Insurtech financing in Latin America reached $240 mn in 2025, a 370% increase compared to the same period in 2024, according to a report by Digital Insurance LATAM and MAPFRE.
This figure also exceeds total funding for all of 2025 by 32%, demonstrating the region’s potential and the resilience of its insurtech ecosystem in attracting new investment rounds.
Brazil accounted for the largest share of investment, with $89 mn or 74% of total H1 2025 funding. By business line, life & care represented 65% of the investment and mobility 33%, reflecting growing interest in these sectors.
The number of insurtech startups in the region rose to 507, a 2% growth rate. This suggests a slight slowdown but maintains a positive trend.
The mortality rate was 9.4%, and organic growth reached 11%, equal to 56 new start-ups over the past 12 months.
The countries with the most start-ups were Brazil with 203, Mexico with 129, and Argentina with 95. Chile posted the highest percentage increase at 29%.
The internationalisation index rose 36% in H1 2025 to 18.3%, showing that multinational start-ups continue to increase. Peru (58%), Chile (31%), and Colombia (26%) were key contributors, while Brazil now accounts for 10% of international insurtech companies.
Hugues Bertin, CEO and Founder of Digital Insurance LATAM, called internationalisation a sign of “good ecosystem health, since the probability of a single-country insurtech disappearing is three times higher.”
The foreign company attraction index reached 32%, up eight points from H1 2024. On average, three out of ten insurtechs in a market are foreign. Colombia (66%), Peru (53%), and Mexico (42%) attract the highest shares of foreign insurtech companies.
Over the past four years, the ecosystem has shifted from a distribution-focused model, which previously made up 60% of the sector, to one centered on enablers, which now account for 50% and continue growing.
In 5 years, the insurtech ecosystem in Latin America has become a central element of insurer and broker transformation. In almost all countries, insurer CEOs actively promote collaboration with increasingly strong insurtechs.
The entire ecosystem—from traditional insurers to regulators and insurtech associations—works jointly to increase insurance penetration, understand and mitigate risks, and improve operational efficiency while maintaining focus on customer experience.
Carlos Cendra, Scouting & Investment Lead for Corporate Innovation at MAPFRE, stated that the start of 2025 brought very positive results for the Latin American insurtech ecosystem.
All countries and regions continue to grow or strengthen. He added that funding in H1 2025 already matched pre-pandemic investment levels, and if momentum continues, the $221 mn invested in 2022 could be surpassed.
Carlos Cendra, Scouting & Investment Lead for Corporate Innovation at MAPFRE
Start-ups such as Blue Marble and Past-Post contribute significant value to the ecosystem, and MAPFRE will continue to monitor market developments closely.
