Global insurtechs attracted the second-largest funding quarter ever in April-June and continue on a strong trajectory, Willis Towers Watson says in its Quarterly Insurtech Briefing.

Insurtechs attracted $US3.1 billion ($4.12 billion) in funding across 113 deals in the second quarter – down from the previous record quarter but up 23% from the same period a year earlier – and bringing year-to-date funding to $US10.5 billion ($13.99 billion).

“For the first time in history, we are seeing in excess of $US10 billion being invested in a single year into this truly global phenomenon,” the briefing says.

Outsize deals accounted for roughly 51% of total funding while cyber insurance-focused start-ups represented two of the three largest deals this quarter – Coalition, which raised $US205 million ($272.65 million), and At-Bay, which raised $US185 million ($246.01 million).

“Companies deploy a variety of models to approach cyber insurance, including tech-enabled managing general agents (MGAs) to underwriting and risk analytics providers,” the briefing said.

Also in cyber, Envelop Risk, which focuses on cyber underwriting services, raised $US130 million ($172.78 million) while BOXX Insurance and San Francisco-based Telivy also each raised funding.