Key Asian InsurTech investment stats in H1 2024:
- Asian InsurTech deal activity halved in the first half of the year YoY
- India secured 30% of the top 10 deals and was the most represented country at the top for the first half of the year
- Peak3 secured the biggest deal for H1 2024 in Asia with a $35m Seed A funding round
In the first half of the year, the Asian InsurTech sector recorded 16 transactions, marking a sharp decline of 52% from the 33 deals completed during the same period last year and a 47% drop from the 30 funding rounds in H2 2023. The total InsurTech funding raised in H1 2024 amounted to $217m, representing a steep 71% decrease from the $739m raised in H1 2023 and a 60% drop from the $538m raised in H2 2023. This significant reduction in both deal volume and deals highlights a challenging period for the Asian InsurTech sector.
The top 10 deals in H1 2024 were spread across six countries, with India leading the charge with three top funding rounds, while China secured two deals. Singapore, South Korea, Israel, the Philippines, and Hong Kong each contributed one top deal each. This distribution shows a shift from H1 2023, where Israel led with three deals, and India had only one. China maintained a steady presence in both periods with two deals each. Newcomers like South Korea and the Philippines made their way into the top 10 in H1 2024, replacing countries like Thailand and Malaysia, which were present in H1 2023. This change signals a more diverse and evolving InsurTech landscape in Asia, with emerging markets gaining prominence while traditional leaders such as China and India continue to play key roles.
Peak3, formerly known as ZA Tech, secured the largest InsurTech deal in Asia for H1 2024 with a $35 million Series A funding round led by EQT and Alpha JWC Ventures. As a cloud-native SaaS provider for the insurance industry, Peak3 is driving innovation in a market dominated by legacy systems. Its modular platform supports life, health, and P&C insurance, and has been adopted by leading insurers such as AIA, Generali, and Zurich, as well as digital platforms like Grab and PayPay. With the new funding, Peak3 will accelerate its expansion in EMEA and enhance its data and AI capabilities. Recent achievements include the launch of a multi-country insurance core system in Europe and issuing over a billion policies globally, marking significant progress in its mission to modernize the insurance industry.
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