Insurance M&A rises to 211 deals as APAC drives recovery

Regional transactions surge in APAC whilst global consolidation momentum struggles elsewhere.

Global insurance mergers and acquisitions stabilised in 2025 following a significant market downturn the previous year. 

According to Clyde & Co’s annual Insurance Growth Update, the industry saw 211 completed deals worldwide, a slight increase from the 202 transactions recorded in 2024. 

Whilst this marks an end to the rapid decline seen since the 2023 peak of 346 deals, activity remains tempered by a shift toward strategic acquisitions rather than rapid expansion. 

The Asia-Pacific (APAC) region emerged as the primary driver of this recovery. 

Deal activity in APAC rose to 59 transactions in 2025, up from 39 in 2024. This growth was supported by

Japanese insurers who, bolstered by significant available capital following domestic portfolio adjustments, pursued overseas expansion. 

Notably, APAC hosted four of the year’s seven "mega-deals" valued at over $5b. 

These included two major transactions in Japan, one in Taiwan valued at $8.251b, and a $10b deal in Hong Kong. 

Looking toward 2026, analysts expect a cautious but steady uptick in activity. 

Cross-border deals are projected to increase as firms seek growth in emerging markets, specifically in Africa and parts of APAC outside of traditional hubs like Singapore and Hong Kong. 

However, geopolitical instability and the potential for rising interest rates remain risks that could increase the cost of capital and impact deal appetite in the coming year.