Insurtech funding witnessed a significant upswing, escalating nearly 20% to hit US$1.098 billion in the third quarter of this year. Specifically, early-stage Insurtech funding soared by almost 25%, amounting to US$269.45 million. Notably, deal shares for US-based insurers surged to their peak levels since the first quarter of 2020. However, despite these positive strides, the third quarter of 2023 showcased the smallest average Insurtech deal sizes recorded in six years. This follows a drastic decline in Insurtech funding in 2022, plummeting from US$15.8 billion in 2021 to US$7.98 billion last year. The era of ‘mega-rounds,’ where companies secured over US$100 million, faded away abruptly.

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