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

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

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, 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

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 […]

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

General insurance industry in Japan to contract in 2020 due to COVID-19, says GlobalData

Japan’s general insurance industry is expected to contract by 0.9% in 2020, compared to the 1.7% growth registered in 2019, according to GlobalData, a leading data and analytics company. GlobalData has revised Japan’s general insurance forecast in the aftermath of COVID-19 outbreak. As per the latest data, Japan’s general insurance business is forecasted to grow […]

Insurance

Lloyds cohort shows insurtechs still looking to innovate while start-ups and deals see 80% fall in 2020, says GlobalData

Lloyds’s Lab insurtech cohort both continuing and actively focusing on pandemic solutions is undoubtedly a positive for the insurance industry. Lloyds Lab is one of the most prestigious incubators for insurance start-ups in the insurance sector, and is essential in an environment where start-up and deals are significantly down so far in 2020 – with […]

Insurance

Sweden set to become world’s first cashless society as it country embraces contactless

Contactless payments and online spending will continue strong growth post-COVID-19, as Sweden leads the global race to become a cashless society. Cash accounted for just 1.1% of the country’s overall payment transaction value in 2019, according to GlobalData, a leading data and analytics company. The data analytics company forecasts the Swedish e-commerce market to grow […]

Insurance

Diverse leading Austrian insurers have premiums spread across multiple lines

Leading Austrian insurers are less solely reliant on the life segment than other European countries, which should benefit them in the short-term, with only two of the top ten Austrian insurers (Wiener Stadtische Verchereung with 52% and Ergo Versicherung Ag with 87%) having the majority of their business in life insurance. This compares to seven […]

Insurance

Crashing Spanish economy gives bleak outlook for insurers

GlobalData’s updated post-COVID-19 forecasts predict negative growth in total GWP for life insurance and general insurance in 2020. It forecasts a decline of 1.2% for life, compared to growth of 3% pre-COVID-19, and a decline of 2.2% in 2020 for general insurance, compared to 2.9% growth previously. COVID-19’s impact on life insurers is partly offset […]

Insurance

SME broker channel boosted by Aviva BI payouts, says GlobalData

Despite claiming it had policy wordings excluding pandemics in 95% of its policies, Aviva announced that it has had to pay out business interruption claims that came through brokers, which didn’t necessarily carry over the exclusion. This will be a relief to many businesses and potentially offer a boost to the broker channel in terms […]

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Insurance

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

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

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

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

Struggling Australian economy to hurt life insurance sector, says GlobalData

Wary UK insurers remove unemployment cover from income protection policies

General insurance industry in Japan to contract in 2020 due to COVID-19, says GlobalData

Lloyds cohort shows insurtechs still looking to innovate while start-ups and deals see 80% fall in 2020, says GlobalData

Sweden set to become world’s first cashless society as it country embraces contactless

Diverse leading Austrian insurers have premiums spread across multiple lines

Crashing Spanish economy gives bleak outlook for insurers

SME broker channel boosted by Aviva BI payouts, says GlobalData

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