Almost half of insurers are worried that up to 20 percent of business could be lost to FinTech or InsurTech start-ups in the next five years. A survey by PwC revealed that 68% of firms surveyed have taken concrete steps to address the challenges and opportunities posed by FinTech. According to the report, Opportunities await: How InsurTech is reshaping insurance, investment into InsurTech has increased fivefold since 2010 hitting $3.4bn (£2.39bn).