2023年全球保险科技报告（英）

The

State

ofGlobal

Insurtech2023June29th

2023European

early-stageventure

capital

firminvesting

in

B2B

technologycompanies.Benchmark

insurer

in

theSpanish

market

and

largestSpanish

multinationalGenerali

is

one

of

the

largestglobal

insurance

and

assetmanagement

providers.NN

Group

is

an

internationalfinancial

services

companyGlobal

startup

&

venturecapital

intelligence

platforminsurance

group

in

the

worldMundi

Ventures

isaglobalventurecapitalfirmwith€500MAUMthatinvestsintheleadingInsurtechinnovation,withaclear,

butnotlimited,Europeanfocus.MAPFREisaglobalinsurancecompany.ItisthebenchmarkinsurerintheSpanishmarketandthelargestSpanishmultinationalinsurancegroupintheworld.NNGroupisactivein11countries,withastrongpresenceinanumberofEstablishedin1831,itispresentinover50countriesintheworld,withatotal

premiumincomeof€81.5billionin2022.With82,000employeesserving68millioncustomers,theGrouphasaleadingpositioninEuropeandagrowingpresenceinAsiaandLatinAmerica.At

theheartofGeneraliʼsstrategyisitsLifetimePartnercommitmenttocustomers,achievedthroughinnovativeandpersonalisedsolutions,best-in-classcustomerexperienceanditsdigitalisedglobaldistributioncapabilities.TheGrouphasfullyembeddedsustainabilityintoallstrategicchoices,withtheaimto

createvalueforallstakeholderswhilebuildingafairerandmoreresilientsociety.Dealroom.coistheforemostdata

provideronstartup,early-stageandgrowthcompanyecosystemsinEuropeandaroundtheglobe.EuropeancountriesandJapan.Withallitsemployees,theGroupprovidesretirementservices,pensions,insurance,bankingandinvestmentstoapproximately18millioncustomers.TheMundiInsurtechFundhasbuiltatrulyuniquevaluepropositionforInsurtechstartups:itisindeedafullyindependentVCFund,backedbyseveralinternationalinsurers,mutualfunds,andfamilyofficesinvestorsfromUSA,France,Spain,TheNetherlandsSwitzerland,MiddleEast,andLuxembourg.Mundiisinvestedin6unicorns,includingWefox(Berlin),BolttechMAPFREiscommittedto

boostingcustomer-centereddigitaltransformation,viaMAPFREOpenInnovation(MOi),andcreatingapositiveimpactonthebusinessandsociety.FoundedinAmsterdamin2013,wenowworkwithmanyoftheworld'smostprominentinvestors,entrepreneursandgovernmentorganizationstoprovidetransparency,analysisandinsightsonventurecapitalactivity.NNGroupincludesNationale-Nederlanden,NN,ABNAMROInsurance,Movir,

AZL,BeFrank,OHRAandWoonnu.NNGroupislistedonEuronextAmsterdam(NN).Sinceitsinception,morethan1.6millioncustomershavebenefitedfromsolutionsoriginatingfromthismodel.Please,click

here

for

moreinformation

about

MOi(Singapore),Betterfly(Santiago,orPage

/2Key

TakeawaysThe

funding

environment

has

toughened,but

early

stage

funding

and

some

leadingprivate

players

show

that

opportunities

stillexist

for

quality

startups.Insurance

is

still

a

strongly

underfundedmarket,

especially

in

areas

such

as

lifeinsurance.Operational

efficiency

is

now

a

must

forinsurtechs

and

insurers.

Insurtech

startupsare

enabling

operational

efficiency

throughthe

whole

value

chain.VCinvestmentpulledbackover50%inH12023YTDcomparedto

H12022andnearly4xfrompeak.Insurtechfundingisnowbackto

2018-2019levels.Thepullbackhasbeenmostlyat

latestage

whichisdownover60%frompeak,whileearlystage

hasstabilizedat

anearly30%drop.Whilepublicinsurtechvaluationshaveplummeted,severalleadingprivateinsurtechshavebeenabletoconfirmorevenincreasetheirvaluationinrecentmonths.Insurtechrepresentsamassive$7trillionopportunity,largerthantheMobilitymarketwhichreceivedthough5xmorefundingin2022-2023.AlsoFinancialServicesrepresentsalessthandoublemarketsize,butreceivednearly10xthefunding.InsurtechhasalsolargelyfocusedontheP&Cmarketwhichattractedover60%ofthefundinginthelatest

