Insurtech funding reached an all-time high of $US2.55 billion ($3.31 billion) across 146 deals in the first quarter, up 180% from a year ago and 22% from the fourth quarter of 2020.

That was more investment activity than achieved annually in either 2016 or 2017, the latest Willis Towers Watson InsurTech Briefing says.

Property & Casualty-focused InsurTechs represented more than two thirds of deals, with Life & Health making up the balance.