Bicycle insurance is a market that is attracting insurers, whether they’re specialists like Qover or newcomers to home insurance who offer it as an option like Friday. This Wednesday, May 4, the German insurance company Hepster announces its entry into the French market. Founded in 2016, the startup has a presence in Germany and Austria, where it also offers dog and cat insurance, travel, mobile telephony and leisure equipment.
Hepster aims to capture 30% of the traditional and electric bike market in France. To do this, it relies on distribution through partners “integrated into everyday life and the context of consumption”.
Market driven by electric bikes and theft
“We aim to acquire more than 1,000 new partners and 250,000 new customers over the next three years. France must be the engine of growth for this goal and eventually become one of the main providers of online insurance and so-called in-flight insurance in Europe,” — explains the CEO, Christian Range, in a press release. Hepster has already won over 1,600 partners and 150,000 customers.
2020 and 2021 have been exceptional years for the bike market. Last year, 2.8 million bikes were sold, almost one in four of which are electric. These products, which are much more expensive (2,000 euros on average), increase the demand for insurance contracts. Indeed, according to 60 million consumers, around 380,000 bicycles are stolen or attempted to be stolen every year in France.