P&C insurance tech has seen 50% more deal activity in 2016 YTD than in all of 2015.
A host of venture-backed startups have propelled property & casualty insurance tech investment deals to a new high in 2016, with three months still to go in the year, according to CB Insights data. The startups are working across various P&C categories, including small commercial, renters and homeowners, cyber, auto, and more.
In fact, deals to startups who distribute policies and/or provide software and services across the P&C insurance value chain have jumped to over 75 in 2016 year-to-date, a rise of 50% compared to all of 2015.
As the chart below highlights, Chinese online P&C insurance carrier Zhong An‘s $931M round took the large majority of investment dollars in 2015. Stripping that out, P&C insurance funding is also on pace to top 2015’s high.
70% of P&C insurance tech deals in 2016 YTD are at early-stage
When we look specifically at seed/angel and Series A rounds, we see that nearly 70% of all deals in the P&C insurance tech space in 2016 to date went to early-stage investment activity compared to just over 60% in 2015.
Largest 10 P&C insurance tech deals in 2016 YTD
Per-mile car insurance startup Metromile accounts for the largest fundraise in 2016 YTD. The company has raised $191.5M since late 2014, with plans to use a portion of its funding to buy insurance carrier Mosaic Insurance. The 10 largest disclosed P&C insurance tech rounds as of 9/21/2016 raised $336M in aggregate funding. Five of the rounds went to US-based startups, while three went to European startups.
| Company | Date | Amount ($M) | Country | Short Description | Select Round Investors |
|---|---|---|---|---|---|
| MetroMile | 9/2016 | $ 103.1 | USA | Per-mile auto insurance | First Round Capital;Index Ventures;Intact Financial Corporation;Mark Cuban;Mitsui & Co.;New Enterprise Associates |
| Huize Insurance | 9/2016 | $ 46.0 | China | Online insurance agency platform | Institutional Venture Partners;New Enterprise Associates |
| Cyence | 3/2016 | $ 40.0 | USA | Economic risk modeling platform for cyberinsurance | Beijing Wanrong Times Capital;Shenzhen CDF-Capital Co. |
| FinanceFox | 9/2016 | $ 28.0 | Germany | Mobile insurance management platform | Horizon Ventures;IDInvest Partners;Salesforce Ventures;Target Global;Victory Park Capital |
| Trov | 4/2016 | $ 25.5 | USA | On-demand personal item insurance | Anthemis Group;Guidewire Software;Oak HC/FT Partners;Suncorp Group |
| Samlino.dk | 8/2016 | $ 22.5 | Denmark | Online comparison including for auto insurance | ACE & Company;Mark Pincus;Nova Founders Capital;Pacific Century Group Ventures;Peter Thiel;SBI Group |
| Xishan Information Technology | 3/2016 | $ 20.0 | China | Discount insurance buying site | Kinzon Capital, Ceyuan Ventures |
| Goji | 6/2016 | $ 18.9 | USA | Auto insurance comparison | Coffin Capital & Ventures;Thayer Street Partners |
| Insurance Zebra | 1/2016 | $ 17.0 | USA | Auto insurance comparison | Ballast Point Ventures;Daher Capital;Floodgate;Mark Cuban;Silverton Partners;Simon Nixon |
| Friendsurance | 3/2016 | $ 15.3 | Germany | P2P insurance broker | German Startups Group;Horizon Ventures |
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