Global insurance mergers and acquisitions stabilised in 2025, with Asia-Pacific leading a cautious recovery following the sharp market downturn of the previous year.
According to the annual Insurance Growth Update by Clyde & Co, the worldwide insurance sector completed 211 deals in 2025, a modest increase from 202 transactions in 2024. This stabilisation follows a steep decline from the 2023 peak of 346 deals, reflecting a market shift from aggressive expansion toward more strategic and selective acquisitions.
The Asia-Pacific (APAC) region emerged as the key driver of renewed activity. Deal volume in APAC rose sharply to 59 transactions in 2025, compared with just 39 in 2024, signalling a robust appetite for consolidation within the region. Japanese insurers, in particular, leveraged significant domestic capital freed from portfolio adjustments to pursue international expansion, while firms in Hong Kong and Taiwan also engaged in transformative cross-border deals.
Notable APAC Mega-Deals in 2025
| Country | Number of Mega-Deals | Deal Value (USD) | Key Details |
|---|---|---|---|
| Japan | 2 | Over $5b each | Domestic insurers expanding overseas |
| Taiwan | 1 | $8.251b | Significant regional consolidation |
| Hong Kong | 1 | $10b | Cross-border strategic acquisition |
These four APAC-based “mega-deals” accounted for more than half of the seven largest global insurance transactions of the year, underscoring the region’s pivotal role in market recovery.
Looking ahead to 2026, analysts anticipate a measured increase in M&A activity. Cross-border transactions are expected to rise as insurers target growth in emerging markets, including Africa and underexplored APAC territories outside traditional hubs such as Singapore and Hong Kong.
However, caution prevails due to lingering risks. Geopolitical instability in key markets and potential increases in interest rates could elevate the cost of capital, affecting deal appetite and the pace of consolidation globally.
Despite these challenges, the underlying momentum in APAC suggests that the region will remain a focal point for insurers seeking strategic growth, while global activity is likely to stabilise at a more sustainable, selective pace.