Insurtech financing in Latin America during the first half of 2025 reached $121 million, 370% more than in the first six months of 2024. This amount already exceeds the total financing for all of 2024 by 32%, confirming the region’s potential and the strength of the ecosystem to stay afloat and attract new investment rounds.

The majority of the investment flow is concentrated in Brazil, with $89 million, representing 74% of the total investment in the first half of the year. In terms of business lines, life & care accounts for 65%, and mobility 33%, highlighting the growing interest in both business areas. insurtech ecosystem in the region stands at 507, representing a 2% growth rate, remaining positive,
albeit with some slowdown compared to recent quarters. Considering the 9.4% mortality rate, organic growth remains solid, at +11% over the past 12 months, equivalent to the birth of 56 new insurtech start-ups in the last 12 months.

These are some of the main conclusions of the “Latam Insurtech Journey” report, prepared by Digital Insurance LATAM with sponsorship from MAPFRE. This is the tenth edition of this document, which analyzes the state of the insurtech industry in Latin America.

The ecosystem remains strong in the number of agents

If we break down the total number of start-ups existing in the region, Brazil (203), Mexico (129) and Argentina (95) are the territories with the highest number of agents, and Chile is the country with the highest percentage increase (+29%), being the engine of growth in the region thanks, in addition, to a low mortality rate.

Throughout the first half of 2025, the internationalization index grew by 36%, reaching a total of 18.3%. This means that the number of multinational start-ups—those operating in more than one
country—continues to rise. Peru (58%), Chile (31%), and Colombia (26%) are the main drivers of the increase in the expansion index, and Brazil now has 10% of international insurtech companies, which is highly significant given the endogamous nature of the market.

For Hugues Bertin, CEO and Founder of Digital Insurance Latam, internationalization is an indicator of “good ecosystem health, since the probability of a single-country insurtech disappearing is three times higher.”

The foreign company attraction index is 32%, up 8 points compared to the first half of 2024, when it stood at 24%. This means that, on average, three out of every ten insurtech companies in a market are foreign. Colombia (66%), Peru (53%) and Mexico (42%) are the Latin American countries that attract the most foreign insurtech companies.

The mortality of start-ups Insurtech declines in the region

The current ecosystem mortality rate stands at 9.4%, although recent quarters indicate a trend toward stabilization at around 10% per year. In the last twelve months, Brazil and Chile have improved their mortality rates, reaching 9% and 3% respectively. In contrast, Mexico (10%), Colombia (10%), and Argentina (7%) saw an increase due to ecosystem improvement.

Enablers and distributors in balance

50% of insurtech companies are focused on distribution; the remaining 50% are enablers. Most distributors focus on personal auto and home lines, with Broker and MGA (Managing General
Agent) models representing 41%. Regarding enablers, two new and rapidly growing categories have emerged: AI agents and a fraud, data, pricing, risk, and underwriting category. However, the majority still focus on solutions to digitize traditional intermediation (15%).

Mobility and Life & Care ecosystems on the rise

With 200 insurtech companies and representing 39% of the total, the mobility ecosystem is the most prominent. Within this ecosystem, distribution plays a significant role, accounting for 65%, while enablers are secondary, accounting for 35%.

In terms of investment, mobility has attracted 35% of the total investment over the past 10 years and 44% so far through 2025, reaching a total of $474 million. Regarding Life & Care, this ecosystem is represented by 141 insurtech companies (28% of the total) and covers life, health, wellness, and aging. Distribution plays a central role within it, accounting for 60% of the total, while enablers represent 40%. It has captured 55% of the cumulative investment over the last 10 years, reaching $750 million.

Hugues Bertin, CEO and Founder of Digital Insurance Latam, comments: “In just five years, the insurtech ecosystem in Latin America has become a fundamental axis of the transformation of insurers and large brokers. In almost all countries, insurer CEOs are actively promoting collaboration with increasingly robust insurtechs. Co-building the protection of the future through technology is no longer a monopoly of insurtechs: the entire ecosystem—from traditional players to regulators, including insurtech associations—is organizing collaboratively with a common purpose: increasing insurance penetration, understanding and mitigating risks, and improving operational efficiency without neglecting the customer experience.”

Carlos Cendra, Scouting & Investment Lead for Corporate Innovation at MAPFRE, points out that “this start of the year has yielded very positive data for the Latin American insurtech ecosystem. In general, all countries or regions continue to grow or strengthen.”

“In fact, in terms of funding, the pre-pandemic investment level was reached during the first half of the year alone, and if the momentum continues, the $221 million invested in 2022 could be exceeded. All of this, with start-ups that add significant value to the ecosystem, such as Blue Marble and Past-Post, among many others mentioned in the report. Thus, the outlook for the rest of the year looks positive, and at MAPFRE, as usual, we will continue to closely monitor market movements.”