insurance products in online e-commerce platforms.
Latin America is witnessing evolution in embedded health & life insurance technology by insurtech firms
The global coronavirus pandemic has propelled the demand for health insurance products in the Latin American region. Looking at this growing demand for health insurance in the region, insurtech firms are improving their offerings to serve the health insurance segment in a better way.
Furthermore, amid the insurtech boom in the region, firms are aggressively raising funds to scale their platforms and expand their list of partners in the healthcare industry. The firms are upgrading their offerings by adding new product features and technologies.
- In July 2021, Mexico-based insurtech Guros raised US$5.8 million in the new funding round, totaling the company’s valuation to US$30 million. Guros’s funding round was led by F-Prime Capital, while Cometa with Clocktower and Insurify participated as contributors. The company aims to utilize the funds to improve its platform’s capabilities, customize APIs for commercial partners across various sectors, enter the health insurance market, and expand internally across technology, product, and operations.
- In September 2021, Brazilian insurtech firm Pier raised US$20 million in its Series B funding round. Currently, Pier is distributing insurance products by allowing consumers to access auto insurance cover using a smartphone. With the newly raised funds, the company is expanding its foothold into newer segments, including life insurance.
Region and countries included in this report are:
- Latin America
- Argentina
- Brazil
- Colombia
- Mexico
Scope
Embedded Insurance Market Size and Forecast
Embedded Insurance by Industry, 2020 – 2029
- Embedded Insurance in Consumer Products
- Embedded Insurance in Travel & Hospitality
- Embedded Insurance in Automotive
- Embedded Insurance in Healthcare
- Embedded Insurance in Real Estate
- Embedded Insurance in Transport & Logistics
- Embedded Insurance in Others
Embedded Insurance by Insurance Type, 2020 – 2029
- Embedded Insurance in Life Segment
- Embedded Insurance in Non-Life Segment
Embedded Insurance by Type of Offering, 2020 – 2029
- Embedded Insurance in Product Segment
- Embedded Insurance in Service Segment
For more information about this report visit https://www.researchandmarkets.com/r/t2zpqh
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