Key European InsurTech investment stats in 2024:
- European InsurTech funding dropped by 21% in 2024 YoY
- French companies secured six of the top 10 deals as the country emerged as an InsurTech powerhouse in the European region
- Akur8, a machine learning-powered platform for insurance pricing, secured a $120m Series C funding round making it one of the biggest European InsurTech deals for the year
European InsurTech funding dropped by 21% in 2024 YoY
In 2024, the European InsurTech sector recorded $1.8bn in total funding across 61 deals, reflecting a 21% decline from the $2.2bn raised in 2023 and a 60% drop from the $4.4bn recorded in 2020. Deal activity also saw a substantial contraction, with the number of transactions falling 44% from 108 in 2023 and 69% from 196 in 2020.
Despite this overall downturn, the average deal value increased to $28.9m in 2024, compared to $20.6m in 2023 and $22.3m in 2020.
This suggests that, while deal flow has decreased significantly, the focus has shifted toward larger funding rounds, potentially indicating a flight to quality as investors prioritize established players over early-stage startups.
French companies secured six of the top 10 deals as the country emerged as an InsurTech powerhouse in the European region
The composition of the top 10 deals in 2024 highlights a shift in market dynamics.
France emerged as the clear leader, securing six of the top 10 deals—up from just one in 2023.
Meanwhile, the United Kingdom, which dominated in 2023 with six top deals, saw its presence reduced to just one in 2024.
Germany maintained a spot in the top 10 across both years, while new entrants like Cyprus and the Netherlands replaced Sweden and Belgium from the 2023 list.
This redistribution of high-value deals indicates that investment in European InsurTech is becoming more geographically diverse, with France gaining significant traction at the expense of historically dominant markets like the U.K. and Sweden.
Akur8, a machine learning-powered platform for insurance pricing, secured a $120m Series C funding round making it one of the biggest European FinTech deals for the year
The round was led by growth equity firm One Peak, with contributions from Partners Group and existing investor Guidewire Software, Inc.
This latest funding will drive Akur8’s ambitious growth strategy, supporting product innovation with new modules—Optim, for optimising pricing strategies, and Deploy, a rating engine to streamline rate deployment.
Following its recent acquisition of the Arius reserving platform, Akur8 is set to expand its capabilities in the reserving sector, targeting new markets and bridging the gap between pricing and reserving.
With these developments, Akur8 is well-positioned for rapid global expansion, especially in North America, as it tailors its AI-driven SaaS solutions to meet market demands and broaden its impact across non-life insurance segments.
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