Property/casualty related InsurTech financings in the 2021 first quarter came together at a healthy clip, as startups focused on addressing needs in an insurance industry facing accelerated transformation due to COVID-19.
Tentative results from the quarter appear to show a continued venture capital recovery similar to the second half of 2020. Venture investment dropped considerably in the 2020 first half in response to the coronavirus pandemic before rebounding.
There were at least 18 financings in Q1 2020 covered by Carrier Management, worth just over $1 billion overall and focused on multiple P/C insurance industry sectors and processes. Interestingly, Carrier Management tracked approximately $1.7 billion in InsurTech venture capital investments of note for all of 2020, representing more than 30 P/C insurance-specific startups.
There were a number of later stage startups that pulled in $100 million or well above that in the 2021 first quarter. Among them: Next Insurance pulled in $250 million, Pie Insurance raised $118 million, Coalition secured $175 million, and both Corvus and TypTap raised $100 million.
Below are links to Carrier Management’s coverage of significant P/C insurance-related vc financings during the 2021 first quarter: