Insurtech firms raise $1.1b in 53 transactions in 2019

$828.1m were raised in the top 10 deals, accounting for 74.7% of the total capital raised.

Asian insurance tech firms raised $1.1b across 53 transactions in 2019, with $828.1m garnered in the top 10 transactions last year accounting to 74.7% of total capital raised, according to data from FinTech Global.

Indian firms completed four of the top 10 deals, with the largest going to insurance aggregator PolicyBazaar which raised $150m in a Series G round led by Tencent Holdings, who obtained a stake of seven to 10 percent of the firm.

“India is a strong contender for a leader in the region due to the vast population but yet limited reach of insurance companies in the country, with insurance penetration sitting far below the global average at only 3.69% in FY18,” the report said.

The largest deal outside of India or China went to digital life insurance provider Singlife, which completed a $90m corporate round in July 2019 led by Sumitomo Life Insurance. Unlike other Asian countries, around two-thirds of the Singaporean population is insured and insurtech companies can improve existing services.