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Report: AI and IoT attracted almost half of InsurTech funding in 2016


Almost half of global investment into InsurTech startups is now funnelled into AI and IoT, with UK firms continuing to attract strong investment despite Brexit uncertainty last year.

A report, written by Irish consultancy firm Accenture, analysed 450 InsurTech deals since 2014 and showed a 79% increase in deals last year across the AI and IoT sectors.

Investment in the two technologies accounted for 44% of global InsurTech investment last year (or $711m), despite only making up a quarter (24%) of the sector’s deals. This is up from just 10% of global InsurTech investment in 2015.

Despite concerns across the UK insurance industry over Britain’s vote to leave the European Union – with the Lloyd’s of London insurance market announcing a new Brussels base this week – the UK InsurTech industry still attracted significant investment last year, doubling to almost $19m (£15.2m)....