years.Lifeinsurancehasbeenparticularlyunderinvestedand

stillawaitingformuchneededchange.Insurancewasneveragrowthat

allcost

market,buttherecentfinancialtighteninghasstressedthisagain.Distributionisstillattractingthemostfunding,butnewapproachesfromhybriddistributionto

embeddedinsurancearestillopeningnewavenuesthere.AIwasalreadyheavilyusedbyinsurance,withvariableimpactacrossthevaluechain,suchasinclaimsautomation.NowGenAIopensnewpossibilities,butitisstillto

befullyunderstoodwhichprocesseswillbemoreimpacted.Global

VC

funding/market

size

(2022-2023YTD)Global

insurtech

VC

fundingKey

insurance

processesIndexed

at

1

for

insurtech$7.2B$4.4BMobility7.3DistributionProduct

&underwritingClaims

&

fraudmanagementPaymentsFintech(ex.Insurtech)5.8$3.4B$3.4B$2.4B$1.8BInsurtech1●

AI(inc.GenAI)●

Back-officeindustrialization●

OpenInsuranceWhole

value

chainenhancersLifeinsurance0.2H12018H12019H12020H12021H1H12022

2023TD*Page

/3Source:

Dealroom.co.

*Dataupto2ndJune2023.Why

this

report?A

big

thanksContributionsandinsightsfromconversationswith:Theinsurtechindustryhasbeenonarollercoaster

inthelasttwoyears.Insurtechcamefirmlyintotheventurecapitalscenein2020-2021beforefallingintoadisillusionmentphasedueto

thepoorperformancesofafewnotableplayersandabroadermarketdownturn.Javier

SantisoMundiVentureLluís

ViñasMundiVenturesJoan

CuscóMAPFREJosé

Antonio

AriasMAPFRETheso-called“death

ofInsurtech1.0”hascastthewholeinsurtechspaceawayfromthespotlight,buttheinsuranceindustryisstillamassivemarketundergoingmajortransformations.Carlos

Cendra

Falcón

Jeroen

MeijersTjeerd

BosklopperNNGroupJavier

SánchezMundiVenturesMAPFRENNGroupInsurtechisstillamassivelyunderfundedarea.Webelieveinitsmediumandlong-termsuccesswhenmovingawayfromgrowth-at-allcost

andfocusingonoperationalefficiencyandprofitability,guidedbydeepinsuranceexpertiseandtech.Stefano

BisonGeneraliDanilo

RaponiGeneraliOrla

BrowneDealroom.coLorenzo

ChiavariniDealroom.coWiththisreport,wewantto

bringtransparencythroughdata

andqualitativeinsightsonthecurrentstate

andtrendsofglobalinsurtech.Julian

SchoemigLotta

RauséusAgostina

LuzziNatalia

DorfmanDiestaInsurelyKinsuKitaThereporthasbeendevelopedbyDealroom.co,Generali,MundiVentures,MAPFRE,andNNGroup,drawingonthepartnersʼcollectiveinsuranceinnovationexpertiseandinsightsfrominsurtechinnovatorsandleaders.Michael

CarricarteHugues

BertinOléInsuranceGroupHCSCapital&DigitalInsuranceLatAmPage

/4Source:Looking

back

to

our

past

two

editions

ofthe

insurtech

report.Previous

editionThe

rise

of

insurtech

Firstedition(2021)Inourfirstedition,welookedat

theemergingVCmarketofinsurtech,highlightingthemassiveunderinvestmentwithrespectto

themarketsizeat

stake.Butalsopointingoutincumbents'strongdefensivemoats,fromregulationandcapitalrequirementsto

trustandbrand.Muchoftheattentionat

thetimewasstillon"challengerinsurtech",

mainlyfocusedonpersonallines,especiallycarandhome,butwerealreadycallingouttheimportanceofaugmentinginsurersandnotjustchallengingthem.Wealsohighlightedkeytrendssuchasembeddedinsurance,parametricinsuranceandclimaterisk,andcyberinsurance,whichwestillregardassomeofthemostsignificantareasofinsurtech.Finally,wecalledthefutureofinsuranceto

