New data from reinsurance broker Gallagher Re shows that global insurtech investment declined by 57.0% to $1.01 billion in the fourth quarter of 2022, when compared with the previous quarter.
According to the broker’s Global InsurTech Report, this means that insurtech funding is at its lowest quarterly point since Q1 2020.
The situation is worst in the property and casualty sector, where Q4 funding slumped by 64.4% to $630.16 million, while total Q4 investments in life and health fell by 33.7% to $383.76 million.
The performance drove annual total funding for 2022 down by 49.5% from 2021, to $7.98 billion.
