We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

Today, I’m proud to announce that applications are now open for the 4th Annual Emerging Manager Circle Summit, which will take place October 29th in Brooklyn, NY.

The Equal Ventures Insurance Index is a quarterly summary of market performance and trends in the P&C insurance sector. Our indices include relevant public equities from insurance and insurtech, from which we draw insights about key themes underlying the market over the past quarter. This post summarizes the performance of our indicies in Q2 2025. As always, our goal in this post is to help support observers of the insurance industry in identifying trends and catalysts that affect the P&C industry (and never to recommend any specific investments).

OpenAI’s latest $40B funding was the largest private investment round in history. To put that in perspective, that single investment is ~4x what the Department of Energy has annually budgeted to make its electric grid more resilient.1 The grid has been systematically underinvested and continues to get squeezed. Now, that same strained grid is now expected to fuel the next wave of AI growth, which is already compounding at venture speed. Global data center consumption is projected to double to ~945 TW by 2030, and AI-optimized loads are expected to quadruple in that same window.

The $800 Billion U.S. property & casualty (P&C) insurance industry is one of the economy’s most essential sectors. Yet, despite its importance, the technology supporting the sector remains vastly outdated.

We at Equal have previously highlighted under-served segments and channels of the broader $7T retail market (see the $6T brick & mortar channel and the $2T CPG opportunity). Today, let’s get into an even larger, and more under-the-radar segment of the U.S. economy, the scarily massive $11.6T wholesale market.