US, UK, and France Dominate Global InsurTech Funding Landscape in 2024
The global InsurTech market has seen a significant downturn in 2024, marked by a sharp decline in both funding and deal activity. As the industry grapples with various challenges, understanding the latest investment statistics is crucial for stakeholders looking to navigate this evolving landscape.
Decline in Global InsurTech Investment in 2024
In 2024, the global InsurTech sector experienced a notable contraction, with total funding dropping to $5 billion. This represents a 35% decrease from the $7.7 billion raised in 2023 and a staggering 64% drop from the $13.8 billion recorded in 2020. The number of completed deals also fell sharply, with only 293 transactions reported, marking a 47% decline from the previous year’s 554 deals.
Reasons Behind the Decline
- Ongoing macroeconomic uncertainties
- Evolving regulatory landscapes
- Investor caution and focus on mature opportunities
Dominance of the US, UK, and France in InsurTech Funding
Despite the overall downturn, the United States, United Kingdom, and France continued to lead in global InsurTech funding, collectively accounting for 60% of all deals in 2024.
Key Statistics from Major Markets
- United States: 137 deals (47% share), down from 235 in 2023
- United Kingdom: 24 deals (8% share), down from 52
- France: 16 deals (5% share), down from 27
Despite these declines, the US has maintained its position as the most active country in the InsurTech space, while the UK and France demonstrated resilience amid the broader market slowdown. Investors remain selective, prioritizing mature and high-value opportunities.
Akur8: A Bright Spot in InsurTech Investment
One of the most significant deals in 2024 was led by Akur8, a machine-learning platform focused on insurance pricing, which secured a $120 million Series C funding round. This deal is among the largest in the InsurTech sector this year.
Details of the Funding Round
The funding round was spearheaded by One Peak, with contributions from Partners Group and existing investor Guidewire Software, Inc.. The capital raised will be utilized to:
- Support product innovation, including the launch of new modules such as Optim for pricing strategy optimization
- Enhance capabilities in the reserving sector following the acquisition of the Arius reserving platform
With its focus on expanding its capabilities, Akur8 is poised for rapid growth, particularly in North America, as it tailors its AI-driven SaaS solutions for the non-life insurance market.
For further insights into the InsurTech landscape, you can visit our page on InsurTech Insights or explore Forbes for industry analysis and updates.
