Global insurance mergers and acquisitions rebounded in 2025, with the Asia-Pacific (APAC) region leading the charge amid broader market stabilisation.
Clyde & Co’s annual Insurance Growth Update reported 211 completed deals worldwide last year, a modest rise from 202 deals in 2024. This follows a sharp decline from the 2023 high of 346 transactions, reflecting a shift from rapid expansion towards more targeted and strategic acquisitions.
While deal-making in Europe and the Americas remained cautious, APAC demonstrated notable dynamism. Total transactions in the region climbed to 59 in 2025, up from 39 the previous year. Analysts attribute this growth to Japanese insurers, who utilised surplus capital from domestic portfolio realignments to pursue international acquisitions, as well as to ambitious cross-border deals in Hong Kong and Taiwan.
APAC Mega-Deals Overview
| Country | Number of Mega-Deals | Deal Value (USD) | Description |
|---|---|---|---|
| Japan | 2 | > $5b each | Japanese insurers expanding into overseas markets |
| Taiwan | 1 | $8.251b | Large-scale regional consolidation |
| Hong Kong | 1 | $10b | Major cross-border strategic acquisition |
These four transactions represented more than half of the year’s seven largest global insurance deals, highlighting APAC’s central role in the recovery.
Looking ahead to 2026, industry experts predict a steady, if cautious, increase in M&A activity. Cross-border transactions are expected to rise further as insurers target emerging markets, including parts of Africa and less-explored APAC countries beyond traditional hubs such as Singapore and Hong Kong.
Nevertheless, potential challenges remain. Geopolitical instability and anticipated interest rate increases could raise the cost of capital, affecting deal appetite and slowing activity in certain regions.
Despite these headwinds, the resurgence of APAC transactions underscores the region’s strategic importance. Insurers there are increasingly seeking growth through selective acquisitions rather than sheer volume, signalling a more mature and sustainable approach to global consolidation.
Overall, while global M&A activity stabilises, the Asia-Pacific region is likely to remain the primary engine of growth, supporting the industry’s gradual recovery and reshaping the global insurance landscape.