Insurance

Struggling insurers face another threat as Amazon gears up to enter motor insurance market, says GlobalData

Insurers around the world have endured an extremely tough 2020 due to the significant fallout from COVID-19, and they appear to face another unwelcome threat in the form of Amazon selling car and motorcycle insurance, says GlobalData, a leading data and analytics company. Ben Carey-Evans, Insurance Analyst at GlobalData, comments: “The tech giant is launching […]

Insurance

General insurance business in India to contract by 9% in 2020 due to COVID-19, says GlobalData

General insurance business in India is expected to contract by 9% in 2020 due to COVID-19, a sharp decline from the 10% growth witnessed in 2019, according to GlobalData, a leading data and analytics company. GlobalData has revised India’s insurance forecast in the aftermath of COVID-19 outbreak. As per the latest data, India’s general insurance […]

Insurance

Heavy reliance on life to slow growth prospects of leading insurers in Japan, says GlobalData

The top 10 Japanese insurers have a strong dependence on the individual life insurance business, which will make them vulnerable to the rising claims and declining investments. This over-reliance on one product will definitely slow down the growth of the insurance industry, says GlobalData, a leading data and analytics company. The leading five players (Nippon […]

Insurance

Travel insurance policy changes promising COVID-19 cover will help the sector to recover, says GlobalData

The spread of COVID-19 forced many providers in the travel insurance market to pause the sale of new policies and adapt their wording in order to minimize losses. This is a significant move that will give consumers more confidence in traveling and allow the travel insurance market to recover from the effects of the pandemic, […]

Insurance

Italy’s leading insurers vulnerable due to high exposure to life insurance claims, says GlobalData

Among Italy’s’ top ten insurers, eight are heavily reliant on the life insurance domain and could witness a spike in the claims segment. Due to the over-exposure to the claims, Italy’s prominent insurers are therefore likely to witness losses. So, the few players with more diverse segments may consolidate their positions in the coming future, […]

Insurance

Payouts for medical claims and cancellations in travel insurance to reach record-breaking levels as more insurers offer COVID-19 cover

An increasing number of insurers, including big names such as Blue Insurance, Allianz, Caster, and Staysure, are reincorporating COVID-19-related repatriation and medical expenses as well as cancellation coverage, despite the associated risk of these claims in the travel insurance market. However, this could be a good move in the long term, says GlobalData, a leading […]

Insurance

Bupa’s growth likely to suffer in short-term due to high exposure to Europe and health insurance market, says GlobalData

Bupa’s high business concentration in Europe and the health insurance market makes it vulnerable to a spike in its claims business, says GlobalData, a leading data and analytics company. According to GlobalData’s report ‘Coronavirus (COVID-19) Company Impact: Bupa’, 56.2% of its premiums in 2018 were in Europe. The UK and Spain are two key markets […]

Insurance

COVID-19 will accelerate already rapid global e-commerce market growth

The global e-commerce market is expected to exceed US$7 trillion in 2024 from under US$1 trillion in 2010. This sharp growth is due to consumers shifting to online channels amid the COVID-19 pandemic; however, this may cause an increase of fraud, according to GlobalData, a leading data and analytics company. Sam Murrant, Lead Payments Analyst […]

Insurance

Saudi insurers struggling with solvency and decline in policy sales due to COVID-19, says GlobalData

The ongoing consolidation in the insurance industry is likely to accelerate due to COVID-19 as the insurers continue to struggle. With lower profit margins and heavy losses, the pandemic is expected to add to the woes in the solvency position of the Saudi insurers, says GlobalData, a leading data and analytics company. GlobalData expects the […]

Insurance

Insurers must do more to support COVID-19-related mental health issues, says GlobalData

Prolonged working from home can have an increasing strain on an employee’s mental health, as the loneliness of working remotely can lead to depression. Insurers need to do more to provide greater assistance to an ongoing issue that was already prevalent in the UK before the COVID-19 outbreak, says GlobalData, a leading data and analytics […]

Insurance, Travel & Tourism

Spanish travel insurer offers COVID-19 PCR tests as providers look to reinvent products, says GlobalData

A handful of travel insurers have started to offer COVID-19 PCR tests as an add-on to their policies as consumers begin to travel again. This enables them to issue Fit to Fly certificates if tests are negative, while also providing peace of mind to customers who are unknowingly infected with the virus and need to […]

Foodservice, Insurance

Just Eat moving staff full-time a blow to nascent gig economy sector, says GlobalData

Just Eat’s decision to classify staff as full-time employees will see a reduction in the gig economy space in the UK. While insurtechs that have typically capitalized on this sector may be provided with a rare opportunity to follow employees over, and offer benefits packages to what are now full-time staff, this once-growing insurance sub-market […]

