The European InsurTech scene was very active in 2021 with ~€2.5B invested through 92 deals. The three biggest ecosystems (France, Germany and the UK) were the most active with 90% of all money raised in these geographies. In terms of rounds announced, it was a bit more balanced with “only” 70% of deals inked in these leading scenes.
Beyond these fundraising KPI, one often hear that “InsurTech is only about P&C” so we decided to have a deeper look at how things were split in Europe.
At the European level, P&C InsurTech were indeed leading the wave but accounted for “only” 40% of all rounds announced last year. And most of all, every business line (P&C insurance, health insurance, life insurance, commercial lines and Enterprise Software) were covered by startups which raised money in 2021.
Then we had a look at each ecosystem, deep diving on the 3 most active ones (France, Germany and the UK) and considering rest of Europe a single ecosystem.
Interestingly both in France and Germany, every business line was covered (with France leading the wave in terms of Health InsurTech rounds announced). On the other hand, in the UK and ‘rest of Europe’ there were no Health InsurTech deal done, though the UK led the wave on both Life InsurTech and Commercial Lines. Which might sounds obvious considering its position more broadly in Financial Services and in FinTech more specifically.
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