As the world of Insurtech and Fintech mushrooms into an explosion of startups, disruption, innovation and new ideas, you would be forgiven for thinking that the insurance industry is dynamically reinventing and renewing itself, particularly in the largest markets of the US and the UK.
Sorry to be the one delivering this spoiler but compared to China, we are not really even in the game.
This new report shows that China is now in the top spot, dominating the growth markets of Asia and leaving us all in its wake, with 39% of the deals globally.
If the west is to retain its dominant position in global insurance, we have to go out there and be innovative like the previous generations who created today's position. Otherwise we will be sitting in a rapidly declining industry wondering how it all went wrong.
2016 became the first year when the US lost its dominant global leadership in fintech – lost to Asia! Only the previous year, Asian fintech was twice smaller than the US, and just last year, it easily surpassed the US, accounting for 47 per cent of the global volume, as you can find in the new issue of Money Of The Future 2016/2017 fintech report.