International insurtechs are flocking to Australia thanks to the local market’s “attractive opportunities”.

Insurtech Australia CEO Rita Yates told insuranceNEWS.com.au that overseas firms now make up 10% of its membership.

“More and more successful international insurtechs are looking at Australia as an attractive insurance market to scale into and we are having frequent discussions with these international players who are exploring Australia as a place they are looking to grow their businesses,” she said.

“We see this as a real positive to the continued growth of our ecosystem where these businesses are bringing new innovation and creating jobs here in Australia.”

Ms Yates says the insurtech sector has been “largely resilient” throughout the pandemic, with some operations thriving.

“Insurance incumbents have been shifting focus, energy and resources towards digital strategies and transformation at a time when technology is more important than it has ever been,” she said.

“These factors have seen the Insurtech Australia ecosystem continue to grow over the last 18 months with the organisation now supporting more than 70 insurtech startups and scaleups and 28 corporate partners.”

These figures are up 20% on 18 months ago and Insurtech Australia is also looking to support Australian insurtech growth overseas.

In addition to the Tel Aviv Virtual Insurtech Bootcamp, held with SOSA and Austrade, there will be a series of events over the next six months focused on scaling into the UK, US, New Zealand and Asia, which are the regions Australian insurtechs target most often.

Ms Yates says Insurtech Australia is also helping members build successful partnerships with incumbents, with new initiatives set to be launched later this year.