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Augmented reality invaluable to insurers in post-pandemic world: GlobalData
24th August 2022
According to leading data and analytics company GlobalData, augmented reality (AR) is set to become a $152 billion market by 2030, and its use cases for the insurance sector are only growing. The company notes that the technology’s demand among insurers has been catalysed by COVID-19 and the need for remote ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
Insurtech investments fall by 80% in 2021: GlobalData
19th August 2022
According to GlobalData, insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions in 2022. GlobalData’s Deals Database reveals that the value of global investments in insurtech fell by 79.6% in 2021. This follows a consistent flow of stories of insurtechs struggling in 2022. Recently, Lemonade cut ... Read the full article
Cybersecurity revenue in insurance sector to grow at 10%: GlobalData
10th August 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article
MAT insurance industry in Asia-Pacific to reach $16.2bn by 2026: GlobalData
5th August 2022
According to GlobalData, the marine, aviation, and transit (MAT) insurance industry is estimated to grow at a compound annual growth rate (CAGR) of 6.4% from 2021-26, supported by increasing trade activities, recovery in flight services, and demand from renewable energy infrastructure projects. GlobalData forecasts that the MAT insurance industry in Asia-Pacific ... Read the full article
India’s life insurance industry to reach $150.6bn by 2026: GlobalData
18th July 2022
According to analysts at GlobalData, India’s life insurance industry is expected to grow at a compound annual growth rate (CAGR) of 10.3% through 2026, driven by growing awareness and positive regulatory landscape. It is forecasted to grow from $92.3 billion in 2021 to $150.6 billion in 2026, in terms of gross ... Read the full article
Mexico’s general insurance industry to reach $26bn by 2026: GlobalData
28th June 2022
According to analysts at GlobalData, Mexico’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 7.5%, from $18.2 billion in 2021 to $26.1 billion in 2026. Analysts states that such growth will be driven by large infrastructure and construction projects, frequent occurrence of natural catastrophe ... Read the full article
SMEs vulnerable to cyber attacks – GlobalData
16th June 2022
Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article
Emerging technologies facilitate digital transformation of insurance sector, says GlobalData
10th June 2022
GlobalData has said that the growing maturity of emerging technologies such as AI, biometrics, cloud and alternative reality, and data ubiquity are powering the insurance sector’s digital transformation. This trend, said GlobalData, is set to accelerate as stakeholders become more aware of new technology. Abhishek Paul Choudhury, senior disruptive tech analyst at ... Read the full article
Google a potential threat to incumbent insurers, says GlobalData
26th April 2022
A survey conducted by GlobalData suggests that Google poses the greatest threat to insurers in the UK were it to offer end-to-end household insurance products. It's been touted for some time now that the likes of Google and Amazon, both of which have substantial brand recognition, enhanced digital capabilities and speedy ... Read the full article
Ingosstrakh facing financial challenges due to Ukraine invasion: GlobalData
16th March 2022
According to data and analytics company GlobalData, Ingosstrakh, the fourth largest general insurer in Russia could be facing significant financial challenges following Russia’s invasion of Ukraine. In 2020, the insurer earned 36.3% of its RUB106.5 billion ($910.1 million) premium income in the Marine, Aviation and Transit (MAT) insurance market which has ... Read the full article
APAC property market to hit $137.5bn in 2025: GlobalData
10th January 2022
The property insurance industry in Asia-Pacific (APAC) is projected to grow from $85.8bn in 2020 to $137.5bn in 2025, in terms of written premiums, according to data and analytics company GlobalData. A new report predicts the property insurance industry in APAC will grow at a compound annual growth rate (CAGR) of ... Read the full article
China insurance industry to hit $313bn in 2025: GlobalData
25th November 2021
The general insurance industry in China is projected to grow from CNY 1.36 trillion (USD 196.8 billion) in 2020 to CNY 2.13 trillion (USD 313.0 billion) in 2025, in terms of direct written premiums (DWP), according to data and analytics company GlobalData. GlobalData’s latest figures show that the general insurance industry ... Read the full article
APAC MAT industry expected to grow to $14.5bn in 2025: GlobalData
22nd July 2021
According to data and analytics company GlobalData, the marine, aviation and transit (MAT) insurance industry in Asia-Pacific is projected to grow from $11.2bn in 2019 to $14.5bn in 2025, in terms of written premiums. The report also revealed that that MAT insurance industry in Asia-Pacific is expected grow at a compound ... Read the full article
Cyber market GWP to hit $20.6bn by 2025, says GlobalData
13th July 2021
GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article