beecosystemsandprevention,beyondriskcapacityto

riskpreventionandancillaryservices.Recaponthesecond

editionInsurtech

1.0

death

Secondedition(2022)Read

moreAbroadmarketdownturn,coupledwithclearspecificchallengesofnotableinsurtechtoreachprofitability,signalanewandchallengingenvironmentforinsurtechfunding.Late-stagefundingcrunch,publiclistingscomingto

ahalt.Inadditionto

embeddedinsurance,climateriskandcyber,wespotlightedthesilvereconomyasakeysegmentforlifeandhealth.Recaponthefirst

editionRead

morePage

/5Source:Dealroom.coTable

of

Content1.

The

status

of

global

insurtech2.

Geographical

deep

dives3.4.

Deep

dive

topicsPage

/61.

Chapter

nameThe

status

of

global

insurtechPage

/7VC

investment

pulled

back

over

50%

in

H1

2023

YTDcompared

to

H1

2022.Insurtech

funding

is

now

back

to

2018-2019

levels.Global

venture

capital

investment

in

insurtech

startups

»

view

onlineThe

biggest

rounds

of

2023

»

view

online▊

$250M+

▊

$100-250M

▊

$40–100M(seriesC)

▊

$15–40M(seriesB)▊

$4–15M(seriesA)

▊

$1–4M(seed)

▊

$0–1M(pre-seed)$5.0B$4.0B$3.0B$2.7B$2.5B$2.3B$2.0B$1.6B$1.4B$1.4B$1.0B$1.0BQ12017Q12019Q12020Q12021Q1Q3Q1

Q2*20232022

2022Page

/8Source:Dealroom.co.

*Dataupto2ndJune2023.Insurtech

VC

activity

in

2023

has

slowed

down

45%

from

last

year,

performing

a

bit

betterthan

the

global

VC

average.

Over

$2.4B

have

been

invested

in

insurtech

in

2023

so

far.Global

VC

funding

by

industry

in

H1

2023

YTD*VC

funding

growth

by

Industry,

H1

2023

YTD*

vs

H1

2022Health

$24.2B$23.5BSemiconductors-22%EnergyHealth-40%-45%-45%-49%-51%-60%-63%-64%-66%-67%-80%EntFintech(exclInsurtech)

$21.0BEnergy

$13.0BInsurtechEnt$9.9BTransportationTotal

VCFoodtech

$5.7BFintech(excl.Insurtech)TransportationRobotics$3.6BSemiconductorsRobotics$2.9B$2.4B$1.2BInsurtechEdtechFoodtechEdtechHRTech$1.2BHRTechPage

/9Source:Dealroom.co|CreatedwithDatawrapper.de.

*Dataupto6thJune2023.Global

Market

Size

vs.

Industry

VC

Investment

(2022-2023)$14T$12T$10T$8TFinancialServicesInsurtech

is

still

heavilyunderinvested

comparedwith

other

industries

ofsimilar

size,

such

as

Mobility,Food

and

Health.EnergyRealEstateInsuranceHealth$6TEducationTravelFood$4TMobility$2T$20B$40B$60B$80B$100B$120BVC

Investment

(2022-2023)Page

/10Source:Dealroom.co

InsurancemarketsizebasedonGWPInsurtech

valuations

have

plummeted

much

more

than

broader

tech

markets

and

traditionalinsurers.

