Global insurtech investment tops $10 billion in 2021-report

By Reuters

  • 27 Oct 2021
Credit: 123RF.com

Global investment in insurance technology (insurtech) start-ups totalled $10.5 billion in the first nine months of 2021, a record high level for the period, reinsurance broker Willis Re said on Wednesday.

Investment in the third quarter totalled $3.1 billion, up 23% from the pandemic-hit third quarter of 2020, Willis Re said in a report.

Tech firms, which can speed up the process for customers of buying insurance and making claims, are seen as having an edge over traditional insurers.

Two of the largest deals in the quarter were for cyber insurtech firms Coalition, which raised $205 million, and At-Bay, which raised $185 million, Willis Re said.

A few select firms were attracting the bulk of the cash, however, said Andrew Johnston, global head of insurtech at Willis Re.

“The continuing escalation of insurtech funding does not mean that venture and growth capital is available to most or even many insurtechs."