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Third quarter 2019 funding for the insurtech sector totaled $ 1.5 billion over 83 deals, up 6% over the previous three months and the third-highest quarter for global insurtech investment to date, according to a report released Wednesday by Willis Towers Watson PLC.
Only the second quarter of 2015, with $1.87 billion over 32 deals, and the fourth quarter of 2018, with $1.59 billion over 63 deals, have been higher, the report said.
Through the first three quarters of 2019, insurtech investing totaled $4.36 billion across 239 transactions, a 5% increase from the total amount of investment in all of 2018 the report said, adding “deal activity is on pace to beat last year’s total.”
The third quarter was also the first since the second quarter of 2018 when investments in B2B insurtechs outnumbered investments in distribution-focused ventures, the report said.
“The continuing rise in InsurTech investment acknowledges the enormous role technology has to play in our industry, but we need to avoid becoming a sector jaded and frustrated by it,” Andrew Johnston, New York-based global head of insurtech at Willis Re, said in a statement released with the report.
“Today’s InsurTech is as much about hype and entrepreneurial culture as it is about appropriate technology for the insurance and reinsurance industry,” he said.
LAS VEGAS — Low interest rates and competition among buyers are helping to elevate valuations for insurtech companies, though the rising levels are not unique to the growing sector, according to a panel of investors and an analyst speaking at the InsureTech Connect technology conference in Las Vegas on Tuesday.