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Latin American Insurtech Ecosystem Closes 2024 With More Than 500 Insurtechs, Despite Challenging Environment
Insurtech funding in LatAm during 2024 reached 92 million dollars, 38% less than in 2023. However, during the second half of the year there was a rebound of 156% compared with the first half of 2024, which denotes positive prospects for 2025 and the existence of investor interest in the region.
Despite this context of low investment in the annual computation of venture capital investment, the total number of startups in the insurtech ecosystem in the region stands at 502. This translates into a 5% growth rate during 2024, with the rate of attraction of foreign insurtechs standing at 29%, despite the lack of investment and the mortality of insurtech startups continuing to decline.
These are some of the main conclusions of the report ‘Latam Insurtech Journey’, developed by Digital Insurance LATAM with the sponsorship of MAPFRE. This is the ninth edition of this document that analyses the state of the insurtech industry in Latin America.
Hugues Bertín, CEO of Digital Insurance LatAm and president of AIP (Pan-American Insurtech Alliance) said: “This has been a year of resilience and learning. A strong correlation is observed between the growth in the number of insurtechs in a country, their internationalisation, and the presence of solid and collaborative insurtech partnerships with the traditional sector.
“The fact that both indices [internationalisation and attraction] continue to grow marks two trends: insurtechs with a good value proposition move quickly; and those that are ‘out of Latam’, like the multinationals, consider Latin America as a single large market.”
Carlos Cendra, Scouting & Investment Lead at MAPFRE Open Innovation, said: “The increase in funding over the second half of 2024, together with the continued growth in the number of startups, shows the strength of the ecosystem and the region, which is firmly convinced of the potential of the insurance industry.
“We have started 2025 with new announcements of financing rounds, such as those of Sami and Olé Life. This seems to indicate that in 2025 we will see a positive trend in the figures, although we must keep an eye on the global situation of venture capital and how possible fluctuations can affect Latin America.”
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