Key European InsurTech investment stats in 2024:
- European InsurTech deal activity dropped by 54% YoY
- UK companies secured a third of the deals as the country retained its leading European InsurTech hub status in 2024
- hyperexponential, a leader in pricing decision intelligence (PDI) software, secured one of the biggest European InsurTech deals for the year with a Series B funding round of $73m
European InsurTech deal activity dropped by 54% 2024 YoY
The European InsurTech investment market continued to contract in 2024, with both funding and deal activity declining compared to previous years.
Total funding dropped to $1.7bn, marking a 25% decrease from the $2.2bn raised in 2023 and a steep 62% decline from the $4.4bn recorded in 2020.
Deal volume followed a similar downward trend, with only 75 deals completed in 2024, representing a 54% drop from 164 deals in 2023 and a sharp 73% decline from the 273 deals recorded in 2020.
These declines reflect ongoing challenges in the InsurTech sector, including a cautious investment climate and shifting market dynamics that have impacted deal flow.
UK companies secured a third of all deals as the country retained its leading European InsurTech hub status
The United Kingdom remained the most active European country in InsurTech deal activity in 2024, completing 24 deals (32% share), a 54% decline from the 52 deals recorded in 2023.
France retained its second-place position with 16 deals (21% share), down 41% from 27 deals in the previous year.
Germany followed with 10 deals (13% share), representing a 44% drop from the 18 deals recorded in 2023.
Despite the overall downturn, the United Kingdom continued to lead the region, while France increased its share of deal activity, highlighting shifting dynamics within the European InsurTech landscape.
hyperexponential, a leader in pricing decision intelligence (PDI) software, secured one of the biggest European InsurTech deals for the year with a Series B funding round of $73m
hyperexponential’s PDI platform, hx Renew, enabled insurers to leverage large and alternative datasets, develop and refine rating tools rapidly, and employ sophisticated machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level.
Since the company’s Series A in 2021, hyperexponential grew sales 10x while staying profitable, serving some of the world’s largest insurers, including Aviva, HDI, and Conduit Re.
This latest round of financing would support hyperexponential’s expansion into the United States, targeting the opening of its New York office this year, and enabling increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector.
The company planned to double its global team to over 200 in 2025.
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