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Quarterly insurtech funding reached an all-time high of $1.99 billion during the fourth quarter, marking the sixth consecutive quarter over $1.2 billion, according to the Quarterly InsurTech Briefing released Friday by Willis Towers Watson PLC.
The fourth-quarter total was up 25.2% from the year-earlier period’s $1.59 billion.
The total for all of 2019 was a record $6.35 billion, up 52.2% from $4.17 billion in 2018
Of the 2019 total, $3.519 billion was on the property/casualty side and $2.829 billion on the life and health side, compared with $2.163 billion and $2.003 billion, respectively, in 2018.
Of the 760 insurtechs included in the fourth-quarter report, 19% were primarily focused on pricing and underwriting; 45% were primarily focused on the process of quote, bind and issue; 28% were primarily focused on policy administration and central management systems; and 8% were primarily focused on claim processing, Willis Towers Watson said.
The report noted that the U.S. remains the “dominant insurtech force,” responsible for 54% of all deals and 67% of all funding since 2012.