Tokio Marine Insurance, a leading Japanese insurance group and global financial services company headquartered in Tokyo, has invested $5 mn (¥773.77 mn) for a minority stake in Singapore-headquartered insurtech Igloo, strengthening its exposure to embedded insurance and digital distribution across Southeast Asia.

Tokio Marine joins an existing investor base that includes Openspace Ventures, Cathay Innovations, BlueOrchard, and Finnfund.

Founded in 2016, Igloo operates across eight Southeast Asian markets and focuses on embedded insurance delivered through digital platforms.

The company has processed more than 600 mn insurance policies since launch and has expanded beyond core protection products into climate-related cover addressing flood, fire, and severe weather risks.