Cbinsights-2022年保险状况报告 State of Insurtech 2022- Global data and analysis on dealmaking,funding,and exits by private market insurtech companies

Global022recapGlobaldataandanalysisondealmaking,funding,andexitsbyprivatemarketinsurtechcompanies2leadingcompaniesmakesmartertechnologydecisionswithdata,notopinion.OurTechnologyInsightsPlatformprovidescompanieswithcomprehensivedata,expertinsights,andworkmanagementtoolsthatmaketechnologydecisions.▮▮▮▮IIIPlatformGetintroductionstotherighttechnologyhPlatformGetintroductionstotherighttechnologyhsleMakeyourbrandmoresearchable.Findable.Buyable.Partnerable.Investable.CompleteafreeAnalystBriefingSurvey*andgetinfrontofenterprisetechbuyers,M&Ateams,andinvestors.WithCBInsights,Brown&BrownInsurancecanFormerDirectorofStrategicInnovation,Brown&BrownInsuranceViewsuccessstory→6CBInsightsclientscanfindandtrackcompaniesusingouranalyst-curatedllectionschBankingInsurtechDigitalLendingCapitalMarketsTech73insurancetrendstowatchinHowtechnologyischangingmarketResgrowthhereinsurancegiantisinvestinginthefutureofrisk3waystechisimprovingtheomerexperienceinsurancePrioritizing10technologiesacceleratingcustomerengagementforinsurancebenchmarksWhatlifeinsurersneedtoknowaboutunderwritingdataplatformsWhatlifeinsurersneedtoknowaboutgenomicscreeningtoolsMarketTrendReport:OpticalcharacterrecognitionforP&CinsuranceunderwritersPCrs$8.4B81Afterarecord-breakingyearin2021($17.8B),insurtechfundingplummetedto$8.4Bin2022.Q4'22sawjust$1Binfunding,thelowestquarterlytotalsinceQ2'18.Whilefundingwasdown,investorsremainedactiveininsurtech.Thenumberofdealsdeclinedonly17%comparedtotheprioryear,withatotalof579dealsin2022.InsurtechM&Aexitsrose40%in2022to81,upfrom58in2021.Insurers,PEfirms,andlargerinsurtechshavetakenadvantageoflowervaluationstomaketheseacquisitions.examplesincludedLemonadeacquiringMetromile,AntarcticaCapitalacquiringianzXacquiringSimplesurance.Mega-roundfundingalmostcompletelydriedupattheendoftheyear—asinvestorsscaledbackoninsurtechfundingmorebroadly.onlymegaroundthelowestlevelsinceQ2'18.thirdsofallinsurtechdealssince2019.Infact,early-stagefundingforlife&health(L&H)insurtechgrewslightly.NotabledealsincludedEven’s$15MseedroundandPebbleHealth’s$12Mseedround.7%lowesttotalinyearsfundingreachedjustathirdofthepreviouslyandthelowestquarterlytotalQ4'22wasalsothefirsthateedBInvestmentTrends11Unicorns34ExitTrends40Investors45onSpotlightsLife&HealthInsurance50P&CInsurance61hicTrendsUS73Asia81Europe88579541529496$8.5B$7.9B$4.9B579541529496$8.5B$7.9B$4.9B697697$17.8B20182019202020212022134129$1.0B$1.0B$0.6B$1.5B$1.8B$2.2B$1.6B$1.9B$2.2B$1.5B$1.7B$2.8B$2.5B$3.1B$5.5B$3.5B$5.8B$2.5B$2.5B$2.4B$5M3Deals$0.2BAfrica2DealsLatAm&CaribbeanalAustralia2Deals$5M3Deals$0.2BAfrica2DealsLatAm&CaribbeanalAustralia2DealsCanadaCanadaAAsia$0.2B19Deals$2$2M$$10M$$71M20%17%21%Q2Q3Q2Q3Q2Q3Q2Q3Q2Q3$70M.