India, China lead Asia's insurtech industry rise, says report
India's insurtech companies raised US$ 1.33 billion in 2021, up from US$ 304.8 million the year before, making it one of Asia's top three insurtech fundraisers. Insurtechs located on the Chinese mainland raised US$ 673.7 million in 2021 and US$ 1.42 billion in 2020. According to S&P Global Market Intelligence, 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 confront the region's industry incumbents. Insurtechs in Japan only raised US$ 4.1 million in 2020 and US$ 4.7 million in 2021. Smaller countries like Hong Kong and Singapore have attempted to stimulate digital innovation in their insurance markets.
Go Digit General Insurance Ltd., Acko General Insurance Ltd., and Policybazaar Insurance Brokers Private Ltd., all situated in India, were three of the greatest fundraisers in 2020 and 2021, raising US$ 319.3 million, US$ 319.2 million, and US$ 219.1 million, respectively. Singapore Life Pte. Ltd. was also a large fundraiser in 2020, with investors pledging US$ 238.1 million.
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