Carrier Management covered more than 30 property/casualty-specific InsurTech venture capital financings in 2020. The rough total of those combined investments surpasses approximately $1.7 billion.

More than half of that—$927 million—came from just five financings, rewarding InsurTechs that reached a level of maturity where a large cash infusion is designed to help reach critical mass.

Hippo drew the largest P/C InsurTech financing of the year, a $350 million investment from Mitsui Sumitomo. The investment came in November during the 2020 second half, after venture capital slowed down to a relative crawl in the first six months of the year.

Next Insurance came in second, attracting $250 million from a variety of investors at the end of September. The startup focuses on small business coverage and has used its new funding to develop more lines of cover and pursue acquisiti8ons.

Pie Insurance was the next highest. The InsurTech and MGA focused on workers compensation for small businesses nailed down $127 million in financing—money intended to fuel plans to acquire carriers.

Two other P/C-related InsurTechs attracted $100 million in new funding—broker startup Newfront and online insurance marketplace Policygenius.

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The remaining InsurTech VC financings covered by Carrier Management all landed below that $100 million threshold—many at much smaller levels. Still, the VC wins covered a wide range of startups with focuses in areas including claims surveillance technology, customer policy management, cyber insurance, rideshare insurance and travel insurance. Some startups also pledged to spend the investments on revamped strategies designed to help themeselves grow better.

Links to all of the major InsurTech venture capital stories covered by Carrier Management in 2020 are provided below, listed most recent to oldest. Click them a second time as 2020 draws to a close, and investors prepare for 2021.

Major 2020 InsurTech VC Financings