By Favour Nnabugwu
Funds invested in insurtechs reached 2.2 billion USD in Q1 2022. This is a decrease of 58 percent compared to the 5.3 billion USD of the last three months of 2021.
In comparison with Q1 2021, the funds invested (2.6 billion USD) in the insurance startups have decreased by 15.4 percent However, the funds remain higher than the figures raised in the same period in 2020 (1.4 billion USD), 2019 (2.1 billion USD) and 2018 (0.9 billion USD).
The average transaction in Q1 2022 reached 19 million USD, which is higher than the average transaction in 2018 (0.9 billion USD). It is higher than 2018 (14 billion USD) but lower than 2021 (33 million USD), 2020 (21 million USD) and 2019 (20 million USD).
For the record, insurtechs managed to raise 15.7 billion USD of funds in 2021 and recorded 58 M&A deals. In 2022, a quarterly record has been reached with 26 mergers closed within three months