, APAC
185 views
Photo by Kentaro Toma from Unsplash

InsurTech funding down 34% in Q2: Gallagher Re

Seven APAC markets were included in the report, which received an estimated $359m in funding.

Funding on insurtech plummeted 34% (quarter-on-quarter) to $916.7m globally in the second quarter, according to Gallagher Re.

In its Global Insurtech Report Q2 2023, results showed that the downturn was influenced by life & health (L&H), and property & casualty (P&C) insurtechs.

L&H saw its lowest funding since the first three months of 2020. The section fell 58.5% QoQ to $174.4m in the second quarter. Likewise, P&C slid 22.3% QoQ to $742.3m.

The average deal size in the insurtech sector experienced a modest reduction, moving from $14.8m in Q1 to $12.4m in Q2. 

Notably, the average deal size for L&H insurtech declined more significantly than for P&C insurtech – dropping from $16.2m in Q1 to $9.2m in Q2 for L&H, and by just $0.74m QoQ for P&C, moving from $14.2m in Q1 to $13.5m in Q2.

Correspondingly, the quarterly count of insurtech deals followed the funding trend, falling below 100 for the first time since Q2’20 (74). 

During the period, there were 97 insurtech deals, with 23 falling under the L&H category and 74 in the P&C category.

Early-stage funding experienced a substantial 48.1% QoQ contraction, declining from $416.6m to $216.1m.

ALSO READ: First quarter new funding for InsurTech surge 37.6%: Gallagher Re

During Q2’23, insurtech mega-round funding amounted to $150m, marking the lowest figure since Q1’20.

In Q2’23, early-stage acceleration category deals comprised 17.5% of all insurtech deals, which is lower than the typical long-term insurtech trend.

Early-stage funding rounds between 2022 and 2023 showed activity among seven Asia Pacific countries monitored by the report.

India topped the region, with $158.1m and 12 deal flow volumes.

This was followed by China (4 deal follow), South Korea ($147.4m, 2 deal flow), Australia ($16m, 2 deal flow), Singapore ($25m, 2 deal flow), Vietnam ($2.5m, 2 deal flow), New Zealand ($10m, 1 deal flow).

In total, the region had an estimated $359m and 25 deal flows.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!