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Singapore general insurance industry to reach $5.1bn in 2026
17th November 2022
According to GlobalData, Singapore’s general insurance industry is set to grow at a compound annual growth rate (CAGR) of 7.2% from SGD4.7bn ($3.5bn) in 2021 to SGD6.6bn ($5.1bn) in 2026, in terms of gross written premium (GWP). Analysts noted that growth is expected to remain high over the next five years, ... Read the full article
Amazon a “serious threat” to UK price comparison sites
20th October 2022
With the recent launch of the Amazon Insurance Store, Amazon could become a “serious threat” to the ‘big four’ price comparison sites of household insurance - Compare the Market, Go Compare, MoneySuperMaket, and Confused.com - ruling the UK market, according to GlobalData. Amazon’s reputation for digital expertise and value in the ... Read the full article
Citizens CEO estimates Hurricane Ian losses to be ~$40bn
14th October 2022
The CEO of Citizens Property Insurance has said his best estimate for losses arising from Hurricane Ian to be around $40bn. Keefe, Bruyette, & Woods (KBW) says in a new note that it sat with Barry Gilway, CEO of Citizens Property Insurance, to discuss the impact of Hurricane Ian on the ... Read the full article
AM Best stable on Japan non-life insurance market, despite tough road ahead
10th October 2022
AM Best has maintained its stable market segment outlook on the Japan non-life insurance segment given recent profitable underwriting performance and the likelihood carriers will maintain positive results in the face of expected economic headwinds. In Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance,” the rating agency notes that Japan’s economic ... Read the full article
KatRisk estimates Hurricane Ian losses to fall between $29.9bn and $62.1bn
3rd October 2022
Risk-modelling firm KatRisk has estimated that the combined costs from Hurricane Ian, which has battered Florida in the last week, should fall between $29.9bn and $62.1bn. The firm said in a presentation that it estimates economic losses from storm surge to reach somewhere between $10.7bn and $24.9bn, with inland flood losses ... Read the full article
Munich Re promotes Yaoling Bai to new role in Beijing
28th September 2022
Munich Re in China has promoted Yaoling Bai to the role of senior property treaty underwriter and nat cat consultant. Bai has been with the firm since February 2019 when she joined as a property treaty underwriter. Prior to this, she worked for RMS for nearly two-and-a-half years as senior product ... Read the full article
Google and Travelers’ team up on ‘connected data ecosystem’
22nd September 2022
Google Cloud and Travelers' are to work together on a ‘connected data ecosystem’ that the two say will enhance the commercial insurance underwriting process. The partnership between the firms will, they said in a statement, will quickly synthesise vast amounts of information, helping Travelers' underwriters more efficiently evaluate risks for large-and-middle-market ... Read the full article
Rising inflation in Europe set to hurt profitability of insurers: GobalData
23rd August 2022
According to GlobalData, rising inflation in Europe, which jumped to 8.9% in July 2022, the highest in the last 25 years, will hurt the profitability of general insurers over the next two years. Premium growth is expected to be slower as rising inflation will impact the ability of policyholders to pay ... Read the full article
APAC insurers report aggregate premium of $908.6bn in 2021
18th August 2022
Growing awareness regarding the importance of insurance, alongside renewed economic growth post-pandemic have helped towards the growth of Asia-Pacific (APAC) public insurance companies, with the top 20 APAC insurers reporting an aggregate premium of $908.6 billion in 2021, according to GlobalData. Analysts at the data and analytics company revealed that the ... Read the full article
UK Insurers brace themselves for rise in claims amidst sizzling temperatures: Global Data
12th August 2022
Extremely high temperatures coupled with a lack of rain are set to create perfect conditions for wildfires across the UK. GlobalData has warned insurers to brace themselves for a rise in home insurance claims as flames spread to inhabited areas. The Met Office has issued another extreme heat warning for parts ... Read the full article
Climate change events increasing claims paid in Australia
2nd August 2022
Climate change-induced natural catastrophe events have resulted in an increase in claims paid by Australian property insurers and consequently pushed their loss ratio up from 66.1% in 2019 to 84.6% in 2021, according to a new report from GlobalData. The loss ratio is expected to remain above the 80% ... Read the full article
US personal accident insurance grew by 5.3% in 2021
15th July 2022
Written premium sales in personal accident and health (PA&H) in North America are projected to grow from $1.2 trillion in 2021 to $1.5 trillion in 2026, according to a new report from GlobalData. The report, ‘Personal Accident and Health Insurance Market to 2025’, finds that this is largely due to ... Read the full article
AM Best maintains negative outlook on Mexico’s insurance industry
12th July 2022
According to a recent AM Best report, the rating agency is maintaining its negative outlook on Mexico’s insurance market segment, owing to increased levels of inflation and slow GDP growth. Best’s new market segment report, titled - Market Segment Outlook: Mexico Insurance, states that premium growth in 2021 was pressured by ... Read the full article
Cowbell releases Q2 Cyber Round-Up
23rd June 2022
Cowbell Cyber has announced the results of its Q2 cyber insurance risk report, the Cowbell Cyber Round-Up. The report offers insight into and rationale behind cyber insurance for SMEs. A recent survey by GlobalData found that many SMEs will leave themselves exposed to cyber risk in 2022 due to ... Read the full article
Declining motor premiums puts Japanese focus on property and specialty
24th January 2022
A decline in motor premiums is pushing the Japanese general insurance market to focus on property and specialty lines. This trend has been pointed out by analyst firm GlobalData, who pointed to statistics from Japan that suggest a fall of 12.7% in the number of traffic accidents within the country between ... Read the full article