ÌÇÐÄÆƽâ°æ

Brazil and Mexico were home to the most insurtech companies in Latin America as of July 2024. Brazil led the pack with the largest number of insurtech companies in Latin America, with ***. It was followed by Mexico, a country whose insurtech ecosystem harbored *** companies. In 2023, the ***largest insurance companies in Latin America were headquartered in Brazil.

Funding trends

While Brazil and Mexico boast the highest number of insurtechs, Chilean companies are making waves in terms of funding. Betterfly, a health insurtech from Chile, secured the most in venture capital funding in 2022, outpacing Brazil's Alice and Justos. However, the number of funding deals made in the global insurtech sector fell in 2022 and 2023. This will likely impact the funding available to Latin American insurtechs too.

Growth and market reach

The insurtech landscape in Latin America is characterized by rapid growth and cross-border expansion. For instance, the number of insurtech startups in Mexico more than ** between 2018 and 2023. In 2024, there were approximately *** insurtech companies in Latin America, compared with more than 1,000 insurtech companies in Europe.