The 2024 series of reports will examine the role of Artificial Intelligence (AI) in our industry, breaking down the function and processes of AI into their relevant parts within the reinsurance value chain. The first report of this series will focus on distribution and sales.

In keeping with prior reports, we spotlight InsurTech companies that are pertinent to this sector, interview thought leaders in this space and detail the latest InsurTech investment data.

Below is a summary of our key findings for Q1.

Key findings for Q1

  • Global InsurTech funding dipped below $1B in Q1 2024, falling from $1.103B in Q4 2023 to $912.25M in Q1 2024, the lowest since Q1 2020.
  • No quarterly $100M+ mega-round deals for the first time since Q3 2017.
  • Early-stage InsurTech funding increased 26.5% quarter on quarter, countering the broader InsurTech funding picture.
  • Average InsurTech deal size fell sharply by 30.6% quarter on quarter — from $14.14M in Q4 2023 to $9.81M in Q1 2024.
  • 28% of Q1 2024 InsurTech deals went to AI-centered InsurTechs and 50% to distribution-focused InsurTechs.
  • The majority of tech investments from reinsurers were early-stage (62.2%).