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Global investment in the insurtech sector hit a record high of $7.1 billion in 2020, up 12% from 2019, according to Willis Towers Watson PLC’s quarterly report on the sector.
The insurtech sector also recorded the highest number of deals in a year at 377, up 20%.
Investment totaled $2.1 billion in the fourth quarter across 103 deals, with 67% of funds directed to property/casualty companies.
Insurtech investments covered companies in 23 countries, including Hong Kong, Brazil and Switzerland for the first time.
Andrew Johnston, global head of insurtech at Willis Re, said: “While our industry is facing extreme issues relating to Covid-19, we also have an unprecedented level of access to technology and technologists who can help it prevail during these times of instability. Many insurtechs probably feel vindicated that the insurance industry has been forced to realize the value of technology. The issue for insurtechs now is to survive months, possibly years, of market uncertainty.”
Insurtech companies globally raised $2.54 billion across 104 deals during the third quarter of 2020, Willis Towers Watson PLC said in a report Wednesday.