全球保险科技现状 | 2025年回顾

State ofInsurtech Global | 2025 recap Global data and analysis on dealmaking, funding,and exits by private marketinsurtechcompanies Your next move, first. Leaders still make critical growth decisions throughrear-view mirrors. Reactive Intelligence—funding news,analyst reports, generic AI—is dangerously late. CB Insights createdPredictive Intelligence—the firstsystem built to replace Reactive Intelligence.We collectdata directly from private companies, investors, andcustomers—then use AI to surface what’s next, not justwhat’s happened. That’s why our customers find opportunities first—andact while others are still looking.Trusted by every majorcloud provider, top professional services firm, and 26 ofthe top 30 banks. ▮▮▮IIIIIIStart 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 ▮▮▮▮▮IIIIIDownload the raw data TL;DRYour rundown oninsurtechin 2025TL;DR $5.3B 58.3%IPO Probabilities ofAlan and Coalitionin the next 2 years. 24% Top 7% 15 Deals with nascentCommercialMaturity. Number of investorswho made 4+investments. Insurtech funding—10% year-over-year(YoY)increase. MosaicScorebenchmarkfor partnership. 2016 was the last year fewerinvestors made 4+ insurtechinvestments.The reducedinvestor count coincides withan 11% YoY decline ininsurtechdealsto just 405 in2025. Globalinsurtechfundingincreased for the first timesince 2021, due to a 28%increase in P&C fundingandthe count of $100M+mega-round deals nearlydoubling from 6 to 11. Alan and Coalition both have58.3% IPO Probability over thenext 2 years, the highestacross allinsurtechs. Insurtech investors show aclear preference for later-stage, commercially provencompanies. Incumbents bet on high-momentum insurtechpartners. 8 carriers and MGAs withat least $1B in revenue eachmade at least 3 disclosedinsurtech partnerships.Among insurtechstartups,the average Mosaic Scorewas 662 out of 1,000 (amongthe top ~7% of privatecompanies for companyhealth). Just 24% of insurtech dealswith a CB InsightsCommercial Maturity scorewent to startups in the"Emerging" or "Validating"categories, compared with46% of deals across thebroader ventureenvironment. The pipeline extends beyondthese two frontrunners. 7 otherinsurtechs with an 800+Mosaic and a CommercialMaturity of at least "Scaling"have an IPO Probabilitygreater than 10% within thenext 2 years. Average insurtech deal sizealso increased for the firsttime in 5 years, rising 13%from $13.5M in 2024 to$15.2M in 2025. General Catalyst, AmericanFamily Ventures, andClocktower TechnologyVentures were the mostactive investors in insurtechin 2025. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState ofInsurtech Funding rises to$5.3B in 2025,halting 3-yearfunding decline Annual equity funding and deal count TL;DRState ofInsurtech Fewer investorsare activelytargetinginsurtech The number of investors that made 4+equityinsurtechinvestments in a given year ▮▮▮▮▮▮▮▮▮▮▮▮IIIIIIExplore Investment Insights for General Catalyst TL;DRState ofInsurtech Insurtech dealsskew toward proventraction, unlike thebroader ventureenvironment Distribution of Commercial Maturity for 2025equity deals acrossinsurtechand venture TL;DRState ofInsurtech Large insurancecompanies favorpartnerships withhigh-momentuminsurtech startups Carriers and MGAs with at least 3 disclosedinsurtech business relationships in 2025 State of Insurtech 2025© 2026 CB Insights. Insurtechs include tech vendors, as well as insurers and intermediaries. Partnership activity only included for carriers and MGAs with at least $1B in revenue. Mosaic Scoresas of 1/1/2025, or the earliest available for 2025. Insurtech classification as of 12/31/2025.Accelerant went public in July 2025, although the insurtech was a startup at the time of partnershipwith QBE and Tokio Marine. This chart is not exhaustive of all activity in the space. TL;DRState ofInsurtech The 2026 insurtechIPO pipeline Insurtech startups with an IPO Probability ofat least 10% within the next 2 years © 2026 CB Insights. Startups included must have a Mosaic Score of at least 800, or a CommercialMaturity Score of at least “4: Scaling”. Insurtechs that previously exited are excluded. IPO Probabilityas of January 2026. ▮▮▮▮▮▮▮▮▮IIIIIIIExploreinsurtechs by IPO Probability ContentsState of Insurtech Global Trends11 Investment Trends12Headcount Trends36Unicorns41Exit Trends47Investors53 Collection Spotlights57 Life & Health Insurance58P&C Insurance69 Geographic Trends80 US81Silicon Valley89Europe93 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 gl