Global investment in insurance technology (InsurTech) start-ups totalled $10.5 billion in the first nine months of 2021, a record high level for the period, reinsurance broker Willis Re said on Wednesday.
Investment in the third quarter totalled $3.1 billion, up 23% from the pandemic-hit third quarter of 2020, Willis Re said in a report.
Tech firms, which can speed up the process for customers of buying insurance and making claims, are seen as having an edge over traditional insurers.
A few select firms were attracting the bulk of the cash, however, said Andrew Johnston, global head of insurtech at Willis Re.
“The continuing escalation of InsurTech funding does not mean that venture and growth capital is available to most or even many insurtechs.”