Asia insurance tech raises $600m across just eight deals

Two mega-rounds supplied $500m of regional funding.

Insurance technology (insurtech) startups in Asia raised $600m across eight deals in the second quarter of 2026, according to data from CB Insights, as the region accounted for roughly a tenth of the 107 insurtech deals recorded worldwide.

South Korea's Upstage was the standout performer, closing two funding rounds within the quarter.

The company raised $381m in a Series C round on 3 June, followed by a further $122m Series C on 15 April, valuing the business at $1b. Investors included the Korea Development Bank, Sazze Partners, the Industrial Bank of Korea, Mirae Asset Venture Investment and Shinhan Venture Investment.

Malaysia's PolicyStreet also featured amongst the quarter's larger Asian deals, raising $21m in a Series C round backed by the Cool Japan Fund, Altara Ventures, Gobi Partners and Khazanah Nasional.

Asia’s insurtech startups raised $600m across eight deals in Q2 2026, with two mega-rounds accounting for $500m. 

South Korea’s Upstage led the region’s funding activity., defined as deals worth $100m or more, brought in $500m across two deals in Asia during the quarter, matching the mega-round totals seen in the United States and Europe individually. 

Globally, mega-rounds made up 69% of all insurtech funding in the second quarter, the highest proportion since the third quarter of 2024.

Asia's unicorn count held steady at three companies valued at $1b or more, with no new entrants to the list in the quarter. 

China's Yuanxin Technology remained one of the sector's most highly valued private companies globally, with a valuation of $4.3b, ranking seventh worldwide behind US-based Devoted Health at $12.9b and Finland's ICEYE at $11.5b.

Within property and casualty insurtech specifically, Asia recorded seven deals worth $600m in the quarter, on par with funding totals from both the United States and Europe in that same category.

Across the broader Asia-Pacific region, deal activity has trailed the United States in recent quarters, with US-based startups now accounting for 61% of global insurtech deals, a record high. 

Even so, CB Insights noted that the two largest deals of the quarter globally went to companies based outside the US, pointing to continued opportunities for insurtechs beyond American dealmaking dynamics.