In this report, we review global InsurTech funding and investment quarter over quarter. The 2024 series of reports examines the role of Artificial Intelligence in our industry, breaking down the function and processes of AI into their relevant parts within the reinsurance value chain. The second report in this series focuses on ‘risk’ (pricing, underwriting and portfolio management/optimization).
Rolling Meadows, IL (Aug. 1, 2024) – Gallagher Re is pleased to announce the release of its Q2 2024 Global InsurTech Report.
In keeping with prior reports, we spotlight InsurTech companies that are pertinent to this sector, interview thought leaders in this space and detail the latest InsurTech investment data.
Below is a summary of our key findings for Q2.
Key findings for Q2:
- The tide has turned and global InsurTech numbers have climbed back up. For Q2 2024, funding rose to USD1.27B, the highest level since Q1’23
- Early-stage InsurTech funding increased to USD377.60M, the highest level since Q1’23.
- The average deal size rose to USD18.46M, the highest level since Q3’22
- Interestingly, overall InsurTech deal count saw 82 deals in Q2’24, the lowest quarterly count since Q2’20
- A third of Q2’24 InsurTech deals went to AI-centered InsurTechs and 40% of Q2’24 deals went to risk-focused InsurTechs
- The overall increases are attributable to a near doubling of average deal sizes
Access the full report here.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. For more information, visit www.ajg.com.
SOURCE: Arthur J. Gallagher & Co.
Tags: Arthur J. Gallagher, InsurTech
