New Delhi, Oct 30 || India has a sizeable insurtech ecosystem with over 150 active players, whose cumulative valuations crossed $15.8 billion, and revenues surpassed $0.9 billion in 2024 -- a 10 times increase since 2019, a report said on Thursday.
The sector has two unicorns, eight players between $100 million $1 billion and more than 45 players over $1 million mark. Despite a slowdown in insurtech funding in 2024, Health insurtechs in India accounted for four of the five largest deals and more than 70 per cent of the funding, reflecting their role in driving access, efficiency, and innovation.
In the year, global Insurtech funding slowed down to $4.1 billion, in line with the wider fintech correction.
"Regional dynamics have shifted, with Europe, the Middle East and Africa (EMEA) gaining share as Asia-Pacific (APAC) declined. India also mirrored the global trends, signalling a shift in investor focus to backing businesses with clear paths to profitability and scale," India InsurTech Association (IIA) said in its joint report with Boston Consulting Group (BCG).