Key Global InsurTech investment stats in 2024:
- Global InsurTech funding dropped by 35% YoY
- US firms dominated the InsurTech market securing half of the top 10 deals in 2024
- Alan, the French insurance unicorn known for its streamlined health insurance and digital health services, secured a $193m Series F funding round to be one of the biggest InsurTech deals during the year
Global InsurTech funding dropped by 35% YoY
In 2024, the global InsurTech sector recorded 206 deals, marking a significant 66% decline from the 609 deals completed in 2020 and a 46% drop from the 382 deals in 2023.
Total funding in 2024 stood at $5bn, reflecting a 64% decrease from the $13.8bn raised in 2020 and a 35% decline from the $7.7bn raised in 2023.
This sharp contraction underscores the challenging investment environment faced by the InsurTech sector, with reduced capital availability and a cautious approach to funding amid global economic uncertainties.
US firms dominated the InsurTech market securing half of the top 10 deals in 2024
The distribution of top 10 deals in 2024 reveals evolving regional dynamics.
The United States maintained a stronghold with five of the top 10 deals, slightly down from six in 2023, underscoring its consistent leadership.
Australia and France emerged prominently in 2024, each securing two top deals, whereas they had no representation in the top 10 in 2023.
In contrast, the United Kingdom, which had two top deals in 2023, recorded only one in 2024.
Singapore and India, both represented in the 2023 top 10, were absent in 2024, highlighting a shift away from certain established players toward emerging markets like Australia and France.
This regional reshuffle indicates increasing diversification in the global InsurTech sector.
Alan, the French insurance unicorn known for its streamlined health insurance and digital health services, secured a $193m Series F funding round to be one of the biggest InsurTech deals in the year
Initially established to complement France’s national healthcare with a user-friendly, automated claims experience, Alan has since broadened its offerings to include doctor consultations, mental health resources, and more through its mobile app.
The Series F funding round was led by Belgium’s Belfius Bank.
The Belfius partnership will not only provide fresh capital but also bring Alan’s health insurance products to Belfius’ extensive corporate client base in Belgium, driving Alan’s user growth beyond its existing half-million insured members.
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