The insurtech, which operates in eight countries across Europe, announced its first positive net result in June 2024, marking its transition to profitability.
The financial success is attributed to EIR’s highly scalable business model and robust underwriting approach, which have proven resilient even in challenging market conditions. In the first half of 2024, EIR reported a gross written premium of SEK 302 million, an 80% increase from the previous year. The company’s total portfolio has now grown to SEK 600 million on a 12-month rolling basis, representing a 90% increase compared to the first half of 2023.
“We now predict to be profitable on an ongoing basis. Having reached this milestone is a game changer for us and means we can look forward to 2025 and beyond with confidence. We remain on track to reach break-even for the full year 2024,” said Fredrik Solberg, CEO of EIR (main picture).
He went on to say that the achievement has been driven by the highly scalable business model and quality underwriting approach, which have proven to be effective even in challenging market conditions.
EIR’s strategic European growth continued with its entry into the Netherlands in May 2024, Finland in June 2024, and Greece in July 2024. The launch in Greece included the introduction of the company’s first product, with a broader range of offerings set to follow after the summer. With these expansions, EIR now operates in eight markets, having already established a presence in Sweden, Norway, Denmark, Germany, and Spain.
EIR founder Torgrim Lien explained: “In our European market expansion, we are pursuing a partner strategy, in which we focus primarily on the co-creation of insurance solutions with our partners. Together, we develop solutions that really benefit their customers. For example, with one of our partners, we launched an automated product on the market that insures tenants of vacation accommodation against rainy weather during their vacation.
He continued” “Together with Fair Insurance and the analytics company GreaterThan, we have developed an insurance solution that converts GPS and telematics data into actionable insights into accident probabilities and climate impacts – offering competitive insurance cover for safer-than-average driving.”
The company’s expansion strategy aims to diversify its business portfolio, reducing vulnerability to individual market fluctuations, such as the recent inflation surge in Norway. This diversified approach enhances EIR’s stability and positions it for continued success in the competitive European InsurTech landscape.
