Insurtech funding in LatAm reached $92m last year, down 38% on the previous year, but the second half also saw a 156% rebound compared with the first half of 2024.

MAPFRE’s latest insurance technology report highlights a bumpy ride for insurtech startups and investment in Latin America, ending with a new high of 502 insurtechs in the region.

LatAm is a vital region for the Spanish international insurance group, which is LatAm’s largest insurance carrier.

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Here are some key facts from MAPFRE’s report, published today.

  • The number of startups in the region amounts to 502, which translates into an annual growth rate of 5% despite challenging investment environment
  • Annual investment in the ecosystem fell by 38% compared with 2023, reaching $92m
  • However, during the second half of 2024, there was a 156% increase compared with the first half of 2024, which predicts a positive context for 2025
  • International expansion is growing by 23%, with an internationalisation rate of 15.9% led by the ecosystems of Chile (+32%) and Peru (+50%), due to their scalability needs
  • The rate of attraction of foreign insurtechs is at 29%
  • 51% of the insurtech ecosystem is dedicated to digital distribution, while 49% is an enabler and collaborates with (re)insurers and intermediaries

MAPFRE’s insurtech report is released in partnership with Hugues Bertin, CEO and founder of Digital Insurance LatAm and president of the Pan-American Insurtech Alliance.

Bertin said: “This has been a year of resilience and learning.

“A strong correlation is observed between the growth in the number of insurtechs in a country, their internationalisation, and the presence of solid and collaborative insurtech partnerships with the traditional sector.

“The fact that both indices [internationalisation and attraction] continue to grow marks two trends: insurtechs with a good value proposition move quickly; and those that are ‘out of Latam’, like the multinationals, consider Latin America as a single large market.”

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Carlos Cendra (pictured), scouting and investment lead at MAPFRE Open Innovation, also commented on the release of the research.

“The increase in funding over the second half of 2024, together with the continued growth in the number of startups, shows the strength of the ecosystem and the region, which is firmly convinced of the potential of the insurance industry,” he said.

“We have started 2025 with new announcements of financing rounds, such as those of Sami and Olé Life,” he continued.

“This seems to indicate that in 2025 we will see a positive trend in the figures, although we must keep an eye on the global situation of venture capital and how possible fluctuations can affect Latin America,” Cendra added.

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