Their

revenue

multiples

are

now

lower

than

insurers.Financial

performances

of

selected

insurtech

and

insurersStock

price

evolution,

indexedto

100Jan2021(sortedbyincreasingEV/revenuemultiple)▊

SP500

▊

Nasdaq

▊

SP500insurance

▊

HSMCInsurtechindexGross

loss

ratioEV/revenue(2022)EV/EBITDA(2022)EBITDA

%(2022)(2022

orQ1

2023)CompanyRev/CAGR

+2y-5.1%+38%n/a0.0x0.0xn/an/an/a-63.9%77%Root

insurance+46.6%+53.7%-11.7%-10.3%85%93%95%72%+18%+4%OscarClover

HealthBright

HealthAdmiral0.4x1.0xn/a-22.6%+8.9%-14.9%+32.6%3.0xUnitedhealthGroup1.4x1.5x1.8x4.6x14.1x40.2xn/a+6.3%+10.0%+3.81%-279%-116%82%97%76%87%-59%ProgressiveHippo+2.0%+14.6%+41.6%Lemonaden/aPage

/11Source:Dealroom.co|CreatedwithDatawrapper.deValuations

have

dropped

sharply

in

the

public

market

in

2021-2022

and

recently

slightlyrecovered,

while

private

market

have

not

readjusted

substantially.Combined

enterprise

value

of

global

insurtech

companies▊

private

companies

»

view

online

▊

public

companies

»

view

onlineInsurtechstartupsarenowworth$281B,withprivatecompaniesrepresenting85%oftheoverallsector.$250B200B150B100B$238BThevalueofprivatecompaniestakes

longertoadjust.Whileprivatecompaniesgrewsignificantlyfrom2021to

2022(+19%),sincethenthegrowthhassloweddowninthefirstquarterof2023(+1%YoY).Incontrast,thevalueofpublicinsurtechvaluationsdroppedsignificantlyfrom2021to

2022(-59%).50B$43B201320152017201920212023Page

/12Source:Dealroom.co|CreatedwithDatawrapper.de

*Dataasof6thJune2023“Insurtechsʼ

valuations

continue

to

bedisproportionately

affected

by

an

earliercorrection

compared

to

other

industries.In

the

midst

of

a

global

marketrationalization,

insurtech

innovationemerges

as

a

beacon

of

opportunityfor

investors.Forward

Revenue

multiples

for

public

companies"Thereisindeedasignificantopportunityto

findamazinginnovationintheinsuranceindustrythatisbeingmistakenlycomparedto

thefirstbigwaveofdisruptiveinsurtechs.Wehavewitnessedasignificantmarketrationalization,includingperiodsofnegativeinterestrates,whichhasnowledto

acorrectioninthetechmarkets.Thecurrentenvironmentismuchmorefavorableforinvestors,withvaluationsreturningto

normallevelsandsufficienttimeavailableforconducting

DDs.Furthermore,with—FAAMG+

—

EnterpriseSaas

—

Fintech

—Healthtech—

Consumer/Internet

—

Overall

—

Insurtech22x20x2018161412108technology-focusedprivateequityfundsholdingover$300billionindry

powder,

weanticipatearesurgenceofultra-liquidity.Thisinfluxofcapitalwillnotonlyenhancemarketdynamicsbutalsounlockamultitudeofadditionalinvestmentopportunities.”6422.0xJavier

SantisoCEO&GeneralPartnerat

Mundi

Ventures2021Q12022Q12023Q1Page

/13Source:MundiVentures,PitchbookHowever

several

leading

private

insurtechs

have

been

able

to

confirm

or

even

increase

theirvaluation

in

recent

months.Notable

examples

of

leading

insurtech

maintaining

or

increasingtheir

valuation

despite

market

downturnCompanySegmentPast

valuationMost

recent

valuation$4.5B

May2023Growth0%ChallengerChallengerChallengerChallenger$4.5B

Jul2022$1.1B

Oct2021$1.0B

Apr2021$1.0B

Mar2022$1.0B

Dec2021$1.0B

Oct2022$1.5B

Apr2023+36%0%$1.0B

Nov2022$1.0B

Dec2022&Mar2023$1.6B

May20230%Embeddedinsurance+60%Risk-transfermarketplace$1.75B

May2023*+75%Page

/14Source:Dealroom.co

*Vesttooreportedlyraising,notyetofficiallydisclosedLate-stage

is

down

the

most,

62%

from

peak,

even

if

with

a

partial

rebound

in

respect

to

Q42022.

