Concluding the theme of our 2025 series of reports, this final edition focuses on the fourth major class of business that dominates global gross written premium insurance sales: Life, Accident and Health (LAH) insurance.
Specifically, we will explore the transformative impact of AI on the LAH class of business. We look at InsurTechs collaborating with incumbent carriers to enhance the development of insurance products, as well as examining those innovative businesses offering their own standalone solutions in the LAH space.
The report also provides insights into the performance of the InsurTech market both for Q4'25 and for the year as a whole. 2025 saw a notable rebound in InsurTech funding, with investment into the sector rising 19.5% year on year to USD5.08B, marking the first annual increase since 2021.
This was driven in part by Q4 global InsurTech funding surging by 66.8%, from USD1.01B in Q3'25 to USD1.68B in Q4'25. P&C led with a 90.5% quarter on quarter increase to USD1.31B, while L&H climbed 14.9% to USD361.52M.
It's also worth noting over 100 InsurTechs raised funding for the first time since Q1'24, with deal count up 34.2% quarter on quarter to 102 and average deal size up 20.0% to USD18.84M in Q4'25.
The points below show a summary of InsurTech funding activity.
Key findings for Q4
- Global InsurTech funding was USD1.68 billion in Q4 2025
- Global InsurTech funding rose 19.5% year on year from USD4.25B in 2024 to USD5.08B in 2025, marking the first annual increase since 2021
- P&C InsurTech funding rebounded from 2024's low, increasing 34.9% year on year to USD3.49B in 2025
- 77.9% of Q4'25 InsurTech funding went to AI-centered companies
- 2025 saw 162 venture investments in tech among (re)insurance companies — a record high.
