Insurtech Funding Hits Record High in Q3 with Over $1 Billion, Dominated by P&C Sector

The global insurtech sector surpassed US$1.1 billion in new funding during the third quarter of 2023. This growth, representing a 19.8% increase, was primarily propelled by a 25.5% quarter-on-quarter surge in property and casualty insurtech investment.

For its latest Global Insurtech Report, Gallagher Re revealed that the surge happened despite the average deal size dropping by 16.4% to a six-year low of US$10.3 million. Additionally, life and health insurtech investment experienced a 4.5% decrease to US$166.6 million.

The report notes a rise in the number of quarterly insurtech deals, surging from 97 in Q2 to 119 in Q3, marking the highest count since Q3 2022 (140). P&C insurtech witnessed 90 deals, and life and health Insurtech saw 29 deals.