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Chinese property insurance industry set to exceed $67 billion by 2028: GlobalData
16th February 2024
According to GlobalData, a prominent data and analytics company, the Chinese property insurance sector is anticipated to soar at a compound annual growth rate (CAGR) of 12.1% over the period of 2024 to 2028. This growth trajectory is expected to elevate the industry from CNY271 billion ($40.5 billion) in 2024 to ... Read the full article
Japanese property insurers likely to withstand losses despite Noto Peninsula Earthquake: GlobalData
13th February 2024
Property insurers in Japan are expected to maintain profitability in 2024 despite the 7.6 magnitude earthquake that struck Noto Peninsula at the start of the year, and caused insured loss of around $6 billion, according to GlobalData. On January 1st, 2024, the Noto Peninsula earthquake shook the area resulting in ... Read the full article
US general insurance industry to exceed $3 trillion by 2027: GlobalData
21st August 2023
The US general insurance industry is estimated to grow at a compound annual growth rate (CAGR) of 8.5% from $2.18 trillion in 2023 to a substantial $3.03 trillion in 2027, in terms of gross written premiums (GWP). Leading data and analytics company, GlobalData's Insurance Database shows that the US general insurance industry ... Read the full article
India’s state insurers continue market share loss to private sector: GlobalData
8th March 2023
The combined market share of state-owned general insurers in India has dropped from 51.3% in 2017 to 40.8% in 2021, while gross written premiums (GWP) of private insurers grew by 15.7% during this time, suggests a new report from GlobalData. Along with lower growth in GWP (which crept at a CAGR ... Read the full article
Progressive Corporation becomes largest US motor insurer: GlobalData
30th November 2022
According to GlobalData, Progressive Corporation has overtaken State Farm to become the largest motor insurer in the US. The company’s growth was largely attributed to its expanding for-hire transportation business, says GlobalData, alongside higher advertising campaigns and its affiliation with a larger number of insurance agencies. As shown in the chart below, ... Read the full article
Russian cyberattacks to cause more insurance disputes: GlobalData
22nd November 2022
A new report from GlobalData says that cyberattacks from Russia could be set to cause more disputes between businesses and insurers following the Zurich-Mondelez case. The firm said in its 2022 UK SME Insurance Survey that 9% of SMEs in the UK that purchased cyber insurance in 2022 said the Russia-Ukraine ... Read the full article
UK consumers willing to pay more for policies from sustainable insurers: GlobalData
21st November 2022
According to a survey conducted by GlobalData, 41.4% of UK consumers are willing to pay more for an insurance policy from a provider with a good record of sustainability, with a further 10.2% sitting on the fence. Ben Carey-Evans, Senior Insurance Analyst at GlobalData, states, “These survey results come amid the ... Read the full article
SCR ratio reduction unlikely to have significant impact: GlobalData
9th November 2022
Solvency capital requirements for UK insurers may be relaxed in the near future following the September 2022 mini budget, but according to GlobalData, findings have shown that leading UK insurers are not coming close to the existing limits. GlobalData stated that as part of the mini-budget, the current Solvency Capital Requirement ... Read the full article
China life insurance industry to reach $665.6bn in 2026: GlobalData
2nd November 2022
The life insurance industry in China is set to grow at a compound annual growth rate (CAGR) of 6.3% from CNY3.1 trillion ($484.4 billion) in 2021 to CNY4.25 trillion ($665.6 billion) in 2026, in terms of direct written premiums (DWP), said GlobalData. According to the data and analytics company, this growth ... Read the full article
China general insurance market to reach $304.4bn in 2026: GlobalData
26th October 2022
According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP). Despite registering a low growth of 0.7% in 2021 due to a decline ... Read the full article
Hurricane Ian to cause near record US fire & natural hazards loss: GlobalData
30th September 2022
After devastating Florida’s west coast as a strong Category 4 storm before weakening over land, Hurricane Ian is likely to bring incurred losses in US fire and natural hazards market to near record levels, according to analysts at GlobalData. Benjamin Hatton, Associate Insurance Analyst at GlobalData, described the storm as one ... Read the full article
GlobalData predicts 7% CAGR growth for South Korean reinsurance industry by 2026
29th September 2022
GlobalData has predicted that the South Korean reinsurance industry will grow at a compound annual growth rate (CAGR) of 7.0% from KRW9.6tn ($8.4bn) in 2021 to KRW13.4tn ($11.9bn) in 2026, in terms of gross written premiums (GWP), supported by climate change and positive regulatory developments. The firm’s Global Insurance Database reveals that the ... Read the full article
Tough road ahead for Japanese life insurers: GlobalData
28th September 2022
Japanese life insurers face a series of tough challenges over the next five years because of the country’s ageing demographic and economic factors, according to GlobalData. The data and analytics company has forecasted that the Japanese life insurance industry is expected to grow at a compound annual growth rate (CAGR) of ... Read the full article
Sanctions on Russia slowing nation’s life insurance industry growth: GlobalData
20th September 2022
A new report from GlobalData states that the fallout from Russia’s invasion of Ukraine in February will cause a slowing in the growth of the country’s life insurance industry over the next few years. The data and analytics firm says in its Russia Life Insurance: Key Trends and Opportunities to 2026 ... Read the full article
Malaysian insurance industry to reach $26.7bn in 2026: GlobalData
7th September 2022
Led by the life insurance and pension segment, analysts at GlobalData have forecasted that the Malaysian insurance industry will reach $26.7 billion in 2026. According to GlobalData, the insurance industry of the Southeast Asian country will grow at a compound annual growth rate (CAGR) of 8.4%, from $17.6 billion in 2021. ... Read the full article