3 Reasons Why SA Insurtech’s Should Consider the UK for Expansion
- The UK insurance market's Gross Written Premiums (GWP) rose by 13% year-on-year to £36.17 billion in 2023.
- Commercial insurance grew by 12.5% to £37.51 billion, indicating a thriving market.
- 40% of UK customers prefer personalized insurance products tailored to their lifestyles.
The potential for South African insurtechs to enter the UK market is promising, given the combination of market growth, consumer demand for personalization, and a supportive regulatory framework. However, companies must remain agile and innovative to capitalize on these opportunities and effectively compete in a mature market.
