Latin America: Insurtech companies 2024, by country
Brazil and Mexico were home to the most insurtech companies in Latin America as of July 2024. Brazil led the pack with the largest number of insurtech companies in Latin America, with 203. It was followed by Mexico, a country whose insurtech ecosystem harbored 118 companies. In 2023, the two largest insurance companies in Latin America were headquartered in Brazil.
Funding trends
While Brazil and Mexico boast the highest number of insurtechs, Chilean companies are making waves in terms of funding. Betterfly, a health insurtech from Chile, secured the most in venture capital funding in 2022, outpacing Brazil's Alice and Justos. However, the number of funding deals made in the global insurtech sector fell in 2022 and 2023. This will likely impact the funding available to Latin American insurtechs too.
Growth and market reach
The insurtech landscape in Latin America is characterized by rapid growth and cross-border expansion. For instance, the number of insurtech startups in Mexico more than tripled between 2018 and 2023. In 2024, there were approximately 625 insurtech companies in Latin America, compared with more than 1,000 insurtech companies in Europe.
