Key global InsurTech investment stats in Q2 2026:
- Global InsurTech funding grew 2.4x YoY in Q2
- US firms secured eight of the top 10 global InsurTech deals with only 2 continents being featured on the list
- Alan, a digital health insurance platform serving employees, freelancers and retirees across France, Spain, Belgium and Canada, raised $544.6m making it the top global InsurTech deal of the second quarter
Global InsurTech funding grew 2.4x YoY in Q2
Global InsurTech investment in Q2 2026 reached $1.8bn across 53 deals, representing a 2.4x increase in funding compared to the $749.6m raised across 48 deals in Q2 2025.
Deal volume also grew, rising by 10% year-on-year, though the scale of the funding increase far outpaced the modest expansion in transaction activity, pointing to a dramatic rise in average deal size.
The average deal value climbed to $34.1m in Q2 2026, more than double the $15.6m recorded in Q2 2025, suggesting that investors are deploying capital into InsurTech with considerably greater conviction than a year ago.
The overall picture is one of a sector experiencing a sharp and broad-based recovery, with both the volume and scale of investment moving decisively upwards.
US firms secured eight of the top 10 global InsurTech deals with only 2 continents being featured on the list
The country-level breakdown of the top 10 deals in Q2 2026 tells a story of marked concentration, with the US accounting for eight of the ten largest transactions, up from four in Q2 2025.
That shift represents a significant consolidation of large-deal activity around the US market, which has moved from sharing the top 10 relatively evenly with other countries to dominating it almost entirely.
UK retained a presence in both periods, securing one top deal on each occasion, while France made a new appearance in Q2 2026 with one deal.
In contrast, Bermuda, Canada, Ireland, Germany and Mexico, each of which featured in the Q2 2025 top 10, were all absent from Q2 2026, representing a wholesale retreat of non-US markets from the upper end of the global InsurTech funding table.
The breadth of that withdrawal underscores just how much the composition of large-deal activity has shifted in the space of a year, with capital at scale flowing increasingly towards the US at the expense of a wide range of other markets.
Alan, a digital health insurance platform serving employees, freelancers and retirees across France, Spain, Belgium and Canada, raised $544.6m making it the top global InsurTech deal of the second quarter
The round was led by Prosus.
Alan now serves more than 1.1 million members and 37,000 businesses, and reported annual recurring revenue of $907.7m in Q1 2026, with a credible path to $1.1bn by year-end.
Much of the company’s durability can be attributed to its distribution strategy, which is built primarily through employer channels and group benefits rather than costly direct-to-consumer acquisition, a model that delivers structurally higher retention and more predictable loss ratios than many of its digital-first peers managed.
Its AI-native platform is described as central to claims automation, care navigation and prevention, and at this scale the operational numbers suggest the model is holding together.
Alan expanded into Spain, Belgium and Canada only after validating its core economics in France, a discipline that set it apart from the wave of InsurTechs that scaled across borders before proving local unit economics and were undone by the regulatory complexity that makes European insurance particularly unforgiving.
Having survived where most challengers did not, Alan now sets a new benchmark for what institutional investors consider an investable InsurTech: disciplined distribution, demonstrable unit economics and a credible path to profitability in at least one market before expansion.
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