Wrisk reports 219% year-on-year growth in H1 2024

London-based insurtech Wrisk has reported year-on-year growth of 219% in the first half of 2024 as it continues to expand via more senior hires and offices in different territories.

That was according to the insurtech’s H1 2024 financial update, published on 23 July 2024, which also revealed that the firm had recorded more than £60m in gross written premium (GWP) for the first six months of the year.

Wrisk currently writes over 73,000 monthly premiums, supported by insurer partners such as Allianz.

Nimeshh Patel, chief executive at Wrisk, said: “Our figures for 2024 are testament to our ethos of continuous improvement – the big original equipment manufacturers (OEMs) see we have something special and they want to work with us.

”Our growth trajectory is only going up from here.”

According to Investopedia, an OEM is a firm that manufacturers and sells products or parts of a product to another company. An example would be a car manufacturer that creates parts specifically for use in its own vehicles, which can be utilised in the repair process.

As part of Wrisk’s ”growth trajectory”, the insurtech plans to open ”a new UK office soon” in order ”to support further recruitment and our commitment to the insurtech sector in the capital”, added Shiv Bhaduri, chief operating officer at Wrisk.

The business is currently headquartered in London.

Bhaduri continued: ”Our roots are firmly in London.

“London is a powerhouse in tech and financial services. Our growth story showcases the UK’s resilience and innovation, with the city’s talent and strength being key to our success and making it the perfect base for our future projects.”

Senior hires

The insurtech has also strengthened its senior team in the first half of the year.

Wrisk made 39 hires in 2024 so far across all departments, increasing its headcount by more than 40% in the UK.

Its UK hires include Anthony Foster as its new director of insurance – he joined from insurtech Zego in July 2024.

Foster has two decades of experience and will have responsibility for Wrisk’s insurer partnerships.

Wrisk additionally bolstered its leadership team by appointing Mark Lee in the newly created position of director of pricing and actuarial services.

Meanwhile, Chris Harden joined the insurtech as its director of technical operations in March 2024, with the remit of maintaining and developing Wrisk’s technical operations infrastructure.

Patel said: “At the heart of Wrisk is people. We hire the best person for every job and operate under a culture of learning, with the space to try new things and think outside the box. It has paid off – we’re leaders in our field. That is the result of the incredibly talented and hard working Wrisk team, who understand and believe in our mission.”