Early-stage

is

down

29%

from

peak

but

is

holding

on

well

since

Q2

2022.Number

of

rounds

evolution

by

stageEarly-stage

(Seed

to

Series

A)*

$1-15MSeries

BLate-stage

(Series

C+)$15-40M$40M+100%100%95%100%100%90100%909080706050403071%8080707057%69%606050

54%405038%403030201020102010Q12021Q12022Q12023Q12021Q12022Q12023Q12021Q12022Q12023Q2Q3Q4Q2Q3Q4Q2Q3Q4Q2Q3Q4Q2

Q3

Q4Q2

Q3

Q4»

view

online»

view

online»

view

onlinePage

/15Source:Dealroom.co.

*Theroundcountforearly-stageislikelytobeunderestimatedduetoreportinglaginthelast12months.Distribution

still

attracts

most

of

the

funding,

while

challengers

and

MGAs

are

at

a

minimumin

recent

years.Share

of

VC

investment

by

value

chain▊

Reinsurance100%▊

InsurtechAdminTech8%Challenger,fullstack

&MGAshareoffundinglowesteverin2023.▊

InsurtechProductandPrice,7

%Underwriting,Claim▊

EmbeddedInsurance80608%Distributionisstillattractingthemostfunding.▊

InsurtechDistributionandbrokerage43%Keyinsurtechfunction(productandprice,underwritingandclaim)arestillnotattractingalargeshareoffunding.4020▊

MGA19%Admintechplatformshaveattracted

afewbigrounds.▊

ChallengerandFull-stackInsurance15%20162017201820192020202120222023Page

/16Source:Dealroom.co|CreatedwithDatawrapper.

Dataupto12thJune2023.Main

segments

by

insurtechShare

of

VC

funding

P&C

vs

L&Hfunding

in

2023▊

P&C

▊

L&H▊

P&C

▊

L&H100%80Commercial

insuranceP&C

is

still

attractingover

60%

of

insurtechVC

funding.

Mainlydriven

by

commercialand

cyber

insurance,

aswell

as

home

and

car.Life

insurance

is

stillwidely

underinvestedcompared

to

Health

andP&C.33%48%38%48%48%52%52%61%House

andpropertyinsuranceCar

insurance60CyberinsuranceClimaterisk4067%62%52%52%

52%48%48%Health

insurance20

39%Life

insurance2016

2017

2018

20192020

2021

2022

2023Page

/17Source:Dealroom.co|CreatedwithDatawrapper.de

*Dataupto12thJune2023.Notable

global

insurtech

investors.Series

B+Series

A(Pre)SeedStrategic

investors

(Insurers,reinsurers,

financial

sector)*Sector

agnostic

fundsInsurtech

fundsFintech

specialistsDealroom.co.Fundshand-pickedbasedonnumberofinvestmentsinInsurtech.Source:Page

/18*OnlyconsidersdirectinvestmentfromcorporateorCVCarm,notLPparticipationsinVCfunds.So

far

no

new

insurtech

unicorns

have

beenminted

in

2023.Many

insurtech

unicorns

have

fallen

from

grace●

Ain2022newunicorncreationwentbackto

2020levels.●

Sofartherehavenʼtbeennewunicornscreatedin2023.●

13%

of

all

insurtech

unicorns

losttheirunicornstats.New

insurtech

unicorns

and

$1B+

exits

»

view

online2624Former

insurtech

unicorns22UnicornHQDescription20181614USCarinsuranceUSCarinsurance(Acquiredin2021)USHouseandpropertyinsuranceHouseandpropertyinsuranceLifeandhealthinsuranceLifeandhealthinsuranceLifeandhealthinsuranceLifeandhealthinsuranceUS1210WaterdropChinaUS863%US6of

insurtechunicorns

werecreated

between2020–2022US42Exploreall

insurtech

companiesthat

drop

below

the

$1B

valuation

»»

Explore201520162017201820192020202120222023*Page

/19Source:Dealroom.co|CreatedwithDatawrapper.de

*Dataupto12thJune2023.AM&As

are

back

to

2020

levels.

