Tokio Marine has invested $5m (Y773.77m) for a minority share in Singapore-headquartered InsurTech company Igloo.

The Japanese insurer has taken a 1.65% interest in Igloo by purchasing 493,984 shares at $10.12 each.

Tokio Marine joins other backers including Openspace Ventures, Cathay Innovations, Blue Orchard and FinnFund.

Igloo operates in eight countries across South East Asia and focuses on embedded insurance solutions using digital platforms.

Since its establishment in 2016, the company has handled more than 600 million insurance policies and extended its product range to include climate-related insurance protection for incidents such as floods, fires and severe weather events.

Tokio Marine’s investment is expected to advance Igloo’s expansion efforts, especially in Indonesia.

There, Tokio Marine is realigning its business towards technology-based retail insurance products, moving away from a sole focus on traditional property and general insurance lines and forming new partnerships with digital-first companies.

In September 2025, Tokio Marine was the lead investor in an extension funding round for Indonesian insurtech company PasarPolis, also valued at $5m.

In 2024, Igloo entered agreements with several financial services providers in Vietnam.

These include digital wallet company Zalopay, consumer finance businesses Lotte Finance and FE Credit, as well as digital insurer OPES.

Meanwhile, last year, Axinan Thailand, part of the Igloo-owner Axinan Group, and JMT Network Services formed a joint venture in Thailand. 

At the time, Igloo said that the move marks the creation of Thailand’s “first true digital insurer”.