CB Insights – Insurtech Report, 3Q 2023

According to the CB Insights - Insurtech Report for the third quarter of 2023, funding for the insurtech industry increased by 22% compared to the previous quarter, reaching a total of $1.1 billion. However, despite this quarterly rebound, the report indicates that annual funding for the year is expected to be the lowest it has been since 2017. The report highlights several key findings, using data from CB Insights. Firstly, while insurtech funding globally showed signs of recovery in the third quarter, it remains below pre-pandemic levels. In particular, funding for insurtech in Asia experienced a significant increase of 181% in the third quarter, following a historically low quarter. The report also points out a decline in M&A (merger and acquisition) exits for insurtech companies in the third quarter, with a drop of 28% compared to the previous quarter. This is despite a spike in M&A activity in the second quarter of the year. Overall, the report provides insights into the current state of the insurtech industry, highlighting a growth in funding in the third quarter but predicting a low annual funding total for the year. It also focuses on specific trends in Asia and M&A activity within the industry.