Fintech
Q3 202429.08.2024

Insurtech (2024)

Picture of Jonathan Sinclair

Jonathan Sinclair

at Sifted

Global financing for insurtech startups rose to $1.3bn in Q2, up 40% from the previous three months, greatly helped by money going to companies with AI-focused business models, according to data by reinsurance broker Gallagher Re. This marked a five-quarter high in insurtech investment globally.

Europe’s position has strengthened — the continent’s share of insurtech deals reached 35% in Q2, a record high, according to CB Insights. European insurtechs achieved a seven-quarter high ($500m) in Q2, driven by a $93m deal for Iceye, the Finnish satellite imagery provider, used by insurance companies to monitor hazards and their impact on infrastructure and property.

Insurers are recalibrating the threat from extreme weather and turning to AI to create new models that price weather threats more accurately. But the technology will be introduced gradually, as the industry is concerned about what might be missed in a more automated process, given the downside of mispricing insurance.

20 startups to watch

  • Neat Protect logo

    Sifted score

    7.92
    -

    Neat Protect

    Sustainable insurance for camping businesses

    • Strong investor(s)
    • Serial founder(s)
    • Year founded

      2022

    • HQ

      Bordeaux, France

    • Latest round

      Seed
      9.1m / Oct 2022

    • Total funding

      9.1m

  • Kota logo

    Sifted score

    7.88
    -

    Kota

    Simplifying benefits management for companies.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring
    • Year founded

      2022

    • HQ

      Dublin, Ireland

    • Latest round

      Seed
      5m / Oct 2023

    • Total funding

      7.6m

  • Napo logo

    Sifted score

    7.36
    -

    Napo

    Pet insurance for unexpected expenses

    • Strong investor(s)
    • Hiring
    • Year founded

      2021

    • HQ

      London, United Kingdom

    • Latest round

      Series A
      18m / Nov 2022

    • Total funding

      23.4m

  • CarbonPool logo

    Sifted score

    7.3
    -

    CarbonPool

    • Serial founder(s)
    • Year founded

      2023

    • HQ

      Zurich, Switzerland

    • Latest round

      Seed
      10.9m / Jan 2024

    • Total funding

      10.9m

  • Hi.health logo

    Sifted score

    6.63
    -

    Hi.health

    • Strong investor(s)
    • Serial founder(s)
    • Hiring
    • Year founded

      2019

    • HQ

      Vienna, Austria

    • Latest round

      Seed
      1.5m / Jan 2023

    • Total funding

      9m

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