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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