FT Partners Quarterly InsurTech Insights and Annual Almanac
Report Features:
2025 and historical InsurTech financing and M&A volume and deal count statistics
Largest InsurTech financings and M&A transactions in 2025
Most active InsurTech investors
Breakdowns by geography, product type and business model
Corporate VC activity and strategic investor participation
Other industry, capital raising and M&A trends in InsurTech
Key Highlights:
2025 InsurTech financing volume of $7.2 billion surpassed both 2024 and 2023 level (and grew 35% year-over-year) but came in below 2022 ($8.6 billion) as the third-highest-volume year on record.
Financing deal count of 304 transactions in 2025 was mostly in line with that of the prior three years (average of 311 deals), though well below the peak of activity in 2021 which recorded 446 deals.
45% of all InsurTech financings in 2025 were raised by “AI-Native” companies or companies that have utilized AI in its products / services since founding. These companies raised $1.9 billion in total during the year, with large raises for companies like CyberCube (risk analytics / modeling), Nirvana (commercial trucking MGA), Quantexa (decision intelligence) and Angle Health (SMB health insurance).
Just like the broader FinTech sector, 2025 was the most active year ever for InsurTech M&A, with a record-high deal count of 190 and more than $22 billion in total volume (the second highest volume ever), reflecting an accelerated wave of consolidation.
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