L&H insurtech attracts more financing than P&C in H1
Investors are putting more capital into life & health (L&H) insurtech ventures than in property/casualty (P&C) insurtech firms.
L&H insurtech firms attracted $708 million in financing during the first half of 2018 compared to $547 million for P&C, according to the latest FT Partners Fintech Industry Research.
L&H insurtech firms represented 44 percent of total financing volumes in the first half of 2018 compared to 28 percent in the 2017 full year, according to the report titled “Q2 2018 Insurtech Quarterly Insights”. P&C insurtech’s share of the total financing dropped to 34 percent in the first half of 2018 from 60 percent in the full year of 2017.
Overall insurtech financing volume was $1.61 billion in the first half of 2018 and is on pace to match 2017 volume of $3.2 billion in the full year, according to the report.
The announced financing dollar volume fell to $728 million in the second quarter of 2018 from $880 million in the first quarter of 2018, but was in line with the $731 million recorded in the second quarter of 2017.
The largest financing transaction in the second quarter of 2018 was India’s PolicyBazaar’s $238 million raise led by SoftBank’s Vision Fund. Transactions in North America accounted for 65 percent of total financing volume so far in 2018 year-to-date.
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