The insurance industry has witnessed a flurry of deals involving both local and global investors.

The deals have also been of a varied nature: from fresh equity investments in insurtech startups to scaling up equity after 100 per cent FDI was allowed in the insurance intermediary business in 2020.

Last week, UK’s Howden Broking announced it has got regulatory approval for a 100 per cent acquisition of Howden India (from 49 per cent). The Indian arm manages Rs 1,600 crore in premium.

Global insurance broker Gallagher, which had acquired Edelweiss Insurance Brokers in July 2021, has rebranded the entity in March 2022. Gallagher had first picked up a 30 per cent stake in Edelweiss Insurance Brokers in 2019.

Just a month ago, insuretech platform Turtlemint scooped up $120 million in its Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.

In the same month, global investment firm KKR had picked up a 10 per cent stake in Shriram General Insurance for an estimated $237 million.

Insurance focused fintech platform Finsall in January 2022 announced raising Rs 12 crore in a pre Series A round from its existing investors – Unicorn India Ventures and SEA Fund – along with a clutch of other investors.

In February 2022, Parthiv Neotia, director, Ambuja Neotia Group, and Abhishek Rungta, CEO, Indus Net Technologies from early stage angel group Seeders led a pre-seed funding of $350,000 in Insurmile, according to a company statement.

Probus Insurance in December 2021 has announced raising $6.7 million in a funding round led by BlueOrchard Impact Investment Managers.

According to a Boston Consulting Group study, insurtech funding in India jumped to $800-900 mn in 2021 from $290 million in 2020.

Rakesh Goyal, director, Probus Insurance, told The Telegraph that he anticipates capital flows to the sector to sustain on the back of rising awareness of insurance, changing consumer preference of comparing insurance online before buying and product innovation from new age insurance companies, particularly in areas such as home insurance, and shopkeeper's insurance.

According to the Insurance Regulatory and Development Authority records, there are over 550 brokers registered with the regulator.

Industry sources said they expect more consolidation in the sector.