The cumulative figure highlights Singapore’s resilience as an insurtech hub, with smaller, profitability-focused rounds and AI startups gaining traction.

Cumulative Funding Crosses S$345M Mark

Singapore insurtech startups have secured S$345 million cumulatively through 2024, a figure that underscores the city-state's sustained appeal as a fintech hub while reflecting a broader global shift toward smaller, profitability-driven funding rounds. According to an industry summary, the sector saw a decisive pivot toward fiscal discipline during 2024, with smaller, targeted rounds replacing the mega-deals that characterized the 2021 peak. This cumulative total, built over multiple years, positions Singapore as a concentrated insurtech center within Southeast Asia, where regulatory support and investor patience have enabled a steady flow of capital even as the global market contracts.

Global Context: A Seven-Year Low for Insurtech Funding

The S$345 million milestone stands in sharp contrast to the global picture. Total global insurtech funding in 2024 fell to US$4.26 billion, the lowest level since 2018, down 5.6% from US$4.51 billion in 2023, according to data cited by Gallagher Re in the Triple-I Blog. The deal count suffered an even steeper decline, dropping 18.5% to 344 transactions—the fewest since 2019. The number of active venture investors in the space shrank to 466 from 574, underscoring a markedly more selective deployment of capital.

Against this backdrop, Singapore's cumulative figure—though modest in absolute terms compared to the global annual total—signals that the city-state's insurtech ecosystem has continued to attract and retain investor interest during a period of retrenchment. The shift toward smaller, profitability-focused rounds globally has been especially pronounced in Singapore, where early-stage and growth-stage startups have adapted to a funding environment that rewards unit economics over growth-at-all-costs.

Funding Amount (S$M / US$M)Source: Orionmano Industries

Notable Rounds and Segment Shifts

Within Singapore, the most prominent deal of 2024 was Bolttech’s US$112 million funding round in December, as highlighted in the Boston Consulting Group’s State of InsurTech 2024 report. Bolttech, a Singapore-based embedded insurance provider, has been a bellwether for the city-state’s capacity to produce companies with regional and global ambitions. The round underscores how distribution-focused insurtechs—particularly those leveraging embedded insurance models—continue to attract significant capital even in a constrained market.

Broader global trends in insurtech investment reveal where capital is flowing. AI-centered insurtechs represented 34.6% of all insurtech deals in 2024, raising US$2.01 billion across 119 deals, per Gallagher Re data reported by Triple-I. These AI-focused startups commanded notably higher average deal sizes: US$18.93 million versus US$12.21 million for non-AI counterparts. The fourth quarter saw an acceleration, with AI-centered companies accounting for 42.3% of all deals during the period.

A parallel trend is the surge in B2B SaaS within insurtech venture capital. According to a report by Dealroom, Mundi Ventures, and MAPFRE, 43% of insurtech VC funding went to B2B SaaS in 2024—by far the highest share ever recorded. This category includes underwriting and risk management software, claims management platforms, and core insurance systems. Many of these startups are either AI-native or expanding their product suites with AI features, blurring the line between the two trends.

Singapore's insurtech portfolio maps onto these global currents. While Bolttech anchors the distribution and embedded insurance segment, a growing cohort of Singapore-based startups is operating in the B2B SaaS and AI-enablement space, aligning with the segments that attracted the most funding globally in 2024.

Singapore’s Position in ASEAN Insurtech

Singapore’s S$345 million cumulative total reinforces its dominant position within ASEAN insurtech, though the region is gradually becoming more multipolar. According to a Singlife–EY report on the InsurTech Landscape in ASEAN, funding across the region is increasingly top-heavy: Singapore-headquartered firms continue to drive the majority of deal count and value, supported by the city-state’s conducive regulatory environment and deep pool of fintech talent.

However, the report notes that countries such as Indonesia, Thailand, and Malaysia are gaining a growing share of the region's insurtech funding. This geographic diversification reflects the expansion ambitions of homegrown Singapore players—such as Bolttech and Qoala—which have established operations across multiple ASEAN markets. The report emphasizes that experience across multiple markets is increasingly seen as a prerequisite for attracting meaningful investment, particularly for distribution-focused companies.

Singapore’s cumulative funding picture should be viewed within this regional context: the S$345 million is not merely a reflection of domestic activity but a proxy for the broader ASEAN insurtech opportunity, much of which is being orchestrated from Singapore’s base of investors, talent, and regulatory infrastructure.

Outlook

As Singapore insurtechs navigate a tighter funding environment, the emphasis on profitability and AI differentiation will likely determine which companies secure the next wave of investment, with the cumulative total expected to grow as startups mature and new entrants emerge. The global pivot toward B2B SaaS and AI-enabled solutions aligns well with Singapore’s existing strengths in enterprise technology and fintech infrastructure. However, the bar for raising capital remains high: late-stage rounds are the most difficult to secure, and even early-stage and breakout-stage startups face more stringent investor scrutiny. The companies that can demonstrate clear path to profitability while leveraging AI to differentiate their underwriting, distribution, or claims capabilities will be best positioned to attract the patient capital that Singapore’s ecosystem still offers.