Insurtech deals in Southeast Asia surged to USD2.35bn in 2023, up from USD538m in 2022, despite macroeconomic challenges, according to an EY report. The rise in deal value was driven by Sumitomo Life’s USD2bn acquisition of Singapore Life and Bolttech’s USD246m Series B round. However, the number of deals dropped to 27 from 39 in 2022. Investors are favouring established insurtech firms with a proven track record, while early-stage companies secured just USD2.3m in Series A funding. EY expects a temporary pullback in deal activity as firms focus on profitability. Singapore-based insurtechs dominated, but interest is growing in Indonesia, Thailand, and Malaysia due to favourable demographics and low insurance penetration.