Asian insurers pushed the insurance sector investment in startups


Despite the impact of the pandemic, insurers significantly increased investment in startups compared to 2019. The recovery of investment volumes in 2020 is largely due to the operations of Palantir Technologies, iCapital Network and Vazyme Biotech. These three corporate operations make-up half of the total investments of insurers in 2020.

They were led by Asian insurers investing in North American and Chinese companies with related activities to the insurance industry such as big data, finance and biotech startups.
Despite this recovery, the investment volume did not reach the levels of 2018 and previous years. The investment of insurers in 2020 reflects the innovative approach of the insurance sector and its desire to achieve new business models.

Insurance groups investment​ 2017 - 2020 (USD mill)​

Insurers maintained the interest in insurtechs​


COVID had in 2020 a moderate impact on the investment of insurers in insurtechs. The insurance industry maintained its volume of investment in insurtechs in 2020 compared to the previous year. The investment was highly concentrated in three insurtechs: Hippo Insurance, Acko Insurance and Getsafe.

Insurance groups investment in insurtechs​ 2013 - 2020 (money raised, USD mill)​

Outstanding investments in 2020

Smart Homeowners' insurance.
$350M led by Sumitomo

See the startup Card play_arrow

Auto, bike, dogs and health insurance through its digital platform.
$60M led by Munich Re

Auto, bike and liability insurance through its app.
$30M led by Swiss Re

Insurers preferred to invest in startups related to the insurance activity


Insurers are more interested in investing in insurance and other related sectors, such as financial services, healthcare and cybersecurity. Insurers prefer to invest in their core-business than in other industries, and this trend has continued over the past years. In the last two years, insurance and other related sectors doubled their market share in the insurers´ total startups investments. This means that currently insurers are more interested in investing in their core-business than in other industries, especially if we compare it with their performance of the last decade.


It is a way to complement the business and generate additional revenues or find new ways to engage with customers and launch new products.

Startups invested in by insurers: market share by sectors​ % of total funding amount by activity of the investment​

Insurers are more interested in investing in insurance and other related sectors, such as financial services, healthcare and cybersecurity. Insurers prefer to invest in their core-business than in other industries, and this trend has continued over the past years. In the last two years, insurance and other related sectors doubled their market share in the insurers´ total startups investments. This means that currently insurers are more interested in investing in their core-business than in other industries, especially if we compare it with their performance of the last decade.

It is a way to complement the business and generate additional revenues or find new ways to engage with customers and launch new products.

Insurers preferred to invest in startups in growth stage​

If we analyze the sum received by startups (invested by insurers), we can see that insurers preferred to invest in mature funding rounds, such as Series B and later. This trend confirms the investment line that we reflected in our previous report "Insurtech Global Outlook 2020". Most of the money raised by startups and insurtechs (invested by insurers) goes to later investment rounds and growth-stage series. However, in 2020 there was an interesting increase in the early stages, which may indicate the interest of insurers to invest in startups.

Funding rounds of startups invested by insurance companies (% of money raised)​

Funding rounds of startups invested by insurance companies (average rounds)​

Mitsui Sumitomo, Munich Re and Allianz were the most active insurers in investing in Outliers


Munich Re, Mitsui Sumitomo and Allianz were the biggest investors in outliers in the last decade, in terms of money raised. These insurers often channel their investment through their investment arms, for instance Munich Re through Munich Re Ventures or Allianz through Allianz X. In addition, Mitsui Sumitomo and Munich Re were the only insurance groups to invest in outliers in 2020.
Of all the outliers identified in our report, Hippo Insurance, Next Insurance, and Acko General Insurance were preferred by insurers to invest in between 2010 and 2020.

Insurance groups investment in outliers 2010 - 2020 (money raised, USD mill)​