Investment into UK insurance technology (insurtech) firms is at an all-time high, according to new figures from business consultant Accenture.
It shows that some £218 million was invested into UK insurtech companies in the first six months of 2017 – the highest of anywhere in Europe.
This is compared to just £7.3 million during the same period last year, highlighting massive growth in the sector.
Gryphon Insurance took the lion’s share of the investment, attracting more than £180 million in outside investment.
The rest of Europe combined raised around £101 million, making up 33 individual deals – a rise of around 33 per cent year-on-year.
The report says 30 per cent of all insurtech deals in Europe took place in London, followed by Berlin and Paris (10 per cent), Stockholm, (six per cent), and Edinburgh (four per cent).
Roy Jubraj, Accenture’s digital and innovation lead for insurance, said: “2017 is looking like the year of UK insurtech, with a dramatic increase in investment and deals in the last 12 months. Europe overall is gathering momentum, with the UK topping the table and confirming its place as a global hub for insurtech.
“This year the UK witnessed one of the largest global insurtech deals, which is a strong sign for UK investment and something the UK will be mindful in preserving as we move towards a post-Brexit economy.
“Deals in cloud computing and the internet of things are particularly accelerating. The explosion of data made available by an increasingly connected world is bringing unprecedented change and allowing modern insurers to understand customers and create personalised, dynamic relationships with consumers.”