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Global insurtech funding reached a record $7.4 billion in the first half of this year, exceeding full-year totals for any previous year, according to Willis Tower Watson PLC’s quarterly InsurTech Briefing released Thursday.
There were 162 deals totaling more than $4.824 billion combined in the second quarter, a 210% increase in funding over the second quarter of 2020. This included 15 deals of $100 million or more, which collectively totaled $3.3 billion, or two-thirds of total funding during the quarter.
The 162 deals were up 11% from the 146 in the first quarter and more than double the 74 deals in the second quarter of 2020.
Funding focused on insurtech distribution accounted for 55% of the total second-quarter deals, and for 10 of the 15 above $100 million. Funds were raised by companies in 35 countries, compared with 26 in the first quarter, with newcomers including Botswana, Mali, Romania, Saudi Arabia and Turkey.
“As technology changes our lives, society will demand an insurance community that reflects and supports our changing, digitally empowered behaviors,” said Andrew Johnston, global head of InsurTech at Willis Re, said in a statement with the report. “Consumers and businesses increasingly expect insurance to be delivered when and how they want it.”
Next Insurance Services Inc. has raised $250 million in new funding, the Palo Alto, California-based insurtech said Wednesday.