Kenya's insurtech startups secure $66 million amid global funding surge

Kenyan insurtech companies have drawn an estimated Sh8.54 billion (about $66 million) in venture capital over the past five years, placing Kenya second in Africa after South Africa and ahead of Nigeria. The growth is driven by a supportive ecosystem that includes the BimaLab accelerator and a regulatory sandbox, helping firms such as CarePay, PULA, Lami, Turaco, Bluewave and others expand digital insurance services in a market where penetration remains below three percent.

Across the broader sector, commercial insurer Corgi reportedly reached a $4 billion valuation after a rapid fundraising round, while Spanish digital insurer Tuio secured a 38.9 % stake from MAPFRE to boost its expansion. Cover Genius acquired Germany’s Friendsurance to strengthen its bancassurance platform, and IAG is testing OpenAI‑powered voice agents for claims handling during surges. Conning estimated the U.S. MGA market premium at $128 billion in 2025, and Allianz participated in a $15 million Series A round for compliance software startup Dili. These developments highlight accelerating investment and consolidation in the global insurtech landscape.