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GlobalData
GlobalData

Insurance

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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Hungary’s insurance industry to reach $5.67 billion in 2025, driven by economic recovery, says GlobalData

Hungary’s insurance industry is projected to grow at a compound annual growth rate (CAGR) of 6.3% from HUF1,204.86 billion ($3.91 billion) in 2020 to HUF1,635.5 billion ($5.67 billion) in 2025, in terms of gross written premiums (GWP), according to GlobalData, a leading data, and analytics company. According to GlobalData, Hungary’s insurance industry is poised for […]
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Insurers need to adapt policies as majority of UK consumers intend to continue working from home post-pandemic, says GlobalData

The vast majority of UK consumers believe they will continue to work from home for at least two days a week post-COVID-19, which will have long-term effects on a range of insurance lines, according to GlobalData, a leading data and analytics company. GlobalData’s 2021 UK Insurance Consumer Survey found that only 19.1% of respondents believed […]
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Driven by insurance awareness and economic recovery, life insurance industry of Indonesia to witness 8.9% CAGR in 2025, forecasts GlobalData

The life insurance industry in Indonesia is projected to grow at a compound annual growth rate (CAGR) of 8.9% from IDR173.0 trillion ($11.8bn) in 2020 to IDR265.3 trillion ($17.4bn) in 2025, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. According to GlobalData, the Indonesian life insurance industry […]
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UK Law Commissions’ final report on autonomous vehicles will help eliminate grey areas for insurers, says GlobalData

Following the news that the UK Law Commissions has released its final report on the regulatory framework for autonomous vehicles; Benjamin Hatton, Insurance analyst at GlobalData, a leading data and analytics company, offers his view: “The regulatory framework suggested by the UK Law Commissions will be a key trigger for the progression of autonomous vehicles. […]
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Switching for cheaper motor insurance becomes harder for 77.8% of UK motorists as providers increase premiums, says GlobalData survey

The vast majority of UK consumers who switch motor insurance policies do so for a cheaper price, with 77.8% of motor insurance customers switching at renewal because a different insurer offered a lower premium according to a GlobalData survey. However, that is now being restricted following the Financial Conduct Authority’s (FCA) regulatory reforms. The leading […]
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General insurers in Japan shift focus from motor to property and specialty lines, finds GlobalData

In a highly concentrated Japanese general insurance market, insurers are changing their focus towards property and specialty lines due to decline in motor insurance premiums, finds GlobalData, a leading data and analytics company. Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: “The Japanese general insurance market has been dominated by four leading insurers, which […]
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Turkey’s general insurance industry to reach $11.25 billion in 2025, driven by credit expansion and government stimulus programmes says GlobalData

Turkey’s economy is expected to grow by 8.5% in 2021, as compared to 1.8% growth in 2020 driven by substantial credit expansion and a surge in demand backed by governments stimulus programmes. An economic recovery after a slowdown due to COVID-19 is expected to support Turkey’s general insurance industry growth, according to GlobalData, a leading data, […]
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52% of UK consumers who buy income protection insurance do so because of COVID-19, says GlobalData

According to findings from GlobalData’s 2020–21 UK Insurance Consumer Surveys, 52% of UK consumers in 2021, compared to 37.4% in 2020, stated that their decision to buy income protection insurance was influenced by the COVID-19 pandemic. Beatriz Benito, Senior Insurance Analyst at GlobalData, says: “Individuals have become increasingly wary about the unprecedented events of the last […]
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The Netherlands’ general insurance industry to reach $98.38 billion in 2025 as private health insurance and pandemic recovery drive market, forecasts GlobalData

The Dutch economy saw 4% growth in 2021 as the country began to recover from COVID-19. Hot on its heels is the country’s general insurance industry, which is set for growth of 3.7% by the end of 2021, according to GlobalData. Looking ahead, the leading data and analytics company forecasts the sector to grow at […]
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