The most recent quarterly Global InsurTech Report from Gallagher Re, places Canada on its list of largest deal share decreases in the insurtech space between 2024 and 2025.
It notes that Canada’s share of all global deals during the year fell just over one per cent, from 3.2 per cent in 2024 to 2.19 per cent in 2025.
The report also states that 2025 was the most significant year yet for artificial intelligence (AI) firms around the world. It warns that stock market valuations of AI companies appear to have “run far ahead of what they are generating in revenue.”
The report says approximately three quarters of all funding in the Insurtech space is going to companies associating themselves with AI – the firms are either AI powered themselves or they are providing AI tools to others. Investment wise, they add that insurtech investing has been relatively stable when compared to the interest in the broader AI sector.
In Canada, deals in the fourth quarter of 2025 occurred predominantly in the property and casualty (P&C) space.
Ultrassure raised $300,000 (all figures in U.S. dollars) from undisclosed investors to provide contract intelligence solutions to the sector. The Toronto, Ontario based company also reportedly focuses on transforming insurance contracts, wordings and treaties into formats useful in compliance and underwriting. The company was founded in 2025.
“Tech-enabled” commercial insurance broker, Summit Commercial Solutions, meanwhile, raised $5.4-million during the quarter for a total of $8-million to operate its business in the commercial business insurance sector. “Summit primarily serves sectors such as construction and realty, professional services, technology, manufacturing, retail and wholesale, health and wellness,” the company’s notes state. Investors in the firm, founded in 2022, include Greenlight Re Innovations, Harvest Venture Partners, IA Capital Group, Sorathia Holdings and other undisclosed investors. The company is based in Kelowna, British Columbia.
Data quality firm, Ataccama, raised $150-million. The master data management and data governance platform provides data quality checks, monitoring, anomaly detection, remediation and data lineage tracking. The company serves financial services companies, insurance sector companies and manufacturing sector companies. Founded in 2007, the company is based in Toronto, Ontario. Its 2025 investors include Adastra, Bain Capital and Bain Capital Tech Opportunities, Databricks AI Accelerator Program and Snowflake Ventures.
Finally, Navacord is noted in the report for its investment in Cyberwrite, a cyber insurance technology, selected by the company to provide brokers with a cyber risk quantification solution to bolster growth in cyber lines business. “This collaboration equips Navacord brokers with patented AI-driven cyber risk quantification tools from Cyberwrite’s cyber insurance analytics platform.” Terms were not discussed or disclosed in the report.
