LONDON (Reuters) – World funding in insurance coverage know-how (insurtech) start-ups totalled $10.5 billion within the first 9 months of 2021, a document excessive stage for the interval, reinsurance dealer Willis Re mentioned on Wednesday.
Funding within the third quarter totalled $3.1 billion, up 23% from the pandemic-hit third quarter of 2020, Willis Re mentioned in a report.
Tech corporations, which might pace up the method for patrons of shopping for insurance coverage and making claims, are seen as having an edge over conventional insurers.
Two of the biggest offers within the quarter have been for cyber insurtech corporations Coalition, which raised $205 million, and At-Bay, which raised $185 million, Willis Re mentioned.
A number of choose corporations have been attracting the majority of the money, nevertheless, mentioned Andrew Johnston, international head of insurtech at Willis Re.
“The persevering with escalation of insurtech funding doesn’t imply that enterprise and progress capital is offered to most and even many insurtechs.”
(Reporting by Carolyn Cohn; Enhancing by Nick Macfie)
