Record Investments in Q1 InsurTech
A new report by Willis Towers Watson shows that the first quarter of 2019 saw the highest number of InsurTech investments, with 85 deals attracting a total value of $1.42 billion. It marked the third straight quarter in which more than $1 billion in funding was secured. In an ongoing trend, nearly 54% of these deals were outside the United States. Deals were up 50% in the United Kingdom and 44% in the United States, but they fell 38% in China. Compared with the fourth quarter of 2018, deal count was up 35% but total funding slipped 11%.
“The sheer volume of hopeful InsurTech companies and hype is becoming increasingly difficult to rationalize,” said Andrew Johnston, global head of InsurTech at Willis Re. “We are seeing, however, that a number of InsurTechs are already adding some genuine value to our industry. We remain pragmatic about where in the value chain we believe this can be achieved.”