US-based InsurTechs pulled further ahead in 2025. Their global deal share rose 5.16 percentage points year on year, the largest increase among all countries, according to Gallagher Re.
The numbers show a clear shift. US deal share climbed from 50.58% in 2024 to 55.74% in 2025. Activity concentrated more heavily in Silicon Valley, where deal share jumped from 8.72% to 16.12%.
Three years straight now, most InsurTech deals have landed in the United States. According to Beinsure analysts, no other market came close. Global InsurTech funding picked up in 2025 after three weak years. Total investment rose 19.5% year on year to $5.1 bn, the first annual gain since 2021.
Elsewhere, movement stayed limited. Bermuda recorded the only other increase above one percentage point. India posted the steepest drop, with deal share falling 1.99 percentage points, from 5.81% to 3.83%.
Several European markets also slipped.
- France declined by 1.42 percentage points to 4.10%.
- Canada and Germany each fell by 1.01 points to 2.19%.
- Switzerland dropped 0.92 points to 0.82%.
- The Netherlands fell 0.91 points to 0.55%.
AI-focused InsurTechs drew most of the capital. In Q4 2025, they accounted for 77.9% of total funding. These companies raised $1.31 bn across 66 deals, with an average ticket of $22.14 mn, slightly above the quarterly average.
Across the full year, AI-driven firms secured $3.35 bn through 227 deals. That equals 66% of total funding and 62% of deal volume. Investors kept writing larger checks here. The pattern held all year.
Life, accident, and health InsurTechs have raised $25.15 bn since 2012. That total spans 1,272 deals, representing 32.6% of all InsurTech transactions over the period.
Y Combinator led investors with 105 deals. Plug and Play Ventures followed with 86. Anthemis recorded 64. A tight group, still active.
(Re)insurers stepped up venture activity in 2025. They completed 162 tech investments, the highest annual count on record. Even so, Q4 slowed.
Investment count dropped from 51 in Q3 2025 to 35 in Q4 2025. US-based firms accounted for 16 of those deals. Japan, the United Kingdom, and France also logged multiple transactions.
Mitsui Sumitomo Insurance led corporate venture activity in Q4. It closed nine investments through its venture units. Partnerships also picked up pace late in the year.
Certificial worked with Zurich North America. CyberCube partnered with MS Amlin. Salesforce linked with Singlife. ZestyAI teamed with TruStage.
