The amount of cash flowing into innovative UK startups hoping to disrupt the insurance sector is rocketing, new figures reveal, with London attracting more than any other location in Europe.
Investment in insurance technology (insurtech) has grown an astonishing near 3,000 per cent in 2017, hitting £218m according to fresh insight from Accenture and CB Insights, easing fears of a slowdown after Brexit.
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That figure was dominated by a major £180m deal for life insurance specialist Gryphon over the summer. But even without the bumper deal, investment still grew a whopping 422 per cent compared to the same period in 2016, climbing to £38.3m and well ahead of rivals.
The number of deals also grew 75 per cent in the first half the year compared to the same time last year and accounted for 30 per cent of all insurtech deals in Europe.
"Europe overall is gathering momentum, with the UK topping the table and confirming its place as a global hub for insurtech," said Roy Jubraj, predicting that this momentum is set to continue as more consumers turn to digital avenues at an earlier age to sort out their finances.
"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."