17 of the top 20 P&C insurers have invested in at least one tech startup since the start of 2014.
New technologies are entering the $670B property & casualty insurance market ranging from telematics to geospatial analytics to claims automation — and insurers are increasingly investing in them.
In 2014, just 3 of the top 20 largest US property & casualty insurers made investments into a startup. Fast forward to 2019 and 17 of the top 20 insurers have funded at least one startup.
These top insurers have opted to either invest directly or through separately delineated strategic venture arms as they look to innovate and keep pace with technological change.