Japanese insurer Tokio Marine has invested $5m for a minority stake in Singapore-based InsurTech startup Igloo, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The deal gives Tokio Marine a 1.65% holding in the company, acquired through 493,984 shares at US$10.12 each, joining existing investors including Openspace Ventures, Cathay Innovations, Blue Orchard and FinnFund, according to Fintech News Singapore.
Igloo, which operates across eight Southeast Asian markets, offers embedded, technology-driven insurance solutions. Since its launch in 2016, the startup has facilitated more than 600 million insurance policies and expanded into climate resilience insurance, providing data-based coverage for floods, fires and extreme weather.
The company has also formed a joint venture with Thailand’s JMT Network Service to launch a fully digital insurer, a model it aims to replicate in Indonesia and the Philippines.
Tokio Marine’s investment supports Igloo’s regional growth, particularly in Indonesia, where the insurer is prioritising technology-led retail insurance. The group already has a presence in Indonesia’s property and general insurance segments but is now shifting focus towards digital-first and embedded solutions, working with digital-native partners.
The move underscores growing Japanese institutional interest in Indonesia’s insurtech and fintech markets. In September 2025, Tokio Marine anchored an extension round of Indonesian insurtech PasarPolis, estimated at US$5m, signalling a consistent strategy in Southeast Asia.
Igloo’s last fundraising round in December 2023 raised over US$26m, bringing total equity funding to US$79.19m since its inception.
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