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GlobalData
GlobalData

Insurance

General insurance industry in Australia to reach US$67bn in 2025, forecasts GlobalData

The general insurance industry in Australia is projected to grow from AUD76.3bn (US$51.8bn) in 2020 to AUD98.0bn (US$66.9bn) in 2025, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. GlobalData’s insight report, ‘Australia General Insurance: Key Trends and Opportunities to 2025’, reveals that the general insurance industry in […]
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Life and health insurance most likely products to see long-term benefits from COVID-19

The life and health insurance markets will see the most positive impact from the COVID-19 pandemic, according to a GlobalData poll. The pandemic has caused major disruption to a myriad of businesses, resulting in some insurance lines seeing huge declines in business, but some products may also benefit in the longer term. Respondents to GlobalData’s poll indicated that life and health products would see the most positive impact. Consumers and businesses are likely to feel more vulnerable to viruses and want more protection in the form of such policies. Ben Carey-Evans, Analyst at GlobalData, comments: “Business interruption insurance is […]
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Liability insurance industry in Asia-Pacific to reach US$33.4bn in 2023, says GlobalData

The liability insurance industry in the Asia-Pacific region is projected to grow from US$28.8bn in 2019 to US$33.4bn in 2023, in terms of written premiums, according to GlobalData, a leading data and analytics company. GlobalData’s insight report, ‘Global Liability Insurance Market to 2023 – Overview, Key Trends, Regulatory Developments and COVID-19 Impact Analysis’, reveals that […]
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COVID-19 causes commercial motor insurance cancellation but presents business opportunities for insurers, says GlobalData

Small and medium-sized enterprises (SMEs) in the UK have been cancelling insurance policies because of the COVID-19 pandemic, and the motor lines have been the worst affected, but this may provide opportunities in 2021, according to GlobalData, a leading data and analytics company. GlobalData’s 2020 UK SME Insurance Survey shows that out of the 20 products medium-sized businesses were asked about, the six most cancelled types of policy this […]
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Employers’ liability insurers losing customers due to COVID-19 should prepare for tough 2021, says GlobalData

The COVID-19 pandemic has caused a rise in cancellations and switching employers’ liability products and more disruption is set to occur in 2021 as economic impact hits, according to GlobalData, a leading data and analytics company. GlobalData’s 2020 UK SME Insurance Survey found that COVID-19 caused 14.8% of respondents to cancel their employers’ liability policies in 2020. Furthermore, 58.7% of those who switched employers’ liability provider in 2020 did so because of the pandemic; comprising 34.8% […]
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Personal accident and health insurance in Asia-Pacific to reach US$240.1bn in 2023, says GlobalData

Personal accident and health (PA&H) insurance written premium in the Asia-Pacific region is forecasted to grow from US$157.6bn in 2019 to US$240.1bn in 2023, according to GlobalData, a leading data and analytics company. GlobalData’s insight report, ‘Global Personal Accident and Health Insurance Market to 2023’, reveals that PA&H insurance in Asia-Pacific is projected to grow […]
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UK insurers must maintain strong communication throughout second COVID-19 lockdown

A rare positive for insurers from the COVID-19 pandemic is that small and medium-sized enterprises (SMEs) in the UK believe their communication with regards to COVID-19 has been strong, and this will remain essential throughout this second lockdown, according to GlobalData, a leading data and analytics company. According to GlobalData’s 2020 UK SME Insurance Survey, 63.6% of all SMEs in the UK are […]
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