InsurTech Report from Gallagher Re is focused on property insurance and its associated weather and climate perils in the second quarter of 2025. It notes 16 Canadian insurtech companies have successfully raised capital during the period and goes on to discuss four of them.

Globally, insurtech companies raised $60-billion in funding (all figures in U.S. dollars), around 25 per cent of which has gone to artificial intelligence (AI)-related technologies, according to the company’s report, The role of AI in the four largest insurance business lines Q2 – Property. More than half, 57.1 per cent of all insurtech company deals involved AI-centered companies.

They add that global Insurtech funding declined 16.7 per cent to $1.09-billion, quarter-over-quarter in the second quarter of 2025, the lowest level of funding received by property and casualty (P&C) insurtech companies since the first quarter of 2018.

Average deal size also fell 18.7 per cent. “Deal count decreased by a smaller magnitude than funding, dipping just 6.2 per cent quarter on quarter to 91 (deals) in Q2’25,” they write.

The private Canadian companies discussed in the report include Vancouver, British Columbia-based Quandri, Milton, Ontario-based CrashBay, Toronto, Ontario-based Keep and Winnipeg, Manitoba-based Conquest Planning. 

Conquest Planning would appear to have raised the most capital during the period. TIAA Ventures and USAA Ventures are those invested in the firm. The company develops financial planning software for wealth management. Conquest Planning raised $106-million in funding.

Quandri’s investors, meanwhile, include Aviso Ventures, Defined Capital, Framework Venture Partners, FUSE, Good News Ventures, Intact Ventures, N49P, Rebellion Ventures and undisclosed angel investors. The company specializes in developing digital workers for the insurance sector which focus on automated, repetitive tasks – bots that perform manual processes, the report states. The firm raised $22-million in funding. 

Financial technology company specializing in corporate credit cards and expense management for small and medium-sized businesses, Keep’s primary investor this quarter is Assurant Ventures. Keep raised $20-million in funding.

Finally, CrashBay, serving the automative repair and insurance sector, along with fleet management businesses, provides a digital marketplace connecting repair shops with car owners and insurers. Its investors include Markd and undisclosed angel investors. CrashBay raised $1.7-million in funding.