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GlobalData
GlobalData

Insurance

Cyber insurance prices still too high as almost 30% of small-medium UK businesses cancelled policies in 2021 to cut costs, says GlobalData

While interest in cyber insurance is certainly increasing—especially amid heightened risk due to the Russia-Ukraine conflict and working from home—the price is likely to still be too high for UK small-to-medium enterprises (SMEs), according to GlobalData. A survey by the leading data and analytics company notes that 38%* of these businesses think it is unlikely […]
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Google poses the greatest threat to traditional home insurers as over 25% of UK consumers would purchase home insurance from the tech giant, says GlobalData

The accelerated rise of digitalization since the pandemic and increased use of smart home devices means that technology companies and outside players pose a threat to insurers in the UK by utilizing their skills in digitalization and strong brand recognition to attract customers. Research conducted by GlobalData, a leading data and analytics company, suggests that […]
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German general insurance industry to reach $229.6 billion in 2026 supported by strong fiscal measures, forecasts GlobalData

Germany’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.8%, from $165.4 billion in 2021 to $229.6 billion in 2026 in terms of direct written premium (DWP), according to GlobalData, a leading data and analytics company. Ashish Raj, Insurance Analyst at GlobalData, comments: “After contracting by 2.1% in […]
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Economic sanctions on Russia expected to significantly derail general insurance industry’s growth, says GlobalData

Russia’s general insurance industry is expected to decline by 14% in 2022 due to the Russia-Ukraine crisis, according to GlobalData’s Global Insurance Database, a leading data, and analytics company. Economic sanctions imposed by the US government, which will impact around 80% of banking assets, will also have direct ramifications for the insurance industry as many […]
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Russia’s Ingosstrakh facing significant headwinds with the loss of Generali, and a devastated MAT market due to Western sanctions, says 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 been severely affected by the ongoing conflict, according to GlobalData, a […]
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27% of UK home insurance claims in 2021 related to weather events but recent storms could increase these claims, says GlobalData

Insurers must brace for rising claims as storms Eunice and Franklin battered the UK in February, serving as a reminder of the consequences of climate change says GlobalData. According to the leading data and analytics company, the severity and frequency of weather events are increasing, posing challenges to insurers. GlobalData’s 2021 UK Insurance Consumer Survey […]
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