France Dominates InsurTech in Europe: Six of the Top 10 Deals of 2024
The European InsurTech landscape has experienced significant changes in 2024, marked by a notable decline in funding. Understanding these trends is essential for stakeholders looking to navigate the evolving market. In this article, we will explore the key statistics, trends, and emerging players within the European InsurTech sector this year.
Funding Trends in European InsurTech for 2024
In 2024, the European InsurTech industry saw a 21% year-over-year decline in funding, totaling approximately $1.8 billion across 61 deals. This decline is significant compared to the $2.2 billion raised in 2023 and a staggering 60% drop from the $4.4 billion achieved in 2020.
Key Statistics
- Total funding in 2024: $1.8 billion
- Number of deals: 61
- Year-over-year decline: 21%
- Average deal value: $28.9 million (up from $20.6 million in 2023)
This decline in funding activity reflects a 44% decrease in the number of transactions compared to 2023 and a 69% decrease from 2020. Despite this downturn, the average deal value increased, indicating a shift towards larger investments in more established companies.
France Emerges as InsurTech Powerhouse
In a surprising turn, French InsurTech companies dominated the scene, securing six of the top ten funding deals in 2024. This marks a significant rise from only one deal in 2023. Here’s a quick look at the geographical shift:
Top 10 Deals Overview
- France: 6 deals
- United Kingdom: 1 deal (down from 6 in 2023)
- Germany: Maintained presence in the top 10
- New Entrants: Cyprus and the Netherlands replaced Sweden and Belgium
This shift suggests a growing diversity in European InsurTech investments, with France gaining prominence while traditional markets like the U.K. and Sweden see a reduction in their influence.
Akur8: A Major Player in 2024
One standout in the European InsurTech space is Akur8, a machine learning-driven platform focused on insurance pricing. In 2024, Akur8 successfully completed a $120 million Series C funding round, making it one of the largest deals in the sector this year.
Impact of Funding on Akur8’s Growth
The funding round was led by One Peak, with participation from Partners Group and existing investor Guidewire Software, Inc.. This investment is set to propel Akur8’s growth strategy, facilitating:
- Product innovation with new modules such as Optim for pricing strategies.
- The introduction of Deploy, aimed at streamlining rate deployment.
- Expansion into new markets, particularly in North America.
With these advancements, Akur8 is well-positioned to enhance its market presence, especially in non-life insurance segments.
For those interested in the future of InsurTech developments, monitoring these trends will be crucial as the industry adapts to new challenges and opportunities in the coming years.
