Venture capital funding in insurtech startups is showing signs of stabilization, with a projected total of $4.2 bn by the end of 2024. This aligns with the funding levels seen in 2018 and 2023.
Insurtech VC Funding Stabilizes
Funding reached $3.2 bn during the first three quarters of 2024, representing a 7% decline from the previous year. Despite this decrease, current trends suggest a potential rebound in Q4. Funding activity peaked in 2021 and subsequently dropped over two-thirds. Present levels reflect a return to conditions last observed in 2018.
Breakout-stage companies in Series B and C are driving the current stabilization, approaching pre-pandemic funding levels. Early-stage startups in pre-seed, seed, and Series A rounds also contribute to this trend.
However, late-stage startups seeking over $100 mn continue to face substantial funding declines—nearly 90% below their 2021 peak. These later-stage companies are focusing on improving unit economics to position themselves for potential exits in more favorable future conditions.
U.S. and Europe Remain Leading Markets
The U.S. continues to lead the insurtech market, attracting $1.8 bn in investment, followed by Europe at $1.1 bn. Both regions show consistent growth momentum. In contrast, emerging markets remain well behind.
Latin America secured only $37.1 mn, while Africa received $32.4 mn. Despite the historic lows, local entrepreneurs are exploring new models to attract funding and address the region’s insurance gap, which still offers untapped potential.
According to Beinsure insurtech market review, these figures highlight the regional differences in venture capital activity. While North America and Europe are regaining momentum, Latin America and Asia still face funding difficulties. The narrowing of the insurance gap in emerging regions may support long-term growth, but current capital inflows remain limited.
B2B SaaS Startups Lead in Funding Share
B2B SaaS startups account for 43% of total insurtech VC funding in 2024, the highest share on record. These startups offer a range of technologies, including pricing tools, risk analysis software, underwriting systems, and reinsurance platforms. Many of these companies are expanding through the adoption of AI capabilities.
The life and health (L&H) segment now matches the property and casualty (P&C) segment in VC allocation, each holding a 50% share.
L&H growth has been driven primarily by health insurance innovation, while P&C benefits from increased demand for climate-related and business insurance coverage.
Early and Breakout Stage Startups Gain Ground
Early-stage startups, although down more than 50% from their 2021 peak, are showing resilience. Series B and C startups are expected to lead funding activity by year-end, potentially reaching $2.4 bn. These levels reflect pre-pandemic norms and suggest renewed investor confidence in companies with proven business models.
In contrast, late-stage startups continue to struggle, facing limited capital access and minimal IPO activity. Many of these companies are waiting for better market conditions in 2025 or 2026.
As a result, investors are shifting focus to firms with solid financial fundamentals rather than high-growth projections.
Lessons from Insurtech Challengers
Challenger insurtechs have adapted to recent market changes by adjusting their strategies. Early enthusiasm around the “growth at all costs” model proved unsustainable due to the unique nature of the insurance sector. Profitability in insurance requires accurate risk assessment and pricing discipline, which rapid scaling tends to disrupt.
Increased interest rates and a more expensive capital environment have also reduced overall venture investment. In addition, traditional insurers and reinsurers are limiting their underwriting capacity, further tightening the funding landscape for insurtechs.
The underperformance of insurtech IPOs relative to other sectors underscores the challenge of translating tech-driven growth into sustainable insurance operations.
TOP 25 investors in global insurtech startups in Seed Rounds
| № | Investor | Insurtech Rounds 2023-2024 | Insurtech Rounds 2019-2024 | % Insurtech deals 2019-2024 |
| 1 | Plug and Play | 6 | 54 | <25% |
| 2 | Anthemis Group | 3 | 46 | 25-50% |
| 3 | Insurtech Gateway | 7 | 34 | 50%+ |
| 4 | 500 Global | 1 | 24 | <25% |
| 5 | Global Founders Capital | 1 | 22 | <25% |
| 6 | Greenlight Reinsurance | 5 | 20 | 50%+ |
| 7 | Markd | 17 | 20 | 50%+ |
| 8 | Foundation Capital | 5 | 20 | <25% |
| 9 | Antler | 4 | 18 | <25% |
| 10 | Bpifrance | 5 | 18 | <25% |
| 11 | Clocktower Technology Ventures | 3 | 17 | <25% |
| 12 | Portage Ventures | 4 | 15 | <25% |
| 13 | SixThirty Ventures | 3 | 15 | <25% |
