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The property insurance industry in Asia-Pacific (APAC) is projected to grow from $85.8bn in 2020 to $137.5bn in 2025, in terms of written premiums, according to GlobalData, a leading data, and analytics company. GlobalData’s insight report, ‘2021 Global Property Insurance Market’, reveals that the property insurance industry in Asia-Pacific will grow at a compound annual […]
General insurance industry in Mexico to reach $20 billion by 2025, driven by increased auto sales and investment in new digital products forecasts GlobalData
Revival in automobile sales, favorable regulatory initiatives, and significant investment by insurers to develop new digital insurance products will support the growth of the general insurance industry in Mexico over the coming years, according to GlobalData. The leading data and analytics company forecasts that the general insurance industry, in terms of gross written premiums (GWP), […]
Insurance industry adoption of environmental, social and governance practices driven by long-term climate change, says GlobalData
Environmental, social and governance (ESG) practices have become more than a buzzword, with businesses across all market sectors including the insurance sector, making efforts to adopt and integrate ESG practices into their day to day operations, says GlobalData, a leading data and analytics company. A recent GlobalData insurance industry poll revealed that most respondents (21.6%) […]
Russia’s general insurance industry to reach $19.3 billion in 2025 supported by economic growth post-pandemic, forecasts GlobalData
Russia’s general insurance industry is expected to gain momentum over the coming years after seeing slow growth over the pandemic period, according to GlobalData. The leading data and analytics company forecasts growth in gross written premium (GWP) from $16.0 billion in 2020 to $19.3 billion in 2025 – representing a steady compound annual growth rate […]
Insurance sector sponsorship worth $895 million to sports industry rights holders in 2021, says GlobalData
424 insurers currently partnering with rights holders, with active contracts worth $5.17 billion over their duration. Majority of insurance firm spend targets the soccer market, with $333 million spent on soccer rights in 2021. Geographically, US-based rights holders carry greatest share of insurance sector sponsorship spend. This market is worth $357 million this year. Insurance […]
General insurance industry in Singapore to reach $4.2bn in 2025, forecasts GlobalData
The general insurance industry in Singapore is expected to grow at a compound annual growth rate (CAGR) of 5.0% from SGDb4.4bn ($3.2bn) in 2020 to SGD5.6bn ($4.2bn) in 2025, in terms of gross written premium (GWP), forecasts GlobalData, a leading data, and analytics company. According to GlobalData, resumption of economic activities, successful COVID-19 vaccination rollout […]
General insurance industry in China to reach US$313.0bn in 2025, forecasts GlobalData
The general insurance industry in China is projected to grow from CNY1.36 trillion (US$196.8bn) in 2020 to CNY2.13 trillion (US$313.0bn) in 2025, in terms of direct written premiums (DWP), forecasts GlobalData, a leading data and analytics company. As per the latest data from GlobalData, the general insurance industry in China is expected to grow at […]
Chile’s general insurance industry to reach CLP4.6 trillion in 2025, forecasts GlobalData
The Chilean general insurance industry is projected to grow from CLP3.2 trillion (US$4 billion) in 2020 to CLP4.6 trillion (US$5.8 billion) in 2025, in terms of gross written premiums, according to GlobalData. The leading data and analytics company notes that Chile’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) […]
Slowdown in motor insurance to drag down Malaysian general insurers growth in 2021, says GlobalData
Malaysian general insurers’ growth is expected to slow down in 2021 due to decline in vehicle sales accompanied by halt in production driven by global automobile chip shortage, says GlobalData, a leading data and analytics company. Motor insurance was the leading segment in the Malaysian general insurance industry, accounting for 48.7% share of the direct […]
Portugal’s general insurance industry to reach €6.7bn in 2025
Portugal’s general insurance industry is projected to grow from €5.28bn (US$6.03bn) in 2020 to €6.68bn (US$8.35bn) in 2025 in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. As per the latest data from GlobalData, the general insurance industry in Portugal is projected to grow at a compound annual […]