A

few

public

listingshave

reappeared

in

Q1.Biggest

insurtech

exits

in

Q1

&

Q2

2023»

view

onlineGlobal

number

of

insurtech

exits

»

view

online▊

Acquisitions&Buyouts

▊

IPO&SPACSQ12020Q12021Q12022Q12023Q22023YTD*Page

/20Source:Dealroom.co|CreatedwithDatawrapper.de.*DatauptoJune6th2023.M&A

commentary:

PE

and

leading

insurtechs

are

being

active

acquirers,

insuranceincumbents

mostly

not.Different

shades

of

M&A

exist

in

the

marketWhatʼs

happening

a

lot

in

the

market:

market

consolidationWhatʼs

not

(yet)

seen

widely

in

the

marketAcquisitions

by

insurersInsurtech

x

insurtech

acquisitionexpandingintonewmarketsorconsolidatingtheirleadbyacquiringpeersAlotofdry

powderisavailablefrominsurersandfallingprivatevaluationsmightbeenteringvaluezoneforsomeofthem.Weexpectto

seesomeacquisitions,butnotfromallinsuranceplayers.xxxOtherexamplesxPE

buyoutsBankruptcies

&

fire

salestakingadvantageofdiscountedpublic/privatemarketvaluations.xInsurancefundingpeakednearly2yearsagowhichisaroundtheaveragerunwayforprivatestartups.Theneedofcash,inflatedvaluationinpreviousroundsandtoughfinancialmarketwillmeanseveraloftheseinsurtechmightnotbeableto

raiseagainandendupdeclaringbankruptcyorgoingthroughafiresale.xOtherexamplesThetwotrendsarealsointerconnected.WhenPEtakeownershipofinsurtechstartups,thestwarchestto

makeacquisitions.Weexpectedthisto

starthappeningsoon.Page

/21Source:Dealroom.coBeyond

insurtech,

the

majority

of

theirinvestments

went

to

Fintech,

Healthand

Enterprise

So(re)insurers

have

also

slowed

down

theirinvestment

activity

back

to

pre-pandemicnumbers.VC

investment

by

(re)insurer*

»

view

online(%)

Share

of

(re)insurersʼ

investmentby

industry

(2022-23YTD)▊

$250M+

▊

$100-250M

▊

$40–100M(seriesC)

▊

$15–40M(seriesB)▊

$4–15M(seriesA)

▊

$1–4M(seed)

▊

$0–1M(pre-seed)InsurtechFintech

(exclInsurtech)Health27%20%15%11%8%$3.9B$4.0BEnterprise

SoTransportationSecurity$3.0B$2.7B6%$2.0BMarketing4%$1.5BRealEstate4%$1.3BMedia

2%$1.0BFoodTravel1%1%1%HomeLivingH12016H12017H12018H12019H12020H12021H12022H12023TD*Dealroom.co|CreatedwithDatawrapper.de

*2023dataupto12thJune2023*OnlyconsidersdirectinvestmentfromcorporateorCVCarm,notLPparticipationsinVCfunds.Page

/22Source:Insurers

view

on

the

insurtech

market.“““The

persistently

high

uncertainty

isjeopardizing

trust,

a

fundamentalelement

for

any

investment

with

amedium-long

term

horizon

–

andVenture

Capital

is

no

exception.”Although

investment

has

cooledacross

the

VC

landscape

in

general,"good"

startups

are

continuing

toclose

significant

fundraisingrounds.”Funding

was

too

easy.

In

somecases

money

was

raised

without

asolid

customer

proposition

andbusiness

case.”Nowtherehasbeenaresetandtheplayerswhodonothaveasolidfoundationaregettingsqueezed.Intheenditisagoodthingandwewillendwithamorehealthymarket.AllKPIsarepointingtowardsthefactthatitʼsbeenaharshrunsofar,

andwearefarawayfromtheend.Itshouldalsobenotedthatinsurersstillhavealotofroomto

adoptinsurtechsolutionsthatarereadyto

bedeployedat

scale.Thiscreatesahugeopportunityupto

grabforinsurtechstartupsprovidingsolutionsfromclaimsautomationandpaymentstounderwritingandpricing.Unlessasharpchangeinthescenariohappenssoon,asstartupswillstartrunningoutofcash,downroundswillbecomemorefrequentand,inmostcases,inevitable;M&Adealswillstarthappeninginavisibleway,

andthereʼs

goingtobegoodopportunitiesto

acquireuniquetechnologiesandtalentsforincumbent(re-/)insurers.ThereisstillalotofunspentcapitalandwewillseeM&Akickingoff,

butnotfromallinsurers.Someinsurerswillnotacquireanymorhavingseenthefailureto

deliveronpromisesofsomeinsurtech1.0players.Otherswillinsteadseethisasanopportunity.Theonlywayisup-thetransformationoftheindustryisunstoppable.Stefano

BisonGroupHeadofBusinessDevelopment&InnovationGeneraliJoan

CuscóGlobalHeadofTransformationMAPFREJeroen

MeijersHeadofNNVenturesNN

GroupPage

/23Source:2.

