Insurtech sector attracted $2.5 bn funding, more investment to flow: Report
insurtech sector has mobilised USD 2.5 billion over the years and the industry is expected to attract more investment in the future as there are significant growth opportunities in the space, a report said on Wednesday. According to Boston Consulting Group (BCG) and India InsurTech Association (IIA) report, India has about 150 insurtech companies, with 10 unicorns and «soonicorns» and over 45 «minicorns» with a 12 times increase in revenue over the past five years to reach USD 750 million.
Cumulative funding has surpassed USD 2.5 billion, bringing the total ecosystem valuation to over USD 13.6 billion, the report said.
While global insurtech funding has slowed down, the report said, APAC's insurtech sector has shown resilience.
Indian insurtech funding has followed the global trend of decline, but revenue has grown multifold, driven by the rapid expansion of larger Insurtechs, it said.
With a higher concentration of insurtechs focused on demand generation and distribution within the value chain, there is a significant opportunity to drive innovation in underwriting, claims and servicing, it said.
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