Almost half (48%) of insurers fear that up to 20% of their business could be lost to standalone FinTech companies within the next five years, says a new PwC report. The report, Opportunities await: How InsurTech is reshaping insurance, said annual investments in InsurTech start-ups have increased fivefold over the past three years, with cumulative funding reaching $3.4bn since 2010. Over two-thirds (68%) of insurance companies say they have taken concrete steps to address the challenges and opportunities presented by FinTech.