State of Insurtech 2024 Report
State ofInsurtech Global | 2024 recap Global data and analysis on dealmaking, funding,and exits by private marketinsurtechcompanies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TL;DRYour rundown oninsurtechin 2024 $0.4B 362 113 Investors that did 2+equityinsurtechdealsin 2024. Raised byP&Cinsurtechsin Q4’24.7-yearlowinquarterly funding. Insurtech deals.Lowest annual totalsince2016. P&C funding dropped 43%quarter-over-quarter (QoQ) to $0.4B, with annualfunding decliningto $2.6Bin 2024.The2 largest P&Cinsurtechdealsin 2024went to AI-focused startups Altana AI andAkur8, highlighting investors' appetite forspecialized AI opportunities.See the data→ The number of investors making at least 2equity investments ininsurtechannuallyhas fallen 72% from the dealmaking boomof 2021. Insurtechdeal count fell 28%year-over-year(YoY), down from 500 in 2023. Thedecline outpaced the broader ventureenvironment,which saw deal count fall19% YoY. Deal volume among leading investors alsofell in 2024: Just 7 investors made 5 ormore equityinsurtechinvestments, vs. 57in 2021. Insurtechfundingdeclined by a lessermagnitude, falling from $4.7B in 2023to$4.5Bin 2024. See the data→ See the data→ TL;DRYour rundown oninsurtechin 2024 $3.8M 10% 20% Silicon Valley’s share ofinsurtechfunding in 2024. Median early-stage deal size.Record high. Headcount growth amonginsurtechs funded in 2024. Silicon Valley's share of globalinsurtechfunding dropped from 20% in 2023 to10%in 2024, surpassed by New Yorkat 15%.Given Silicon Valley’s AI dominance,diminishedinsurtechactivity in the regioncould lead to missed opportunities forinsurance-focused AI advancements. Insurtechsthat raised funding in 2024have grown headcounts by a median of20% over the last 12 months. The median early-stageinsurtechdealsize surged 52% YoY to $3.8M in 2024,outpacing the broader venture landscape. Meanwhile, median headcount growthamonginsurtechsthat raised at the heightof the funding boom in 2021 is marginal—just 3% over the last 12 months. Comparatively, late-stageinsurtechdealsizes declined 19% YoY. The declinecoincides with decreasedinsurtechM&Aexits, which fell from 57 in 2023 to 35 in2024. See the data→ See the data→ See the data→ TL;DRState ofInsurtech Insurtech sees fewer active investors in recent years The numberof investors that made at least 2equityinsurtechinvestmentsin a given year TL;DRState ofInsurtech Insurtech deals decline once again in 2024 Disclosed globalinsurtechequity funding and deal count TL;DRState ofInsurtech Quarterly P&Cinsurtechfunding falls to a 7-year low Disclosed global P&Cinsurtechequity funding TL;DRState ofInsurtech Silicon Valley’s share ofinsurtechfunding shrinks in 2024 Share of globalinsurtechfunding to Silicon Valley-based startups TL;DRState ofInsurtech Early-stage deal sizes reach a record high in 2024 Median early-stageinsurtechdeal size TL;DRState ofInsurtech Recently fundedinsurtechsgrow quicker Median headcount growth amonginsurtechs(with at least 10 employees) by year of funding round Note: Timeframes based on the month of the latest disclosed headcount data. Annualcalculations are not mutually exclusive, meaning that a company that raised multiplefunding rounds across years is included in each of the respective calculations. ContentsState of Insurtech Investment Trends14Unicorns37Exit Trends42Investors47 Collection Spotlights51 Life & Health Insurance52P&C Insurance63 Geographic Trends74 Global Trends Investment Trends State of Insurtech|Global Trends|Investment Trends Annual equity funding & deals State of Insurtech|Global Trends|Investment Trends Quarterly equity funding & deals State of Insurtech|Global Trends|Investment Trends Funding & deals by global region in Q4’24 State of Insurtech|Global Trends|Investment Trends Percent of quarterly deals by global region State of Insurtech|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Insurtech|Global Trends|Investment Trends Annual average & median deal size State of Insurtech|Global Trends|Investment Trends Annual median deal size by global region State of Insurtech|Global Trends|Investment Trends Annual median deal size by investor group State of Insurtech|Global Trends|Investment Trends Annual mega-round funding & deals State of Insurtech|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Insurtech|Global Trends|Investment Trends Quarterly mega-round