India, China Lead Asia's Insurtech Industry Rise: Report

NEW DELHI : Insurtech companies in India raised $1.33 billion in 2021 and $304.8 million a year earlier, becoming one of the three biggest insurtech fundraisers in Asia, according to a new report.

Mainland China-based insurtechs raised $673.7 million in 2021 and $1.42 billion in 2020.

While insurtech fundraising has been brisk across Asia in recent years, innovators in China and India appear best positioned to move beyond a supporting role and challenge the region's industry incumbents, according to S&P Global Market Intelligence analysis.

Bernhard Kotanko, a senior partner with McKinsey & Co., said that "We don't see many successful cross country-driven business models".

"Within Asia-Pacific, we will see those models emerge strongest in India, China," he noted.

India-based insurtechs were three of the biggest fundraisers in 2020 and 2021, with Go Digit General Insurance Ltd., Acko General Insurance Ltd. and Policybazaar Insurance Brokers Private Ltd. raising $319.3 million, $319.2 million and $219.1 million, respectively. Singapore Life Pte. Ltd. was also a big fundraiser with investors committing approximately $238.1 million in 2020. (IANS)

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