The global insurtech sector surpassed US$1.1 billion in new funding during the third quarter of 2023. This growth, representing a 19.8% increase, was primarily propelled by a 25.5% quarter-on-quarter surge in property and casualty insurtech investment. For its latest Global Insurtech Report, Gallagher Re revealed that the surge happened despite the average deal size dropping by 16.4% to a six-year low of US$10.3 million.