InsurTech funding has bounced back strongly in the first quarter of 2023, with global investments reaching $1.39 billion, according to the latest Global InsurTech Report from Gallagher Re.
This marks a 37.6% increase from the previous quarter’s lowest total since Q1 2020. While the deal count remained steady, the average deal size increased by 25.3%, the global reinsurance broker noted.
Mega-round funding accounted for only 12.9% of the total, which is the lowest since the dip experienced in Q1 2020. P&C InsurTech funding was the driving force behind the increase in quarterly investment, surging by more than 53% to $967.89 million. L&H fundraising also grew, rising 9.6% to $420.73 million.