Investment surged 117% year-on-year, reaching US$199 million in 2025, making it the third-
strongest year on record behind 2022 and 2021, widely considered LatAm’s investment boom years
– The ecosystem reached 536 insurtech start-ups, representing 7% net annual growth, while
the mortality rate improved to 8%, signaling a more resilient market
-The sector has transformed over four years: 48% of start-ups disappeared while 330 new
companies were created, with Brazil’s regional share declining from 33% to 28%
– Chile consolidated its position as the third-largest market, reaching 100 insurtechs (+25%),
behind Brazil and Mexico
-Technology enablers now dominate the ecosystem (51%), marking a structural shift away
from distribution-led models
The Latin American (LatAm) insurtech ecosystem continued its recovery and maturation in 2025,
with funding rebounding strongly and the number of active companies reaching 536. The year
marked the third-highest investment level in the region’s history, following the exceptional funding
environment seen in 2021 and 2022.
Growth is increasingly being driven by stronger, more scalable business models. The improving
mortality rate, combined with continued start-up creation, indicates a healthier ecosystem capable
of sustaining long-term innovation.
The findings come from the 11th edition of the ‘LatAm Insurtech Journey’ report, produced by Digital
Insurance LatAm and sponsored by MAPFRE, which tracks the evolution of the region’s insurtech landscape.
Geographically, Brazil, Mexico, and Chile remain the largest markets, while cross-border expansion
continues to rise as start-ups increasingly scale beyond domestic markets.
The ecosystem is also shifting structurally. Technology enablers now represent the majority of
companies, reflecting growing demand for solutions across the insurance value chain, including
claims, fraud detection, digital intermediation, and risk analytics.
Hugues Bertin, CEO and founder of Digital Insurance LatAm, said: “The ecosystem has evolved
dramatically in just four years. Today we’re seeing higher-quality companies, more AI-driven models,
and more insurtechs solving real industry problems. The focus has shifted from pure distribution to
technology enablement, which is reshaping the market.”
Carlos Cendra, Scouting & Investment Lead in Corporate Innovation at MAPFRE, said: “2025
exceeded expectations. Strong investment combined with ecosystem churn shows a market that is
maturing. The growing role of ‘multilatina’ insurtechs – operating across multiple markets – will be key to
building more resilient, scalable companies.”
