Market Overview
The Spain Insurtech market reached a size of USD 215.1 Million in 2025. Forecasts project the market to grow significantly to USD 2,418.4 Million by 2034, with a CAGR of 30.85% during the forecast period 2026-2034. Growth is driven by increasing adoption of embedded insurance models and rising demand for cyber risk protection among small businesses, reflecting shifting customer expectations for digital, real-time, and personalized insurance solutions.
Study Assumption Years
- Base Year: 2025
- Historical Years: 2020-2025
- Forecast Period: 2026-2034
Spain Insurtech Market Key Takeaways
- The Spain Insurtech market size was USD 215.1 Million in 2025.
- The market is expected to reach USD 2,418.4 Million by 2034.
- The compound annual growth rate (CAGR) during 2026-2034 is 30.85%.
- Expansion of embedded insurance models integrates insurance seamlessly into digital ecosystems, enhancing client experiences through customization and real-time data.
- Rising demand for cybersecurity solutions among SMEs boosts market growth, with firms offering advanced cyber risk mitigation combining insurance and risk management tools.
- Barcelona-based startup Weecover secured 4.2 million in funding in 2025 to expand globally.
- IMARC Group analysis segments the market by type, service, technology, and region to support detailed insights.
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Market Growth Factors
The growth of Spain Insurtech is mainly driven by the adoption of distributed insurance, which involves embedding insurance into a product or service purchase via APIs. It eases insurance purchase through the point of sale and expands access to users through digital ecosystems such as e-commerce, mobility, and travel platforms. These customers may have historically been from underserved groups. It improves the customer experience by providing tailored insurance solutions based on data and reduces operating inefficiencies and distribution costs for better scalability. The model reflects broader industry trends of digital transformation and growing consumer expectations of integrated service experiences.
Other growing trends include a demand for cyber protection solutions for SMEs, whose businesses are increasingly targeted by cyber criminals. Insurtechs have built cyber risk mitigation offerings that combine insurance with predictive risk management, cyber risk assessments, real-time threat detection and cyber data analytics. Such solutions reduce the probability and consequences of a cyber incident and further educate insureds, increasing product value. For example, in 2024, insurtech BOXX Insurance and insurer AXA launched a Spanish small business-aimed cybersecurity risk management platform, including cyber risk scoring and cyber awareness training.
Meanwhile, the industry is being driven by funding and technology: for example in 2025, we noted that Weecover, a Barcelona-based embedded insurance insurtech start-up offering APIs (application programming interfaces), had raised 4.2 million from Swanlaab Venture Factory and Nauta. Funding will be used for further global expansion, team growth, and the enhancement of AI capabilities. It will also allow the expansion of integrated, AI-driven insurance offerings that can deliver personalized, real-time protection to the evolving, digitized world we live in today.
Market Segmentation
- Type Insights: The market is segmented by type into auto, business, health, home, specialty, travel, and others. These segments reflect the diverse insurance categories covered by insurtech solutions tailored to various customer needs in Spain.
- Service Insights: Services include consulting, support and maintenance, and managed services. These cater to the operational and technical aspects of insurtech deployment, ensuring ongoing support and expert guidance.
- Technology Insights: Key technologies driving the market are block chain, cloud computing, IoT, machine learning, robo advisory, and others. These technologies enable innovative insurance processes, data analysis, automation, and customer engagement.
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Regional Insights
The market analysis includes major regional markets in Spain covering Northern Spain, Eastern Spain, Southern Spain, and Central Spain. While the report does not explicitly highlight a single dominant region with specific statistics, the segmentation covers comprehensive regional assessments ensuring detailed insights relevant to each major area.
Recent Developments & News
In January 2025, Telef 0edrica’s investment arm ope Ventures participated in a 4.2 million funding round for Barcelona-based insurtech startup Weecover to support its international growth and embedded insurance offerings across multiple countries. Telef 0edrica aims to expand its insurtech portfolio to 15 startups.
In September 2024, Madrid-based insurtech startup Tuio raised $16.7 million in equity and debt financing led by MassMutual Ventures. Tuio offers digital home, life, and pet insurance and has grown to over 45,000 customers in Spain.
Key Players
- Weecover
- BOXX Insurance
- AXA
- Tuio
- Telef 0edrica ope Ventures
- Swanlaab Venture Factory
- Nauta
- MassMutual Ventures
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