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China’s general insurance to grow 3.8% in 2020: GlobalData
21st September 2020
Data and analytics company, GlobalData has revised China’s general insurance forecast in the aftermath of COVID-19 outbreak. The industry is forecast to grow by 3.8% in 2020, compared to 5.7% registered in 2019. The latest data shows that China’s general insurance industry is forecast to grow at a compound annual growth ... Read the full article
Remote working to have lasting consequences for re/insurers: GlobalData
17th September 2020
Data and analytics company GlobalData believes that the increase in remote working due to the COVID-19 pandemic will have lasting consequences for the insurance and reinsurance industries. With remote working levels set to stay significantly higher than before the coronavirus crisis, /reinsurers will need to adapt to remote working being more ... Read the full article
More COVID travel coverage a good move in the long run: GlobalData
8th September 2020
According to data and analytics company GlobalData, an increasing number of re/insurers are reincorporating COVID-19-related repatriation and medical expenses as well as cancellation coverage. Big names such as Blue Insurance, Allianz, Caster, and Staysure have opted to reintroduce coverage despite the associated risk of these claims in the travel insurance market. This ... Read the full article
Lloyd’s Lab focus on COVID-19 solutions a positive for the industry: GlobalData
21st August 2020
Lloyd’s Lab, an incubator for startups in the re/insurance sector at Lloyd’s of London, will be continuing and actively focusing on pandemic solutions. Last month it announced the latest cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme. The new Lab teams will join Praedicat, Metabiota ... Read the full article
COVID-19 to contract Japan’s insurance industry in 2020: GlobalData
19th August 2020
Japan’s general insurance industry is expected to contract by 0.9% in 2020, compared to the 1.7% growth registered in 2019, according to data and analytics company GlobalData. GlobalData has revised Japan’s general insurance forecast in the aftermath of COVID-19 outbreak to grow at a compound annual growth rate (CAGR) of 0.5% ... Read the full article
Consider parametrics to manage COVID-19 insurance gap, says GlobalData
13th July 2020
In order to address the significant insurance protection gap that has been highlighted by the ongoing COVID-19 outbreak, parametric structures should be considered, according to GlobalData. As lockdown measures came into effect around the world, businesses of all shapes and sizes turned to their insurers for assistance through their business interruption ... Read the full article
Usage-based insurance gains funding amid pandemic: GlobalData
7th July 2020
Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, according to data and analytics company GlobalData. A recent survey by GlobalData found that 9.7% of drivers in the UK currently have a UBI policy, but analysts expect this figure to increase as a result ... Read the full article
UK personal lines insurance to decline in 2020 off COVID-19, says GlobalData
26th June 2020
The personal lines market in the UK will contract in 2020 as a result of COVID-19 impacting a range of different lines of business, says data and analytics company GlobalData. Travel insurance is expected to be the worst affected personal lines product in the UK. In a new report, GlobalData says gross written ... Read the full article
Reliance on investments leaves re/insurers vulnerable: GlobalData
19th June 2020
Strong reliance on investments throughout the insurance and reinsurance industry makes the sector particularly vulnerable to the COVID-19 pandemic and its accompanying economic turbulence, according to data and analytics company GlobalData. The firm noted that re/insurers’ balance sheets are increasingly under pressure due to the combination of volatility in financial markets, ... Read the full article
Remote working to limit demand for connected home insurance: Globaldata
19th June 2020
COVID-19 will limit the uptake of connected home insurance policies, despite the pandemic making consumers embrace technology, according to data and analytics company GlobalData. Analysts at the firm suggested that demand for connected home technology will become less necessary as people spend more significant amounts of time at home. “GlobalData’s 2019 UK ... Read the full article
Insurers’ BI decision a ‘significant turnaround’: GlobalData’s Carey-Evans
4th June 2020
Ben Carey-Evans, an insurance analyst at data and analytics firm GlobalData, says the recent Financial Conduct Authority announcement that multiple insurers are to back down on the coronavirus policy dispute and pay company owners with business interruption policies, represents a "significant turnaround for the industry." The UK regulator announced on May ... Read the full article
COVID-19 to worsen the impact of catastrophe claims: GlobalData
1st June 2020
Re/insurers facing high COVID-19 based payouts will be hit harder by catastrophe claims towards the end of the year, according to data and analytics specialist GlobalData. Analysts predict that companies with large pandemic losses will face a heavier financial burden from catastrophes as the COVID-19 crisis ramps up pressure. “With the hurricane ... Read the full article
Regulation, tech assisting the recovery of China’s insurance industry: GlobalData
29th May 2020
The Chinese insurance industry remains on track to record strong growth between 2019 and 2023 as the sector begins to recover from the losses driven by the COVID-19 outbreak, reports GlobalData. Analysis by GlobalData finds that regulatory changes and the use of technology are key to the ability of China's insurance ... Read the full article
COVID-19 to increase drone use within insurance: GlobalData
22nd May 2020
Data and analytics specialist GlobalData is expecting drones to play a bigger role within the insurance space as coronavirus continues to change the way people and businesses interact. While it was anticipated that drone technology would eventually take off in the inspection of large areas, GlobalData notes how coronavirus is highlighting ... Read the full article
Indian life insurance market set for 2020 decline off COVID-19: GlobalData
18th May 2020
Data and analytics company GlobalData expects the Indian life insurance industry to contract in 2020, declining by 0.9% compared to the 8.8% growth recorded in 2019. This revised forecast accounts for the aftermath of the global coronavirus pandemic. As per the latest data, the country's life insurance market is forecasted to grow ... Read the full article