2024 Sees 71% Drop in Asian InsurTech Funding: Deals Over $100M Hit 5-Year Low

2024 Sees 71% Drop in Asian InsurTech Funding: Deals Over $100M Hit 5-Year Low

In 2024, the Asian InsurTech landscape experienced a notable downturn, with funding dropping significantly. The latest statistics reveal that Asian InsurTech investment has plunged by 71%, indicating a challenging year for the sector. Understanding these trends is crucial for stakeholders navigating the evolving market.

Overview of Asian InsurTech Funding in 2024

The Asian InsurTech market faced a substantial decline in both deal volume and total funding this year. Key statistics illustrate the extent of this downturn:

  • Total Funding: $369 million, a 71% decrease from $1.3 billion in 2023.
  • Number of Deals: 23 deals, down by 63% from 63 deals in 2023.
  • Average Deal Size: $16 million, reflecting a 21% drop from $20.3 million in 2023.

Significant Decline in High-Value Deals

Notably, the number of high-value deals (over $100 million) reached a five-year low. In 2024, such deals accounted for only $100 million, a staggering 82% drop from $559 million in 2023 and a 95% decrease from the $2.1 billion raised in 2020.

This reduction highlights a growing risk-averse sentiment among investors, leading to a reassessment of opportunities within the sector.

Spotlight on bolttech’s Major Funding Round

Despite the overall decline, bolttech, a global InsurTech company, secured the largest deal of the year in Asia, raising over $100 million in its Series C funding round. This investment, led by Dragon Fund and supported by Liquidity and MUFG, values bolttech at $2.1 billion. Other notable investors included Baillie Gifford and Generali’s Lion River.

The funding aims to enhance bolttech’s platform capabilities, expand its global market presence, and accelerate its mission to make insurance more accessible and affordable.

READ ALSO  HUB Cyber Security Raises $13.5M in Funding to Streamline Financial Obligations

bolttech’s Global Reach and Impact

Operating in over 35 markets across Asia, Europe, North America, and Africa, bolttech provides digital and data-driven solutions that connect insurers, distributors, and customers. This approach streamlines the buying and selling of insurance products, reinforcing bolttech’s leadership in the InsurTech sector.

Conclusion: Future Outlook for Asian InsurTech

The significant drop in funding within the Asian InsurTech market in 2024 signals ongoing challenges as investors navigate changing market conditions. As companies like bolttech continue to innovate and attract investment, it will be crucial for stakeholders to stay informed about emerging trends and opportunities within the industry.

For more insights on the InsurTech landscape, visit our InsurTech trends page or explore related articles on Forbes.

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