Key Global InsurTech investment stats in 2024:
- Global InsurTech deal activity dropped by 47% YoY
- US, UK and France continued to dominate global InsurTech funding rounds with a combined share of 60% of all the deals in 2024
- Akur8, a machine learning-powered platform for insurance pricing, secured a $120m Series C funding round making it one of the biggest InsurTech deals for the year
Global InsurTech deal activity dropped by 47% YoY
The global InsurTech market faced another year of contraction in 2024, with both funding and deal activity continuing to decline.
Total funding fell to $5bn, representing a 35% drop from the $7.7bn raised in 2023 and a significant 64% decline from the $13.8bn recorded in 2020.
The number of deals also decreased sharply, with just 293 transactions completed in 2024, down 47% from the 554 deals in the previous year.
These declines reflect ongoing investor caution in the sector, as macroeconomic uncertainties and evolving regulatory landscapes limit capital inflows into InsurTech startups worldwide.
US, UK and France continued to dominate global InsurTech funding rounds with a combined share of 60% of all the deals in 2024
The United States remained the most active country in InsurTech deal activity, recording 137 deals (47% share) in 2024, though this was a notable decline from the 235 deals in 2023.
The United Kingdom followed with 24 deals (8% share), down from 52 in the previous year, while France secured the third position with 16 deals (5% share), compared to 27 in 2023.
Despite the overall downturn, the US maintained its dominant role in the sector, while the UK and France continued to show resilience amid the broader slowdown.
The sustained decline in global InsurTech investment highlights the sector’s struggle to regain momentum, as investors remain selective and focus on mature, high-value opportunities.
Akur8, a machine learning-powered platform for insurance pricing, secured a $120m Series C funding round making it one of the biggest InsurTech 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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