Insurance

Australia’s motor insurance market to contract in 2020 due to COVID-19, says GlobalData

The Australian motor insurance market is forecast to contract by 4.4% in 2020 due to COVID-19, a sharp decline from 3.6% growth in 2019, according to GlobalData, a leading data and analytics company. GlobalData has revised its forecast for Australia motor insurance market in the aftermath of the COVID-19 outbreak. As per the latest data, […]

Insurance

UK insurers need to be transparent with income protection policies as key cover is withdrawn

Insurers in the UK have temporarily withdrawn unemployment cover despite COVID-19 sparking high demand for income protection products as fears of job losses have mounted. This will lead to a sharp fall in premiums. The recent spike in the non-advisor columns means there is a risk of consumers not knowing exactly what they are covered […]

Insurance

Insurers will seek to benefit from open banking through partnerships post-COVID-19

Open banking has been transforming the financial sector, allowing for platforms to deliver customized digital products and the COVID-19 pandemic is set to accelerate this. It can ultimately help consumers better manage their finances and reduce person-to-person interaction, something that insurers are also increasingly seeking to benefit from, as well as gaining access to customer […]

Insurance

COVID-19 will see insurers adapt polices as risks change

COVID-19 has forced many people to work from home. In many ways, this has reduced some risks – for example fewer people will be a victim of theft or burglary, and household damage such as burst pipes and leaking appliances will be reduced, which can hold the highest cost to home insurers. However, the transition […]

Insurance

Allianz’s exposure to business interruption and event cancelation lines could be costly

Allianz’s dependency on Europe and risky products, as well as life insurance, impacts the company’s short-term growth prospects. Europe accounted for 75% of Allianz’s total business in 2018. It is skewed towards Germany and Italy, which accounted for over half of its total insurance business that year, according to GlobalData, a leading data and analytics […]

Insurance

Wary UK insurers remove unemployment cover from income protection policies

Many insurers in the UK have temporarily withdrawn income protection products providing unemployment cover. Leading data and analytics company GlobalData expects gross written premium (GWP) in the market to decline by 26.5% in 2020, following a period of consistently strong growth. However, the company expects the market to bounce back in 2021, with predicted growth […]

Insurance

AIG’s high concentration in life and the US market makes it vulnerable

The US accounted for over three quarters of American International Group’s (AIG) business in 2018. This exposes it to increased claims due to the high COVID-19 death toll in the country, according to GlobalData, a leading data and analytics company. AIG is more concentrated in one particular area than most global insurers of similar size, […]

Insurance

Struggling Australian economy to hurt life insurance sector, says GlobalData

Australia’s GDP is expected to fall by 3.75% in 2020 and consumer spending has been hit by rising unemployment. As a result, the life insurance segment in the country is projected to be adversely impacted by the negative outlook of the country’s economy, according to GlobalData, a leading data and analytics company. GlobalData forecasts the […]

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Insurance

Struggling insurers face another threat as Amazon gears up to enter motor insurance market, says GlobalData

General insurance business in India to contract by 9% in 2020 due to COVID-19, says GlobalData

Heavy reliance on life to slow growth prospects of leading insurers in Japan, says GlobalData

Travel insurance policy changes promising COVID-19 cover will help the sector to recover, says GlobalData

Italy’s leading insurers vulnerable due to high exposure to life insurance claims, says GlobalData

Payouts for medical claims and cancellations in travel insurance to reach record-breaking levels as more insurers offer COVID-19 cover

Bupa’s growth likely to suffer in short-term due to high exposure to Europe and health insurance market, says GlobalData

COVID-19 will accelerate already rapid global e-commerce market growth

Saudi insurers struggling with solvency and decline in policy sales due to COVID-19, says GlobalData

Insurers must do more to support COVID-19-related mental health issues, says GlobalData

Spanish travel insurer offers COVID-19 PCR tests as providers look to reinvent products, says GlobalData

Just Eat moving staff full-time a blow to nascent gig economy sector, says GlobalData

Australia’s motor insurance market to contract in 2020 due to COVID-19, says GlobalData

UK insurers need to be transparent with income protection policies as key cover is withdrawn

Insurers will seek to benefit from open banking through partnerships post-COVID-19

COVID-19 will see insurers adapt polices as risks change

Allianz’s exposure to business interruption and event cancelation lines could be costly

Wary UK insurers remove unemployment cover from income protection policies

AIG’s high concentration in life and the US market makes it vulnerable

Struggling Australian economy to hurt life insurance sector, says GlobalData

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