When using transmission lines, those are ideal elements, thus you will definitely have a lower insertion loss. When using microstrip line model, they contain parasitic effect, which has more loss but provides a more accurate simulation result. Increasing the number of dividers (N-way), also leads to more interconnects and they also contribute to higher insertion loss.
One way you could do is look at the return loss of all the ports. Ideally, if they are 50 ohm match, their S11 or S22 or S33, etc, should be less than -15 ~ -20 dB. If the S11 or S22 or S22, etc are very high, say more than -10 dB, this means your divider is not well-matched. You might want to adjust the circuit accordingly. You can try tuning the line width, which usually affects impedance, and tuning the length, usually affects the frequency response. But if your divider is well-matched and still you are getting a poor insertion loss, you might want to consider changing the material or substrate.