UK SMEs recognize an insurers sustainability credentials but value price and reputation more
An insurer’s record on sustainability is important to small and medium sized enterprises (SMEs), but it is the least important factor when it comes to choosing one, according to GlobalData. The leading data and analytics company’s 2021 UK SME Insurance Survey found that, while a high proportion of SMEs rank sustainability as being important to […]
24.9% of UK SMEs have purchased cyber insurance due to increased remote working, says GlobalData
Almost one quarter of small-to-medium enterprises (SMEs) in the UK have purchased cyber insurance due to increased remote working as a result of COVID-19, according to a survey* by GlobalData. The leading data and analytics company also notes that 21.6% of firms purchased cover based on media coverage of cyberattacks. Benjamin Hatton, Insurance Analyst at […]
M&A in Singapore life insurance industry to further consolidate position of top 10 insurers in 2021, says GlobalData
Singapore life insurance industry is highly concentrated with the top 10 insurers accounting for 95% market share in 2020. Boost in demand for life insurance products, and mergers and acquisitions (M&A) will further consolidate the country’s life insurance industry in 2021, finds GlobalData, a leading data and analytics company. Swarup Kumar Sahoo, Senior Insurance Analyst […]
UK SMEs value sustainability but not when it comes to choosing insurers, says GlobalData
An insurer’s record in sustainability is the least important factor to UK-based small-to-medium enterprises (SMEs) when it comes to choosing insurers, according to a recent survey by GloalData*. The leading data and analytics company asked UK SMEs to rank factors ranging from the cost of a policy to the speed at paying claims in terms […]
Digitalization to support online life bancassurance sales in Asia-Pacific, says GlobalData
An accelerated pace of digitalization in the financial sector across the Asia-Pacific (APAC) region due to the COVID-19 pandemic is expected to support the growth of online life bancassurance, according to GlobalData, a leading data and analytics company. GlobalData’s latest report, ‘Global Bancassurance Market to 2025 – Analysing Key Performance Indicators, Key Trends, Drivers and […]
Over 33% of UK SMEs have increased their support of mental and physical wellbeing compared to before the COVID-19 pandemic, says GlobalData
More than one third of UK small-to-medium enterprises (SMEs) have, to some extent, increased their support for mental and physical wellbeing since the start of the COVID-19 pandemic, according to a survey* by GlobalData. The leading data and analytics company notes that this comes as 67.8%** of people in the UK were found to be […]
China life insurance industry to reach US$665.7bn in 2025, forecasts GlobalData
The life insurance industry in China is projected to grow from CNY3.2 trillion (US$459 bn) in 2020 to CNY4.5 trillion (US$665.7bn) in 2025, in terms of direct written premium (DWP), according to GlobalData, a leading data and analytics company. As per the latest data from GlobalData, China’s life insurance industry is forecasted to grow at […]
Japan life insurance industry to reach US$323.6bn in 2025, forecasts GlobalData
The life insurance industry in Japan is projected to grow from JPY28.7 trillion (US$269.2bn) in 2020 to JPY30.7 trillion (US$323.6bn) in 2025, in terms of direct written premium (DWP), according to GlobalData, a leading data and analytics company. GlobalData has revised Japan’s life insurance forecast in the aftermath of the COVID-19 outbreak. As per the […]
Top four insurers dominate South Korean motor insurance industry in 2020, says GlobalData
Motor insurance was the largest segment in the South Korean general insurance industry, accounting for 35.5% share in terms of gross written premiums (GWP) in 2020. Top four motor insurers continue to dominate the market with 84.3% market share in 2020, which grew from 79.0% in 2016, finds GlobalData, a leading data and analytics company. […]
Vietnam life insurance industry to grow at over 23% CAGR through 2025, forecasts GlobalData
The life insurance industry in Vietnam is projected to grow at a compound annual growth rate (CAGR) of 23.7% over 2020-2025, according to GlobalData, a leading data and analytics company. According to GlobalData’s Global Insurance Database, the Vietnam life insurance industry is forecasted to grow from VND129.3 trillion (US$5.6bn) in 2020 to VND375.4 trillion (US$16.3bn) […]