Q3 insurtech investments reach $1.38b, highest since 2023

63.4% of Q3 2024 deals are directed at AI-centered insurtechs. 

The global insurtech industry in the third quarter (Q3 2024)  saw $1.38b in global funding, the highest since Q1 2023, according to Gallagher Re’s latest insight.

Over half (55.5% of the funding went to +$100m mega-round deals. The period also saw 77 deals, nearly a four-year low.

The focus on artificial intelligence remains strong, with 63.4% of Q3 2024 deals directed at AI-centered insurtechs. 

Additionally, 54.5% of deals targeted companies that specialise in central business operations, underscoring a priority within the industry to improve operational efficiency. 

Most tech investments from (re)insurers in Q3 2024 were directed at mid-stage funding rounds, aligning with the focus on scaling proven technologies.