LONDON, Oct 27 (Reuters) – Global investment in insurance coverage expertise (insurtech) start-ups totalled $10.5 billion in the primary 9 months of 2021, a file excessive stage for the interval, reinsurance dealer Willis Re stated on Wednesday.
Investment in the third quarter totalled $3.1 billion, up 23% from the pandemic-hit third quarter of 2020, Willis Re stated in a report.
Tech corporations, which may pace up the method for patrons of shopping for insurance coverage and making claims, are seen as having an edge over conventional insurers.
Two of the most important offers in the quarter had been for cyber insurtech corporations Coalition, which raised $205 million, and At-Bay, which raised $185 million, Willis Re stated.
Just a few choose corporations had been attracting the majority of the money, nonetheless, stated Andrew Johnston, international head of insurtech at Willis Re.
“The persevering with escalation of insurtech funding doesn’t imply that enterprise and development capital is out there to most and even many insurtechs.”