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GlobalData
GlobalData

Insurance

Progressive overtakes State Farm to become largest US motor insurer, says GlobalData

Progressive Corporation has overtaken State Farm to become the largest motor insurer in the US. The company’s growth was largely driven by its expanding for-hire transportation business, as well as higher advertising campaigns and its affiliation with a larger number of insurance agencies, says GlobalData, a leading data and analytics company. GlobalData’s Insurance Database reveals that Progressive’s […]
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Zurich-Mondelez dispute highlights need for insurers to be clear on ‘war’ cover with customers as SMEs take out more cyber insurance due to Russia-Ukraine conflict, according to GlobalData

Cyberattacks instigated by Russia could be set to cause more disputes between businesses and insurers following the Zurich-Mondelez case, found GlobalData. According to the leading data and analytics company, nearly one in 10 small and medium sized enterprises (SMEs) that bought cyber insurance in 2022 did so as a precaution against the Russia-Ukraine conflict, meaning […]
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Over half of UK consumers would consider paying higher premiums to insurers seen as leaders in sustainability, according to GlobalData

A recent survey by GlobalData* has highlighted the importance of sustainability to insurance customers. The leading data and analytics company found that 41.4% of consumers are willing to pay more for an insurance policy from a provider with a good record on sustainability, with a further 10.2% sitting on the fence. Ben Carey-Evans, Senior Insurance […]
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Roughly one in 10 travel and pet insurance customers canceled policy in 2022 due to UK cost-of-living crisis, finds GlobalData

More than 11% of the travel insurance customers canceled their policy over the past 12 months as a cost-saving measure amid the UK’s cost-of-living crisis. Meanwhile, a further 9.0% of the pet insurance customers and 4.8% of the home insurance customers took the same action, according to the GlobalData’s 2022 UK Insurance Consumer Survey*. Benjamin […]
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Insurers will struggle to retain customers as nearly 80% of UK SMEs are concerned about the cost-of-living crisis, finds GlobalData

Nearly 80% of small and medium sized enterprises (SME) in the UK are extremely concerned about the ongoing cost-of-living crisis, which is likely to heavily impact the commercial insurance sector making renewals and keeping penetration rates up a challenge, says GlobalData. The leading data and analytics company’s 2022 UK SME Insurance Survey* found that 78.3% […]
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The Netherlands’ general insurance industry to reach €77.6 billion in 2026, driven by increased demand for health insurance, says GlobalData

In terms of gross written premiums (GWP), the Netherlands’ general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 3.8%, from €64.4 billion ($76.2 billion) in 2021 to €77.6 billion ($94.1 billion) in 2026, according to GlobalData. The leading data and analytics company found that growth in the general insurance segment will be […]
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Amazon to offer real challenge to dominant ‘big four’ price comparison sites in the UK household insurance market, says GlobalData

Following the news that technology giant Amazon is entering the price comparison market within household insurance in the UK; Ben Carey-Evans, Senior Insurance Analyst at GlobalData, offers his view: “Amazon’s move into price comparison services for household insurance could significantly disrupt a model that has long been dominated by the ‘big four’: Compare the Market, […]
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Taiwan life insurance industry to reach $135 billion in 2026, supported by foreign currency-denominated insurance, forecasts GlobalData

The Taiwanese life insurance industry will grow at a compound annual growth rate (CAGR) of 3.3% from TWD2.9 trillion ($106 billion) in 2021 to TWD3.5 trillion ($135 billion) in 2026, in terms of direct written premiums (DWP), supported by foreign currency-denominated insurance, and the establishment of internet-only life insurers, predicts GlobalData, a leading data and […]
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Lemonade’s entry into UK insurance market reveals huge potential in untapped market, says GlobalData

Following the news that leading US insurtech, Lemonade, has entered the UK home insurance market; Benjamin Hatton, Associate Insurance Analyst at GlobalData, a leading data and analytics company, offers his view: “Lemonade’s renters insurance product has proved hugely popular in the US, as well as France, Germany, and the Netherlands. By offering cheap and tailored […]
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Hurricane Ian likely to bring incurred losses in US fire and natural hazards market to near record level, says GlobalData

Following the news that Hurricane Ian, a devastating category four storm, has swept through Florida overnight; Benjamin Hatton, Associate Insurance Analyst at GlobalData, a leading data and analytics company, offers his view: “Hurricane Ian comes after a series of adverse weather events in the US during 2022 and, as one of the strongest hurricanes the […]
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