$4.8M$3.6M$70M.$4.8M$3.6M$30.4M$17.7M$13.8M$4.2M$3.1M$4.0M$6.0M$4.4M$4.5M$4.2M$3.1M$4.0M$6.0M$4.4M$4.5M$11.3M$6.0M$4.3M$14.0M$9.8M$7.6M$10.$8.0M$14.0M$9.8M$7.6M$10.$8.0M$4.0M201820202022$4.2M$6.0M$30.$30.0M$24.$24.0M201820202022$20.0M201820202022$14.$11.0M8M$11.$11.0M201820202022$50.0M201820202022$34.0M$4.4M$15.$15.0M20182020202220$3.9B$3.6B208$1.9B$3.9B$3.6B208$1.9B$1$10.3B2018201920202021202221$4.0B96$1.8B77$1.6B66$1.5B$1.2B$1.2B4$1.1B4$1.0B443$1.0B$0.9B3$0.6B3$0.8B$0.8B$0.8B2$0.6B11$0.5B$0.2B$4.0B96$1.8B77$1.6B66$1.5B$1.2B$1.2B4$1.1B4$1.0B443$1.0B$0.9B3$0.6B3$0.8B$0.8B$0.8B2$0.6B11$0.5B$0.2B$3.6B2B2223US,1Europe,0Asia,0US,1Europe,0Asia,043222113221QQ3QQ3QQ3QQ3QQ32437%37%58%%49%40%30%37%70%63%46%32%37%55%62%72%45%38%28%25SelectInvestorsl1$153MVentureCapital2022-11-25N/AOMERSVenturesUnitedStates15.1%2$80MSeriesC2022-10-25$1.0BMouroCapital,BlackRiverVentures,GramercyVentures,HanacoVenturesIsrael7.9%3$70MSeriesD2022-11-01N/ADawnCapital,GSquared,KingRiverCapital,AtlasMerchantCapitalAustralia%4$60MeriesA2022-12-27N/AChicagoPacificFoundersUnitedStates4$60MSeriesD2022-10-27N/AValspringCapital,BrandonCruz,ClintJones,EpicVentures,HealthVelocityCapitalUnitedStates6$50MSeriesC2022-12-19N/AForgePointCapital,HudsonStructuredCapitalManagement,MTechCapital,MorganStanleyUnitedStates4.9%7$42MeriesA2022-11-23N/AA.R.M.Holding,G42,PlugandPlayVentures,BolurCapital,FreudsUnitedKingdom4.1%8$41MSeriesB2022-11-22N/ANotionCapital,OctopusVentures,BaldertonCapital,Speedinvest,DILACapitalSpain4.0%9$27MSeriesB2022-11-28N/ABlueOrchard,CathayInnovation,Women'sWorldBanking,FinnishFundforIndustrialCooperation,LaMaisonSingapore.7%0$25MSeriesC2022-12-23N/ADisruptAD,IschyrosNewYorkUnitedArabEmirates2.5%0$25MeriesA2022-10-06N/AApaxFrance,Arkea,ChristianGueugnier,DidierLeMenestrelFrance2620%70%2018201920202021202227stageUSAsiaEuropeAllOtherRegions444%29%25%28$84.2M$70.0M$13.0M$33.3M$25.0M$15.0M$84.2M$70.0M$13.0M$33.3M$25.0M$15.0M$3.2M$2.3M$3.7M29SelectInvestors1$15MdVC2022-11-10FoundersFund,KhoslaVentures,KunalShah,LachyGroom,NikeshAroraIndia2$12MdVC2022-12-07XYZVentures,Founders'Co-opUnitedStates3$10MdVC2022-11-08AndreessenHorowitz,MS&ADVentures,TokioMarineHoldingsUnitedStates3$10MdVC2022-10-21OctopusVentures,FoundersFuture,MundiVentures,NewAlphaFrance5$9MdVC2022-10-06GrandVentures,TrueVentures,VillageGlobalUnitedStates6$8MdVC2022-12-14RandstadInnovationFund,VoltaVentures,AchmeaInnovationFundNetherlands7$4Med2022-11-14AG2RLaMondiale,NewFund,HervéSchrickeFrance7$4MdVC2022-12-14DundeeVentureCapital,RallyVenturesUnitedStates30SelectInvestors1$60MeriesA2022-12-27ChicagoPacificFoundersUnitedStates2$42MeriesA2022-11-23A.R.M.Holding,G42,PlugandPlayVentures,BolurCapital,FreudsUnitedKingdom3$25MeriesA2022-10-06ApaxFrance,Arkea,ChristianGueugnier,DidierLeMenestrelFrance4$20MeriesA2022-10-06CanapiVentures,AxisCapitalPartners,EosVenturePartners,FermatCapitalManagement,HartfordVenturesUnitedStates4$20MeriesA2022-11-22IndexVentures,TigerGlobalManagementGermany6$18MeriesA2022-11-16BessemerVenturePartnersNetherlands7$14MeriesA2022-12-12PolychainCapital,CMTDigital,HashKeyCapital,MorganCreekDigital,BloccelerateUnitedStates8$13MeriesA2022-11-15WurttembergischeVersicherungGermany9$11MeriesA2022-11-15BreegaCapital,MerciaTechnologiesUnitedKingdom0$10MeriesA2022-12-15AdaptiveCapitalPartners,SeedsCapital,HHVCInvestments,GovinCapitalSingapore0$10MeriesA2022-10-25OmnesCapital,RAISEVentures,ElaiaPartnersFrance0$10MeriesA2022-11-01MissionOG,VestigoVentures,CRV,LibertyMutualStrategicVenturesUnitedStates31SelectInvestors1$41MSeriesB2022-11-22NotionCapital,OctopusVentures,BaldertonCapital,Speedinvest,DILACapitalSpain2$27MSeriesB2022-11-28BlueOrchard,CathayInnovation,Women'sWorldBanking,FinnishFundforIndustrialCooperation,LaMaisonSingapore3$15MSeriesB2022-11-01ATXVenturePartnersUnitedStates4$12MSeriesB2022-11-14KaiserPermanenteVentures,Greycroft,SJFVentures,ArkinBioventures,GoreRangeCapitalUnitedStates5$8MSeriesB2022-11-16Anthemis,CherryVentures,CommerzVentures,ObviousVentures,HoltaInvestSweden6$3MSeriesB2022-12-20TelegraphHillPartnersUnitedStates7$2MSeriesB2022-11-08N/AJapan32SelectInvestors1$80MSeriesC2022-10-25MouroCapital,BlackRiverVentures,GramercyVentures,HanacoVenturesIsrael2$50MSeriesC2022-12-19ForgePointCapital,HudsonStructuredCapitalManagement,MTechCapital,MorganStanleyUnitedStates3$25MSeriesC2022-12-23DisruptAD,IschyrosNewYorkUnitedArabEmirates4$14MSeriesC2022-12-06BNYMellon,FosunInternational,SixThirty,TalanxIsrael5$10MSeriesC2022-10-13N/AChile33SelectInvestors1$70MSeriesD2022-11-01N/ADawnCapital,GSquared,KingRiverCapital,AtlasMerchantCapitalAustralia2$60MSeriesD2022-10-27N/AValspringCapital,BrandonCruz,ClintJones,EpicVentures,HealthVelocityCapitalUnitedStates343543433Q143433Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420182019202020212022440377325Europe80NewLatAm&10NewCaribbean25Europe80NewLatAm&10NewCaribbeanAAsia91NewAustraliaAustralia10New36374431113QQ3QQ3QQ3QQ3QQ338LatestValuation1$1.0BIsrael39LatestValuation1$12.6BUnitedStates2$10.0BUnitedStates3$8.6BUnitedStates4$5.0BUnitedStates5$4.5BGermany6$4.0BIndia6$4.0BUnitedStates8$2.8BFrance9UnitedStates0$2.5BIsrael404154 IPO,1201820192020202120224211112111122626222221QQ3QQ3QQ3QQ3QQ34320%20%44%60%33%25%%40%29%23%21%40%40%20%44irer1N/AUnitedStates1N/AUnitedKingdom1N/ALatvia1N/AUnitedStates1N/ACanada1N/AUnitedStates1N/AUnitedKingdom454614UnitedStates22UnitedStates22France22UnitedStates22CaymanIslands22UnitedStates22UnitedStates22Canada22PrivateEquityFrance22UnitedKingdom22UnitedStates22UnitedStates22OtherJapan4714UnitedStates22UnitedStates22France22UnitedStates22UnitedStates22Canada22UnitedKingdom22UnitedStates4812CaymanIslands12UnitedStates12UnitedStates49Life&HealthInsurance5051201201Funding$2.8B$2.2B$3.1B$6.6B$2.2B$3.1B$6.6B2018201920202021202252404047404939453635413935423533404047404939453635413935423533$0.5$0.5B$0.2B$0.8$0.8B$0.7$0.7B$0.9$0.9B$0.5$0.5B$0.6$0.6B$1.1$1.1B$0.8$0.8B$0.6$0.6B$1.0$1.0B$0.7$0.7B$0.8$0.8B$1.4$1.4B$1.0$1.0B$3.4B$0.9$0.9B$0.9$0.9B35$0.6$0.6BAsia$53MAfricaalLatAm&CaribbeanalAsia$53MAfricaalLatAm&Caribbeanal$0.1B$2$2M$$10M535420%20%11%30%33%23%46%50%44%55$10.0M$6.0M$5.0M$10.0M$6.0M$5.0M$39.8M$21.0M$18.6M5612%10%18%24%65%63%56%2018201920202021202257ValuationSelectInvestorsl1$60MSeriesD2022-10-27N/AValspringCapital,BrandonCruz,ClintJones,EpicVentures,HealthVelocityCapitalUnitedStates18.7%2$42MeriesA2022-11-23N/AA.R.M.Holding,G42,PlugandPlayVentures,BolurCapital,FreudsUnitedKingdom13.1%3$41MSeriesB2022-11-22N/ANotionCapital,OctopusVentures,BaldertonCapital,Speedinvest,DILACapitalSpain12.8%4$25MSeriesC2022-12-23N/ADisruptAD,IschyrosNewYorkUnitedArabEmirates7.8%4$25MeriesA2022-10-06N/AApaxFrance,Arkea,ChristianGueugnier,DidierLeMenestrelFrance7.7%6$15MdVC2022-11-10N/AFoundersFund,KhoslaVentures,KunalShah,LachyGroom,NikeshAroraIndia4.7%6$15MSeriesB2022-11-01N/AATXVenturePartnersUnitedStates4.7%8$12MdVC2022-12-07N/AXYZVentures,Founders'Co-opUnitedStates.7%8$12MSeriesB2022-11-14$81MKaiserPermanenteVentures,Greycroft,SJFVentures,ArkinBioventures,GoreRangeCapitalUnitedStates.7%0$10MeriesA2022-12-15N/AAdaptiveCapitalPartners,SeedsCapital,HHVCInvestments,GovinCapitalSingapore3.1%0$10MSeriesC2022-10-13N/AN/AChile3.1%0$10MeriesA2022-10-25N/AOmnesCapital,RAISEVentures,ElaiaPartnersFrance3.1%0$10MeriesA2022-11-01N/AMissionOG,VestigoVentures,CRV,LibertyMutualStrategicVenturesUnitedStates3.1%58TotalUnicorns,2211QQ3QQ3QQ3QQ3QQ359 9933112018201920202021202260887764111Q2Q3Q2Q3Q2Q3Q2Q3Q2Q361e62486376388377338$5.5B$5.3B$4.8B$2.7B486376388377338$5.5B$5.3B$4.8B$2.7B$1$10.8B20182019202020212022e63$2.4B$2.2B$2.1B$1.8B$1.8B$1.8B$1.6B$1.5B$1.3B$1.3B$0.6B$1.1B$1.1B$1.1B$1.0B$0.8B$0.7B$0.5B$0.4$2.4B$2.2B$2.1B$1.8B$1.8B$1.8B$1.6B$1.5B$1.3B$1.3B$0.6B$1.1B$1.1B$1.1B$1.0B$0.8B$0.7B$0.5B$0.4B$4.0Be$4MAsia$0.1BAustraliaal2Deals$4MAsia$0.1BAustraliaal2DealsCanadaCanadaEEurope$0.1B22Deals$$70M64e6530%21%20%20%46%e66$6.5M$4.5M$3.0M$6.5M$4.5M$3.0M$26.5M$17.6M$10.8Me6771%63%20182019202020212022e68SelectInvestorsl1$153MVentureCapital2022-11-25N/AOMERSVenturesUnitedStates24.3%2$80MSeriesC2022-10-25$1.0BMouroCapital,BlackRiverVentures,GramercyVentures,HanacoVenturesIsrael12.7%3$70MSeriesD2022-11-01N/ADawnCapital,GSquared,KingRiverCapital,AtlasMerchantCapitalAustralia11.1%4$50MSeriesC2022-12-19N/AForgePointCapital,HudsonStructuredCapitalManagement,MTechCapital,MorganStanleyUnitedStates.0%5$27MSeriesB2022-11-28N/