Insurance

UK motor insurance customers must switch more to combat sharp premium hikes, says GlobalData

The UK motor insurance market has witnessed a significant rise in premiums, with a 20% increase year on year till April 2023, according to a poll by One Poll for Confused.com, causing considerable concern among consumers. Low switching rates among customers is one of the contributing factors to the sharp premium hikes. Against this backdrop, […]

Insurance

Peru general insurance market to reach $3.3 billion by 2027, forecasts GlobalData

Peru’s general insurance industry is set to grow at a compound annual growth rate (CAGR) of 7.4% from PEN9.1 billion ($2.3 billion) in 2022 to PEN13.1 billion ($3.3 billion) in 2027, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company. According to GlobalData’s Insurance Database, the general insurance industry […]

Insurance

Sky’s smart home insurance product will modernize UK market, says GlobalData

Following the news that Sky has launched a home insurance product that uses smart home devices into the UK market; Benjamin Hatton, Insurance Analyst at GlobalData, a leading data and analytics company, offers his view: “Sky’s smart home insurance policy could change the UK home insurance market with its high level of smart technology integration. […]

Insurance

Favorable regulatory measures to drive growth in Indian general insurance industry in 2023, says GlobalData

The general insurance industry in India is forecast to grow by 11.4% in 2023 in terms of gross written premiums (GWP), supported by strong economic growth, favorable regulatory developments, and rapid digitalization in the industry, according to GlobalData, a leading data, and analytics company. According to GlobalData, India’s general insurance industry will grow at a […]

Insurance

Malaysia general insurance industry to reach $6.6 billion by 2027, forecasts GlobalData

Malaysia’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 8.3%, from MYR19.4 billion ($4.4 billion) in 2022 to MYR28.9 billion ($6.6 billion) in 2027 in terms of direct written premiums (DWP), driven by growth in automobile sales and infrastructure development that will support motor and property insurance growth, […]

Insurance

Property insurers in France will see continued losses over next five years, forecasts GlobalData

The property insurance business is expected to remain a loss-making line for French insurers over the next five years, with a loss ratio (ratio of incurred losses to earned premiums) exceeding 85% during 2023-2027, forecasts GlobalData, a leading data and analytics company. According to GlobalData, property insurance in France suffered losses during 2018-22, with loss […]

Insurance

India life insurance industry to reach $170 billion in 2027, says GlobalData

India’s life insurance industry is set to grow at a compound annual growth rate (CAGR) of 12.5% from INR9.0 trillion ($128.0 billion) in 2023 to INR14.5 trillion ($170.6 billion) in 2027, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company. According to GlobalData’s Insurance database, the Indian life insurance […]

Insurance

Singapore life insurance industry to reach $77 billion by 2027, forecasts GlobalData

Singapore’s life insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.8% from SGD62.9 billion ($47.2 billion) in 2022 to SGD100.4 billion ($77.0 billion) in 2027 in terms of gross written premium (GWP), forecasts GlobalData, a leading data and analytics company. According to GlobalData’s Insurance database, the Singapore life insurance […]

Insurance

Brokers in UK do not consider ESG essential in partnerships with insurers, says GlobalData

Brokers in the UK cannot name insurance leaders within the highly topical environmental, social, and governance (ESG) theme, which suggests that it is not yet an important factor in their relationships with insurers. ESG is a leading theme within the industry for which brokers and insurers will need to have clear strategies to continue to […]

Insurance

Indonesia general insurance industry to surpass $7 billion by 2027, forecasts GlobalData

The Indonesian general insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 9.0% from IDR77.2 trillion ($5.3 billion) in 2023 to IDR108.8 trillion ($7.1 billion) in 2027, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. According to GlobalData’s Insurance Database, Indonesia’s general […]

Insurance

Spain insurance industry direct written premiums to surpass $100 billion in 2027, forecasts GlobalData

The Spanish insurance industry is expected to grow at a compound annual growth rate (CAGR) of 5.3% from EUR64.1 billion ($76.6 billion) in 2022 to EUR82.9 billion ($101.1 billion) in 2027, in terms of direct written premiums (DWP), driven by the demand for life and health insurance, forecasts GlobalData, a leading data and analytics company. […]

Insurance

Deregulating digital innovations will boost growth in South Korean insurance industry, says GlobalData

The South Korean insurance industry is set to witness digital disruption as the implementation of the regulatory authority’s proposal to deregulate digital innovations will increase competition between neo-insurers and incumbents resulting in the rollout of innovative products, says GlobalData, a leading data and analytics company. According to GlobalData, the South Korean insurance industry is expected […]

Insurance

Consumer interest in alternative insurers declines in UK but threat level remains strong, says GlobalData

