After a slow start in 2020, insurtech funding reached a record level of $7.1 billion for the year, with $4.7 billion earmarked for property/casualty startups, according to a quarterly tracker of insurtech funding volume.

According to the latest quarterly insurtech briefing from Willis Towers Watson and CB Insights, the year’s 377 deal count also marked a record level, with the third- and fourth-quarter dollar volumes and deal counts more than making up for depressed levels of funding in the first and second quarters last year.