McKinsey & Co's Nexus Report Launched
This exciting report is the result of world class analysis and shows the strength of the UK Insurtech scene. We are so pleased that our members and Insurtech UK Advisory Panel had the opportunity to support and develop its considerable findings.
Some key takeaways are:
💥 The UK is a global insurtech leader, with London boasting the same number of Insurtech unicorns as the rest of Europe combined, and second only to Silicon Valley globally.
💥 Insurtechs contribute almost £5 billion to the UK economy and support 60,000 diverse, young, and highly qualified jobs across all of the UK.
💥 Of the estimated 3,000 Insurtech firms in the world, approximately
280 are located in the UK—the highest number of Insurtechs per capita among all major world economies.
Insurtech UK looks forward to supporting the sector in tackling both the challenges and opportunities ahead, leveraging the findings of this report to bring forward our members’ strategic priorities into 2024.
Insurtech UK's Co-Chairs, John Warburton and Luisa Barile, commented: “We are so proud to have supported McKinsey with access to our members’ insights as they put together this report. They have brought their usual data led rigorous approach to demonstrate perfectly that the UK is the nexus of Insurtech and that it is the “grit in the oyster” of the insurance industry - but also that our nascent sector is fragile and that funding remains a real challenge for our members”.Find the report here