Global insurance mergers and acquisitions showed signs of stabilisation in 2025, with the Asia-Pacific (APAC) region emerging as the primary engine of recovery.
Clyde & Co’s annual Insurance Growth Update reported a total of 211 completed deals worldwide last year, a modest increase from 202 deals in 2024. While this figure marks an end to the sharp decline from 2023’s peak of 346 transactions, overall activity remains subdued, reflecting a market shift from aggressive expansion toward carefully targeted strategic acquisitions.
APAC Leads the Uptick
APAC accounted for 59 deals in 2025, up significantly from 39 in 2024. Analysts highlight Japanese insurers as key drivers, using capital freed from domestic portfolio adjustments to pursue international acquisitions. Meanwhile, Taiwan and Hong Kong also featured prominently in large-scale cross-border transactions, reinforcing the region’s growing influence in the global insurance landscape.
Key APAC Mega-Deals
| Country | Mega-Deals | Deal Value (USD) | Notes |
|---|---|---|---|
| Japan | 2 | > $5b each | Japanese insurers expanding abroad |
| Taiwan | 1 | $8.251b | Significant regional consolidation |
| Hong Kong | 1 | $10b | Major cross-border strategic acquisition |
Four of the seven largest global insurance deals in 2025 occurred in APAC, illustrating the region’s central role in sustaining deal-making momentum.
Outlook for 2026
Looking forward, industry experts anticipate a gradual rise in global M&A activity. Cross-border deals are expected to increase as insurers pursue growth opportunities in emerging markets, including parts of Africa and underexplored APAC countries outside traditional hubs such as Singapore and Hong Kong.
Nevertheless, risks remain. Geopolitical tensions and the potential for rising interest rates could elevate the cost of capital, affecting deal appetite and slowing consolidation in certain markets.
Despite these challenges, APAC’s surge demonstrates that insurers are increasingly adopting a selective, strategic approach, prioritising value and long-term growth over volume. This trend is likely to shape the global insurance M&A landscape throughout 2026, positioning the region as a hub of transformative activity and cross-border expansion.
