InsurTech unicorn describes startups that are valued at more than $1 billion. The global insurtech market size was valued at USD 3.85 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2023 to 2030. The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide.
TOP-20 InsurTech Unicorns by valuation 2023
| № | InsurTech | Most recent valuation | VC raised to date |
|---|---|---|---|
| 1 | Bright Health | $11.1B | $1600M |
| 2 | Root Insurance | $6.7B | $527.5M |
| 3 | PolicyBazaar | $5.9B | $478.3M |
| 4 | Shuidi | $4.7B | $603.9M |
| 5 | Wefox | $4.5B | $1300M |
| 6 | Next Insurance | $4.0B | $886M |
| 7 | Ethos Life | $2.7B | $416.0M |
| 8 | ManyPets | $2.4B | $480.4M |
| 9 | Newfront | $2.2B | $312M |
| 10 | Lemonade | $1.6B | $522M |
| 11 | Hippo Enterprises | $1.5B | $709.5M |
| 12 | At-Bay | $1.4B | $291.8M |
| 13 | Marshmallow | $1.2B | $111.3M |
| 14 | AgentSync | $1.2B | $111.1M |
| 15 | Caribou | $1.1B | $188.3M |
| 16 | Acko | $1.1B | $504M |
| 17 | Branch Insurance | $1.1B | $224.5M |
| 18 | Surest | $1.1B | $177.5M |
| 19 | Zego | $1.1B | $257.7M |
| 20 | Betterfly | $1.0B | $205.7M |
Source: Beinsure.com by PitchBook Data
TOP-20 InsurTech Unicorns by venture capital raised 2023
| № | InsurTech | VC raised to date |
|---|---|---|
| 1 | Bright Health Group | $1600M |
| 2 | Wefox | $1300M |
| 3 | Next Insurance | $886M |
| 4 | Hippo Enterprises | $709.5M |
| 5 | Shuidi | $603.9M |
| 6 | Root Insurance | $527.5M |
| 7 | Lemonade | $522.0M |
| 8 | Acko | $504.0M |
| 9 | ManyPets | $480.4M |
| 10 | PolicyBazaar | $478.3M |
| 11 | Ethos Life | $416.0M |
| 12 | Newfront | $312.0M |
| 13 | At-Bay | $291.8M |
| 14 | Zego (Automotive Insurance) | $257.7M |
| 15 | Branch Insurance | $224.5M |
| 16 | Betterfly | $205.7M |
| 17 | Caribou (Financial Software) | $188.3M |
| 18 | Surest | $177.5M |
| 19 | Marshmallow | $111.3M |
| 20 | AgentSync | $111.1M |
Source: Beinsure.com by PitchBook Data
