PitchBook年二季度保险科技风险投资趋势（英）

EMERGING TECH RESEARCHInsurtech VC TrendsVC activity across the insurtech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Insurtech VC TrendsInstitutional Research GroupAnalysisBen Riccio Associate Research Analyst ben.riccio@pitchbook.comDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig and Drew SandersPublished on September 10, 2025Insurtech landscape 3Insurtech VC ecosystem market map 4VC activity 5Insurtech VC deal summary 18CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Insurtech VC TrendsInsurtech landscapeDistribution & intermediationProperty & casualtyHealth & lifeCommercialAdministration & claimsUnderwritingCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Qx 202x [Vertical] VC TrendsInsurtech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q2 2025 Insurtech VC TrendsVC activitySource: PitchBook • Geography: Global • As of June 30, 2025Insurtech VC deal activity$1.5$2.3$2.6$7.2$7.3$9.0$16.6$9.3$5.8$4.9$2.626933146156257663487574255147724420152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025Insurtech VC deal activity by quarter 050100150200250300$0$1$2$3$4$5$6Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2202020212022202320242025Deal value ($B)Deal countCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 7Q2 2025 Insurtech VC TrendsVC ACTIVITYSource: PitchBook • Geography: Global • As of June 30, 2025Insurtech VC exit activity$0.4$0.0$0.6$0.6$3.5$9.7$38.8$2.5$2.6$1.3$6.25517172733573846393020152016201720182019202020212022202320242025Exit value ($B)Exit countSource: PitchBook • Geography: Global • As of June 30, 2025Insurtech VC exit activity by quarter024681012141618$0$2$4$6$8$10$12$14$16Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2202020212022202320242025Exit value ($B)Exit countCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 9Q2 2025 Insurtech VC TrendsVC ACTIVITYMedian insurtech pre-seed/seed deal value and pre-money valuation ($M) by segment202020212022202320242025SegmentDeal valuePre-money valuationDeal valuePre-money valuationDeal valuePre-money valuationDeal valuePre-money valuationDeal valuePre-money valuationDeal valuePre-money valuationAdministration & claims$1.5$6.5$1.0$4.7$1.3$9.5$2.7N/A$3.0$9.3$3.3$11.8Commercial$2.0N/A$3.5$9.0$3.0$11.7$2.1$13.9$4.6N/AN/AN/ADistribution & intermediation$2.0$6.4$1.7$7.5$1.6$10.0$2.1$10.9$2.1$14.9$3.8N/AHealth & life$1.7$3.5$2.2$9.0$2.2$8.8$2.1$9.0$3.2$13.3N/AN/AProperty & casualty$1.9$5.7$2.6$8.6$2.0$8.5$1.6$11.5$2.2N/AN/AN/AUnderwriting$1.3$5.1$0.8$5.5$2.0$6.1$2.5$10.4$2.0$6.9$4.6N/ASource: PitchBook • Geography: Global • As of June 30, 2025CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 10Q2 2025 Insurtech VC TrendsVC ACTIVITYMedian insurtech early-stage VC deal value and pre-money valuation ($M) by segment202020212022202320242025Segment