Thank you for using Justanswer for your question.
I do suspect this is related to the insect bite.
Swelling of this type to the subcutaneous tissue, around the eyes, face and lips, called angioedema, indicates an allergic reaction of the type that can indicate a medical emergency, anaphylaxis. We normally get a little worried when the swelling gets as close to the throat as the lip, because if the throat swells, then an inability to breath is a likely result and death can result. So I am happy to hear that it did not progress beyond the lip area into your oral cavity and throat.
Have you taken any antihistamines? What if anything else have you done as treatment for this?
If you have not taken an antihistamine, such as Benadryl (dipenhydramine)t his may still be prudent (although it would be very rare,I still need to state, please do not take benadryl if you have ever had an adverse reaction to it, or were told not to take it.)
Then, I would suggest seeing your physician. Although the chances may be small, if you were to be bit by this insect again, it could develop into a full anaphylactic reaction. Your doctor may wish to prescripe an adrenalin allergy injection kit for you to have, in case of this again, especially due to the close proximity to your throat. It is best to see your doctor as well, so that your lymph nodes can be examined. This is likely to resolve on it's own, but this is a fairly severe allergic reaction.
Do you have any questions? Have you already taken an antihistamine?