ABlueOrchard,CathayInnovation,Women'sWorldBanking,FinnishFundforIndustrialCooperation,LaMaisonSingapore4.3%6$20MeriesA2022-10-06N/ACanapiVentures,AxisCapitalPartners,EosVenturePartners,FermatCapitalManagement,HartfordVenturesUnitedStates3.2%6$20MeriesA2022-11-22N/AIndexVentures,TigerGlobalManagementGermany3.2%8$18MeriesA2022-11-16N/ABessemerVenturePartnersNetherlands2.8%9$15MVentureCapital2022-10-31N/AFinistereVentures,S2GVenturesUnitedStates0$14MeriesA2022-12-12N/APolychainCapital,CMTDigital,HashKeyCapital,MorganCreekDigital,BloccelerateUnitedStates2.2%0$14MSeriesC2022-12-06N/ABNYMellon,FosunInternational,SixThirty,TalanxIsrael2.2%e6930303030282826422QQ3QQ3QQ3QQ3QQ370449322 20182019 7111202022Q2Q3Q2Q3Q2Q3Q2Q3Q2Q3727374264264305305259259234265$3.5B$5.2B$5.5B$1$3.5B$5.2B$5.5B201820192020202120227549497979757074$0.5B$0.2B$1.2B$1.3B$1.4B$1.0B$1.3B$1.5B$1.2B$1.1B$1.5B$1.8B$1.2B$1.3B$1.4B$1.0B$1.3B$1.5B$1.2B$1.1B$1.5B$1.8B$2.2B$2.8B$1.9B$4.1B$1.2B$1.6B$1.1B7623%63%61%53%2018201920202021202277SelectInvestorsl1$153MVentureCapital2022-11-25N/AOMERSVenturesUnitedStates30.1%2$60MeriesA2022-12-27N/AChicagoPacificFoundersUnitedStates11.8%2$60MSeriesD2022-10-27N/AValspringCapital,BrandonCruz,ClintJones,EpicVentures,HealthVelocityCapitalUnitedStates11.8%4$50MSeriesC2022-12-19N/AForgePointCapital,HudsonStructuredCapitalManagement,MTechCapital,MorganStanleyUnitedStates9.8%5$20MeriesA2022-10-06N/ACanapiVentures,AxisCapitalPartners,EosVenturePartners,FermatCapitalManagement,HartfordVenturesUnitedStates3.9%6$15MSeriesB2022-11-01N/AATXVenturePartnersUnitedStates2.9%6$15MVentureCapital2022-10-31N/AFinistereVentures,S2GVenturesUnitedStates3.0%8$14MeriesA2022-12-12N/APolychainCapital,CMTDigital,HashKeyCapital,MorganCreekDigital,BloccelerateUnitedStates2.8%9$12MdVC2022-12-07N/AXYZVentures,Founders'Co-opUnitedStates9$12MSeriesB2022-11-14$81MKaiserPermanenteVentures,Greycroft,SJFVentures,ArkinBioventures,GoreRangeCapitalUnitedStates782237374 201820192020202120227991Q2Q3Q2Q3Q2Q3Q2Q3Q2Q38014UnitedStates22UnitedStates22UnitedStates22UnitedStates22UnitedStates22UnitedStates22UnitedStates8182$1.6B$1.4B$0.5B$1.6B$1.4B$0.5B$2.6$2.6B2018201920202021202283484136$698M343433$643M312925$600M2828$585M2626252524$467M$459M$444M20$405M$395M$328M$189M$235M$217M$171M$162484136$698M343433$643M312925$600M2828$585M2626252524$467M$459M$444M20$405M$395M$328M$189M$235M$217M$171M$162M$145M$143M$110M$81M442$951M8426%78%61%2018201920202021202285SelectInvestorsl1$80MSeriesC2022-10-25$1.0BMouroCapital,BlackRiverVentures,GramercyVentures,HanacoVenturesIsrael42.3%2$27MSeriesB2022-11-28N/ABlueOrchard,CathayInnovation,Women'sWorldBanking,FinnishFundforIndustrialCooperation,LaMaisonSingapore14.3%3$25MSeriesC2022-12-23N/ADisruptAD,IschyrosNewYorkUnitedArabEmirates13.2%4$15MdVC2022-11-10N/AFoundersFund,KhoslaVentures,KunalShah,LachyGroom,NikeshAroraIndia7.9%5$14MSeriesC2022-12-06N/ABNYMellon,FosunInternational,SixThirty,TalanxIsrael%6$10MeriesA2022-12-15N/AAdaptiveCapitalPartners,SeedsCapital,HHVCInvestments,GovinCapitalSingapore7$6MeriesA2022-10-18N/AInfoEdgeVentures,RedstartLabs,SeasonTwoVenturesIndia2.9%8$3MCorporateMinority2022-10-19N/AAZFinancialServicesSouthKorea8$3MeriesA2022-12-21$13MIndia0$2MdVC2022-10-06N/AWaterBridgeVentures,AraliVentures,BlumeVentures,EximiusVenturesIndia%0$2MSeriesB2022-11-08N/AN/AJapan9%862 20192020202120221874422111Q2Q3Q2Q3Q2Q3Q2Q3Q2Q38889$2.0B$1.3B$1.0B$0.6B$2.0B$1.3B$1.0B$0.6B$3.0$3.0B20182019202020212022$118M3038303340292721272927242122402140$118M3038303340292721272927242122402140$80M$215$215M$87M$257$257M$362$362M$166$166M$375$375M$127$127M$246$246M$671$671M$273$273M$418$418M442$1,809M$568$568M441$243$243M$703$703M$434$434M$657$657M30$228M90912018201920202021202292SelectInvestorsl1$42MeriesA2022-11-23N/AA.R.M.Holding,G42,PlugandPlayVentures,BolurCapital,FreudsUnitedKingdom%2$41MSeriesB2022-11-22N/ANotionCapital,OctopusVentures,BaldertonCapital,Speedinvest,DILACapitalSpain18.0%3$25MeriesA2022-10-06N/AApaxFrance,Arkea,ChristianGueugnier,DidierLeMenestrelFrance10.8%4$20MeriesA2022-11-22N/AIndexVentures,TigerGlobalManagementGermany.8%5$18MeriesA2022-11-16N/ABessemerVenturePartnersNetherlands7.7%6$13MeriesA2022-11-15N/AWurttembergischeVersicherungGermany5%7$11MeriesA2022-11-15N/ABreegaCapital,MerciaTechnologiesUnitedKingdom4.7%8$10MdVC2022-10-21N/AOctopusVentures,FoundersFuture,MundiVentures,NewAlphaFrance4.3%8$10MeriesA2022-10-25N/AOmnesCapital,RAISEVentures,ElaiaPartnersFrance4.3%0$8MdVC2022-12-14N/ARandstadInnovationFund,VoltaVentures,AchmeaInnovationFundNetherlands3.3%0$8MSeriesB2022-11-16N/AAnthemis,CherryVentures,CommerzVentures,ObviousVentures,HoltaInvestSweden3.6%93112018201920202021202294887741411Q2Q3Q2Q3Q2Q3Q2Q3Q2Q39512France12PrivateEquityFrance12UnitedKingdom96Youcandownloadtheunderlyingdatafoundinthisreporthere:/reports/CB-Insights_Insurtech-Report-2022.xlsx.IfyouhavequestionsaboutthedefinitionsormethodologicalciplesusedorifyoufeelthatyourfirmhasbeenunderrepresentedpleasereachouttoinfocbinsightscomncludedEquityfinancingsintoprivatecompaniesonlyFundingroundssofanykindonanyexchangesareexcludedfromournumberseveniftheyreceivedinvestmentfromaventurefirm.OnlyincludestheinvestmentmadeinthequarterfortranchedinvestmentsIfacompanydoesasecondclosingofitsSeriesBdpreviouslyhadclosedMinapriorquarteronlythe$5Misreflected.Roundnumbersreflectwhathasclosed,notwhatisintended.Ifacompanyindicatestheclosingof$5Moutofadesiredraiseof$15M,ournumbersreflectonlytheamountwhichhasclosed.ngsareverifiedvia(1)variousfederalandstateregulatoryfilings;(2)directconfirmationwithfirmorinvestor;(3)pressrelease;or(4)crediblemediasources.E