Consumer interest in moving towards alternative providers in home insurance has declined in the UK in 2022, which is likely a result of trust eroding in large tech and energy companies. Large tech, energy, or communications companies entering the home insurance market has always been a considerable threat, due to their digital expertise and large […]

Insurance

State-owned general insurers in India continue to lose market share to private insurers, says GlobalData

The combined market share of state-owned general insurers in India continues to witness a declining trend, falling from 51.3% in 2017 to 40.8% in 2021* as the insurers see significant losses in the motor and personal accident and health (PA&H) insurance lines, says GlobalData, a leading data, and analytics company. GlobalData’s Insurance Database reveals that […]

Insurance

Insurers facing business interruption claim lawsuits could lose business due to hampered reputations, says GlobalData

Following the news that insurers including Aviva and Liberty Mutual are all being pursued over failing to settle COVID-19-related business interruption (BI) claims; Benjamin Hatton, Associate Insurance Analyst at GlobalData, offers his view: “Business interruption cover is a complex policy, with a crisis such as a coronavirus pandemic highlighting the ambiguity in policy wording that […]

Insurance

Cyclone Gabrielle and Auckland floods to erode profitability of property insurers in New Zealand, says GlobalData

Cyclone Gabrielle, which caused extensive damage to property, businesses, and infrastructure, is the most significant weather event to hit New Zealand in this century so far. It prompted the government to declare a national state of emergency for the third time in history on 14 February 2023. The country also faced devastating floods in Auckland […]

Insurance

Seasonal products will help Japanese PA&H insurers boost growth, says GlobalData

Japanese personal accident and health (PA&H) insurers have started offering insurance policies covering seasonal illnesses. Given a persistent decline in premiums due to challenging economic conditions, the move is expected to help the country’s PA&H insurance industry to boost revenue growth, says GlobalData, a leading data and analytics company. As per GlobalData’s insurance database, Japan’s […]

Insurance

Türkiye earthquake losses will impact profitability of insurers and reinsurers, says GlobalData

Following the news that the series of earthquakes which struck Türkiye on 6 February was among the strongest in the last 100 years and have caused a massive death toll, and damaged nearly 8,000 buildings; Md. Shabbir Ansari, Senior Insurance Analyst at GlobalData, offers his view: “The preliminary estimate of economic loss due to the […]

Insurance

Cost-of-living crisis will increase potential market size of gig economy insurance in UK, says GlobalData

Following the record-high inflation rates that were witnessed in the UK in recent months; Ben Carey-Evans, Senior Insurance Analyst at GlobalData, offers his view: “Record-high inflation in the UK will result in more people taking up second jobs to afford spiraling monthly bills, which will see an increase in demand for individual commercial insurance. The […]

Insurance

Asia-Pacific reinsurance growth to be hindered by natural hazard losses and inflation in 2023, says GlobalData

With the Asia-Pacific (APAC) region’s exposure to extreme weather events leading to unsustainable natural hazard losses and high inflation worsening them, reinsurers in the region will face challenges in their growth in 2023, says GlobalData, a leading data, and analytics company. GlobalData’s insight report, ‘Reinsurance Market Size and Trends Analysis by Region, Business Lines, Top […]

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Insurance

UK motor insurance customers must switch more to combat sharp premium hikes, says GlobalData

Peru general insurance market to reach $3.3 billion by 2027, forecasts GlobalData

Sky’s smart home insurance product will modernize UK market, says GlobalData

Favorable regulatory measures to drive growth in Indian general insurance industry in 2023, says GlobalData

Malaysia general insurance industry to reach $6.6 billion by 2027, forecasts GlobalData

Property insurers in France will see continued losses over next five years, forecasts GlobalData

India life insurance industry to reach $170 billion in 2027, says GlobalData

Singapore life insurance industry to reach $77 billion by 2027, forecasts GlobalData

Brokers in UK do not consider ESG essential in partnerships with insurers, says GlobalData

Indonesia general insurance industry to surpass $7 billion by 2027, forecasts GlobalData

Spain insurance industry direct written premiums to surpass $100 billion in 2027, forecasts GlobalData

Deregulating digital innovations will boost growth in South Korean insurance industry, says GlobalData

Consumer interest in alternative insurers declines in UK but threat level remains strong, says GlobalData

State-owned general insurers in India continue to lose market share to private insurers, says GlobalData

Insurers facing business interruption claim lawsuits could lose business due to hampered reputations, says GlobalData

Cyclone Gabrielle and Auckland floods to erode profitability of property insurers in New Zealand, says GlobalData

Seasonal products will help Japanese PA&H insurers boost growth, says GlobalData

Türkiye earthquake losses will impact profitability of insurers and reinsurers, says GlobalData

Cost-of-living crisis will increase potential market size of gig economy insurance in UK, says GlobalData

Asia-Pacific reinsurance growth to be hindered by natural hazard losses and inflation in 2023, says GlobalData

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