Two separate reports published this month show that while quarterly insurtech deal counts have plummeted from hei
ghts attained in 2021 and 2022, dollar levels invested in insurtechs have stabilized since late 2022.
While their deal-dollar and deal-count tallies are slightly different from one another, analysts at CB Insights and Ga
llagher Re reached the same conclusion in their separate reports, “State of Insurtech Q3’25 Report | CB Insights Research” and “Global Insurtech Report for Q3 2025 | GallagherRe.”
Both reports put the overall deal count to third-quarter 2025 at 76 deals, with CB Insights showing that numb
er representing a decline of 65% from a peak of 219 deals in first-quarter 2021. Gallagher Re counts the same num
ber of deals—76—for third-quarter 2025, but measured against a peak of 162 deals that Gallagher shows occurring in second-quarter 2021, the drop is roughly 53%.
Adding up the dollars, both reports show just over $1.0 billion invested in insurtechs in third-quarter 2025—and a quarterly average of $1.1 billion or $1.2 billion for the last 12 quarters (Q42022 through Q32025).
“While the data underlying this trend has only been recorded in the past three years, there are signs that this consiste
ncy of investment could continue, such as an ongoing lack of mega-r
ound funding, [and] the closeness of individual deal totals to the mean average deal,” Gallagher Re said in a media statement summarizing its report.
The Gallagher Re report shows that over the past three years, each quarter’s funding total was within 20% of the mean average ($1.1 billion).
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“There is also a general pivot among InsurTechs toward business models that enhance and enable incumbents, and a
way from competing with them directly for customers (an incredibly cash-intensive business). This also suggests potential longevity in the trend,” the report observes.
The Gallagher Re report includes two bar graphs of funding levels by quarter—one for the period extending from first-quarter 2020 through third-quarter 2022, and a second bar graph for each of the quarters from
fourth-quarter 2022 through third-quarter 2025. The juxtaposition of the two graphs illustrates the changing trends. While the heights of the bars on the second grap
h all fall roughly in line around the $1.1 billion mark, the early period is marked by swings in funding levels from
quarter to quarter, ranging from highs near $5 billion for two quarters in 2021 (Q22021 and Q42021) to lows of $900 million for first-quarter 2020 and $2.2 billion-$2.4 billion for the first three quarters of 2022.
Below we have graphed quarterly figures from the CB Insights report, which provides details of investment dollars for property/casualty insurtechs alone.
With respect to P/C deals, the CB Insights report notes that 56 third-quarter 2025 P/C deal counts matched prior lows tall
ied in third- and fourth-quarter 2024. Third-quarter 2025 funding dollars for P/C insurtechs, however, rebounded from an e
ight-year low recorded in second-quarter 2025. P/C insurtech funding dollars in the second quarter of this year were roughly $369 million, while the third-quarter 2025 level came in at $687 million.
Below we consolidate the quarterly figures into annual periods for 2021-2024 and the first nine months of 2025.