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Instant Insights / P&C insurance outlook for 2023

Review what 2023 might have in store for the property & casualty insurance space with a suite of articles detailing expert opinions on topics ranging from insurance claims and insurtech to line-specific outlooks.

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5 Insurtech trends that will dominate in 2023

You don’t need a crystal ball to know there are choppy waters ahead for startups in 2023.

By Tanner Hackett | January 19, 2023 at 08:30 AM

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Many insurtech startups will recalibrate their strategy in 2023 to fit changing macroeconomic environment and funding cycles. (eamesBot/Shutterstock)

The global insurtech market was valued at $3.85 billion in 2021, according to Grand View Research, and is expected to double in the next decade. Despite this anticipated growth, the industry is set for meaningful turmoil and consolidation in the year ahead.

A recent report by CB Insights highlighted muted funding trends experienced by insurtechs throughout 2022. In Q3, funding dropped to its lowest level since Q2 2022, and deal sizes were down by about a third.

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