The 2024 CB Insights’ State of Insurtech report reveals significant challenges in the insurtech industry, with a 28% drop in global deal volume, falling to 362 deals—the lowest since 2016. Funding also decreased slightly to $4.5 billion. While late-stage activity rose to 10% of deals, median deal sizes fell. The U.S. remains the leading source of funding, with New York surpassing Silicon Valley. No new unicorns emerged, although early-stage startups saw increased median deal sizes. AI investments are on the rise, with notable deals for startups like Altana AI and Akur8, reflecting AI’s growing importance in the sector.