Chapter

nameGeographical

deep

divesPage

/24US

is

still

the

leading

geography

for

insurtech

investments

in

2023.

However,

Asia

is

theregion

growing

the

most.VC

investment

in

insurtech

by

region

in

2023

YTDGrowth

in

VC

investment

by

region,

H1

2023

vs

H1

2022*UnitedStates

$1.2BRestofAsiaSoutheastAsiaUnitedStates58%-5%$418BRestofAsia-22%-23%Europe

$341BGlobalSoutheastAsia

$216BEurope-33%LatinAmerica$79MRestoftheworld(Oceania,Africa)-69%Restoftheworld(Oceania,Africa)$38MLatinAmerica-85%Page

/25Source:Dealroom.co

DatauptoJune12th2023.UK,

Germany

and

France

are

still

attracting

over

4/5

of

the

funding

in

Europe,

but

othermarkets

are

attracting

an

increasingly

high

share

of

early-stage

funding.VC

investment

in

insurtech

by

region

in

2023

YTDGrowth

in

VC

investment

by

region,

H1

2023

vs

H1

2022*▊

RestofEurope

▊

UK,GermanyandFrance100%UnitedKingdom

$178MGermany

$61M806070%79%SouthernEurope

$35M4020France

$34M30%RestofEurope$14M21%20202022-23Page

/26Source:Dealroom.co

DatauptoJune12th2023.Italy,

Netherlands

andEstonia

are

showing

thestrongest

early-stagegrowth.NetherlandsFrance

is

the

only

majormarket

which

is

showingearly-stage

growth.Nr.

ofStartups:20+EnterpriseValue:$0.8BInvestmentsince2020:$188MEarlyVCGrowth:1.7x»

view

onlineASpainshowing

strong

activity

thisyear.Nr.

ofVC-backedstartups:40+EnterpriseValue:$0.7BInvestmentsince2020:$156MEarlyVCGrowth:0.7xItaly»

view

onlineNr.

ofVC-backedstartups:30+EnterpriseValue:$2.0BInvestmentsince2020:$249MEarlyVCGrowth:1.1xEarly-stage

funding

growth

by

countryin

Europe

2022-2023

vs

2020»

view

online▊

HighGrowth

▊

MediumGrowth▊NoGrowth

▊

NotEnoughto

computeHighgrowth:2x+fundingamount,1x+roundcount;Mediumgrowth:1x+fundingamount,0.7x+roundcountDealroom.co|CreatedwithDatawrapperDataasof12thJune2023.Page

/27Source:Insurtech

is

now

more

global

than

ever.

The

share

of

funding

flowing

outside

of

NorthAmerica,

Europe

and

China

has

now

reached

31%

in

2023,

mostly

led

by

Asia.Top

countries

for

insurtech

VC

funding

beyondShare

of

Insurtech

VC

investmentNorth

America,

Europe

and

China

(2022-2023)100%12.9%Rest

of

Asia808%India▊NorthAmerica,Europe,China60SoutheastAsia5.5%3.1%1%LatamAfrica402031%▊Rest

of

the

World0.5%Oceania20%16%14%13%14%12%11%11%9%

9%20163%20122014201820202022Dealroom.co|CreatedwithDatawrapper.deDataasof2ndJune2023.Page

/28Source:FOCUS

ON

LATMLatam

insurtech

ecosystem

has

started

to

emerge

strongly

in

the

latest

years.H1

2023

is

showing

a

partial

rebound

in

funding,

even

if

quite

far

from

peak

one

year

ago.Insurtech

VC

funding

in

Latin

America

»

view

online60+60+

VC-backed

startups

withacombined