Asian insurance technology startups, known as Insurtech Companies, raised about $600 million across eight deals in the second quarter of 2026, according to CB Insights. South Korea’s Upstage led the funding activity in the region. The company raised around $500 million through two funding rounds, bringing its value to about $1 billion. Major investors included Korea Development Bank, Sazze Partners, Industrial Bank of Korea, Mirae Asset Venture Investment and Shinhan Venture Investment.
Malaysia’s PolicyStreet was another major deal in the region. The company raised $21 million in a Series C round. Investors included Cool Japan Fund, Altara Ventures, Gobi Partners and Khazanah Nasional. Large funding rounds played a major role in Asia’s total. Two deals worth at least $100 million each made up about $500 million of the region’s total funding.
The global insurance tech market also saw strong investment during the quarter. Large deals accounted for 69% of all insurtech funding, the highest share since the third quarter of 2024. Asia continued to have three insurtech unicorns, with no new company reaching the $1 billion mark during the quarter. China’s Yuanxin Technology, valued at around $4.3 billion, remained one of the world’s most valuable private insurtech companies.
The US continues to lead the market, accounting for 61% of insurtech deals. However, the two biggest insurtech deals worldwide in Q2 happened outside the US, showing that other markets, including Asia, still have plenty of room for growth.