| 14 | BrokerTech Ventures | 3 | 13 | 50%+ |
| 15 | Susa Ventures | 0 | 13 | <25% |
| 16 | Core Innovation Capital | 2 | 13 | <25% |
| 17 | Seedcamp | 2 | 13 | <25% |
| 18 | Andreessen Horowitz | 5 | 12 | <25% |
| 19 | Partech | 1 | 12 | <25% |
| 20 | Fin Capital | 5 | 11 | <25% |
| 21 | Liquid 2 Ventures | 2 | 11 | <25% |
| 22 | Astorya vc | 3 | 11 | 50%+ |
| 23 | MetaProp | 3 | 10 | <25% |
| 24 | AV8 Ventures | 3 | 10 | <25% |
| 25 | Elaia Partners | 3 | 10 | <25% |
Source: DataWrapper by Dealroom data // See full TOP 50 Investors in InsurTech Startups in Seed Rounds
TOP 25 investors in global insurtech startups in Series A
| № | Investor | Insurtech Rounds 2023-2024 | Insurtech Rounds 2019-2024 | % Insurtech deals 2019-2024 |
| 1 | MS&AD Ventures | 5 | 35 | 25-50% |
| 2 | MassMutual Ventures | 6 | 25 | <25% |
| 3 | Munich Re Ventures | 7 | 24 | 25-50% |
| 4 | IA Capital Group | 5 | 23 | 25-50% |
| 5 | MTech Capital | 4 | 21 | 50%+ |
| 6 | American Family Ventures | 4 | 20 | 25-50% |
| 7 | Lightspeed Venture Partners | 4 | 20 | <25% |
| 8 | Greycroft Partners | 1 | 19 | <25% |
| 9 | ManchesterStory | 5 | 18 | 25-50% |
| 10 | Nationwide Ventures | 5 | 16 | 50%+ |
| 11 | Eurazeo | 5 | 16 | <25% |
| 12 | Crosslink Capital | 4 | 16 | <25% |
| 13 | Octopus Ventures | 3 | 16 | <25% |
| 14 | Eos Venture Partners | 4 | 15 | 50%+ |
| 15 | QED Investors | 2 | 15 | <25% |
| 16 | CommerzVentures | 1 | 15 | 25-50% |
| 17 | Khosla Ventures | 1 | 15 | <25% |
| 18 | Flourish Ventures | 2 | 13 | <25% |
| 19 | Founders Fund | 2 | 13 | <25% |
| 20 | Maverick Ventures | 4 | 12 | <25% |
| 21 | Intact Ventures | 3 | 12 | 25-50% |
| 22 | Sequoia Capital | 2 | 12 | <25% |
| 23 | True Ventures | 2 | 11 | <25% |
| 24 | GreatPoint Ventures | 2 | 10 | <25% |
| 25 | AXA Venture Partners | 2 | 10 | <25% |
Source: DataWrapper by Dealroom data // See full TOP 50 VC Investors in InsurTech Startups in Series A
TOP 25 investors in global insurtech startups in Series B
| № | Investor | Insurtech Rounds 2023-2024 | Insurtech Rounds 2019-2024 | % Insurtech deals 2019-2024 |
| 1 | Mundi Ventures | 10 | 37 | 50%+ |
| 2 | Aquiline Capital Partners | 3 | 16 | 25-50% |
| 3 | Brewer Lane Ventures | 4 | 15 | 50%+ |
| 4 | Insight Partners | 3 | 15 | <25% |
| 5 | Bessemer Venture Partners | 4 | 14 | <25% |
| 6 | SCOR | 2 | 12 | 50%+ |
| 7 | SoftBank | 0 | 12 | <25% |
| 8 | Cathay Innovation | 0 | 12 | <25% |
| 9 | Valor Equity Partners | 3 | 10 | 50%+ |
| 10 | Mubadala Capital | 2 | 10 | <25% |
| 11 | Tencent | 2 | 10 | <25% |
| 12 | Ribbit Capital | 1 | 10 | <25% |
| 13 | Viola Fintech | 0 | 10 | 25-50% |
| 14 | Vertex Holdings | 0 | 10 | <25% |
| 15 | Norwest Venture Partners | 1 | 9 | <25% |
| 16 | New Enterprise Associates | 2 | 9 | <25% |
| 17 | FinTLV | 2 | 9 | 50%+ |
| 18 | Liberty Mutual Strategic Ventures | 2 | 9 | 25-50% |
| 19 | PruVen Capital | 2 | 9 | 25-50% |
| 20 | Coatue Management | 0 | 9 | <25% |
| 21 | Propel Venture Partners | 0 | 9 | <25% |
| 22 | Avanta Ventures | 4 | 8 | 25-50% |
| 23 | Bain Capital Ventures | 2 | 8 | <25% |
| 24 | Menlo Ventures | 1 | 8 | <25% |
| 25 | Tiger Global | 0 | 8 | <25% |
Source: DataWrapper by Dealroom data // See full TOP 50 VC Investors in InsurTech Startups in Series B
Transparency, Strategy, and Outlook
With $3.2 bn raised in 2024, investor confidence in insurtech remains strong. Despite a 7% year-over-year decline, insurtech is slightly outperforming fintech in terms of recovery.
According to analysts, U.S. and European startups are stabilizing, and breakout-stage companies are showing measurable progress.
Challenger insurtechs have refined their approach, shifting away from aggressive expansion to focus on profitability. These firms have gained key insights from previous years, and the market now recognizes their capacity to contribute measurable value to the broader insurance sector.
Regional and Industry Investment Breakdown
Late-stage investment remains the primary factor behind the overall decline in insurtech funding. Early-stage and breakout-stage companies have fared better, although still below historical highs. Early-stage funding has returned to 2017 levels, while breakout-stage investment is approaching pre-pandemic figures.
Funding by region continues to reflect strong activity in the U.S. and Europe, with lagging performance in Africa, Latin America, and Asia.
Sector-wise, B2B SaaS holds the largest share, followed by balanced growth between L&H and P&C segments.
The current environment suggests that future growth will depend on capital-efficient models, AI-driven innovation, and continued expansion in underserved markets. Public-private partnerships may also play a role in strengthening these ecosystems.