UK InsurTech funding defies worldwide trends with unstoppable force.

UK InsurTech companies defied global trends by doubling their funding in 2023 compared to the previous year. UK firms raised a combined $395m in 2023, a 43% increase from 2022, with an average deal size of $9.9m. The largest deal of the year was secured by Quantexa, a data analytics firm, which raised $129m in a round led by GIC. In contrast, European InsurTech companies saw total investment drop 84% to $823m, with 126 deals sealed across Europe.