Introducing the InsurTech Capitals of the World

With insurance technology companies starting up in the U.S. from Silicon Valley to New York and globally in London, Shanghai and elsewhere, which city or cities can lay claim to the title “InsurTech Capital of the World”?

Carrier Management magazine, the Wells Media Group publication for property/casualty insurance executives, answers the question in its most recent issue, using an analysis provided exclusively to Carrier Management by Venture Scanner, an analyst and technology-powered research firm, in an article titled, “Where Is the InsurTech Capital of the World?”

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London, New York and San Francisco rank highest by a simple count of the number of InsurTechs in each city.

Top 20 Cities for InsurTech Startups

Ranked by Startup Count

Startup
Total

Rank
City
Region
Country
Count
Funding ($M)

1
London
England
GBR
64
$160.8

2
New York
NY
USA
61
$1,387.8

3
San Francisco
CA
USA
58
$2,312.7

4
Chicago
IL
USA
36
$306.9

5
Toronto
Ontario
CAN
18
$73.4

6
Paris
Ile-de-France
FRA
18
$67.3

7
Singapore
Central Region
SGP
17
$99.7

8
Boston
MA
USA
16
$186.2

9
Mumbai
Maharashtra
IND
16
$103.8

10
San Diego
CA
USA
16
$2.4

11
Austin
TX
USA
15
$205.0

12
Atlanta
GA
USA
15
$12.8

13
Madrid
Madrid
ESP
14
$0.7

14
Berlin
Berlin
DEU
13
$109.6

15
Los Angeles
CA
USA
12
$40.0

16
Seattle
WA
USA
11
$23.7

17
Gurgaon
Haryana
IND
10
$161.6

18
Philadelphia
PA
USA
10
$158.5

19
Denver
CO
USA
10
$54.1

20
Brooklyn
NY
USA
9
$55.3

Top 20 (by startup count)

439
$5,522.3

All Cities with Five or More InsurTechs
625
$10,849.1

Total

1,438
$19,000.0

Source: Venture Scanner

However, based on concentration of funding dollars, Palo Alto, Calif., edges out San Francisco for the top spot—each reports more than $2 billion—while London sinks to 12th place.

As of January, Venture Scanner counted 1,438 InsurTechs with $19 billion of funding, with 625 of them located in cities that have five or more InsurTechs.

“More than 800 others are scattered in cities with four InsurTechs or less, underscoring the fact that insurance technology startups are a worldwide phenomenon,” said Susanne Sclafane, Carrier Management’s executive editor and author of the report.

Carrier Management’s report features several lists, including: Top 20 Cities for InsurTech Startups Ranked by Startup Count and Top 20 Cities for InsurTech Startups Ranked by Total Funding Dollars.

Top 20 Cities for InsurTech Startups

Ranked by Total Funding Dollars ($M)

Startup
Total

Rank
City
Region
Country
Count
Funding ($M)

1
Palo Alto
CA
USA
7
$2,386.6

2
San Francisco
CA
USA
58
$2,312.7

3
New York
NY
USA
61
$1,387.8

4
Shanghai
Shanghai
CHN
6
$1,387.3

5
Hamilton
Hamilton
BMU
7
$526.7

6
Chicago
IL
USA
36
$306.9

7
Minneapolis
MN
USA
7
$298.7

8
San Mateo
CA
USA
7
$210.8

9
Austin
TX
USA
15
$205.0

10
Boston
MA
USA
16
$186.2

11
Gurgaon
Haryana
IND
10
$161.6

12
London
England
GBR
64
$160.8

13
Philadelphia
PA
USA
10
$158.5

14
Zurich
Zurich
CHE
6
$118.3

15
Berlin
Berlin
DEU
13
$109.6

16
Mumbai
Maharashtra
IND
16
$103.8

17
Mountain View
CA
USA
6
$100.2

18
Singapore
Central Region
SGP
17
$99.7

19
Toronto
Ontario
CAN
18
$73.4

20
Paris
Ile-de-France
FRA
18
$67.3

Top 20 (by funding)

398
$10,361.9

All Cities with Five or More InsurTechs
625
$10,849.1

Total

1,438
$19,000.0

Source: Venture Scanner

The Carrier Management report details the InsurTech boom, with a map of InsurTechs by U.S. state and counts for European and Asian cities. It also includes an analysis of the popularity of InsurTechs in Israel, Singapore, California and New York, and breaks down the distribution of property/casualty vs. life and benefits InsurTechs for the top cities.

The report uses Venture Scanner data from all publicly known funding events, including all sources (venture capital, corporates, private equity, etc.) and rounds (early stage, late stage, post-IPO equity, etc.). According to Nathan Pacer, Venture Scanner’s co-founder and chief research officer, the vast majority of those funding events (more than 95 percent) occur from 2011 onward.

Source: Where Is the InsurTech Capital of the World?

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