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GlobalData

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 […]
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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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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 […]
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Insurance news sentiment recovers slightly in Q3 2020

Insurance has fared particularly poorly in terms of news sentiment since the start of the COVID-19 pandemic. While leading data and analytics company GlobalData has found that the industry has seen more positive stories since May, the prior three months of extremely negative coverage will be damaging to the industry despite the recent recovery. GlobalData’s […]
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China’s economic recovery makes it attractive but presents challenges to foreign insurers, says GlobalData

China has emerged as the first country globally to post positive economic growth during the COVID-19 pandemic. The country is also expected to witness continued expansion of life and non-life insurance making it an attractive market for foreign insurers. However, it presents significant challenges to them, says GlobalData, a leading data and analytics company. GlobalData’s […]
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Fidelis Underwriting may have advantage over other insurers in UK sector, which risks drop in profitability due to huge reliance on life products, says GlobalData

The leading UK insurers are heavily reliant on the life sector, even compared to other European countries that have strong life leanings. Of the top ten companies, only Fidelis Underwriting was non-life, which could put it at a strong position, according to GlobalData, a leading data and analytics company.  Nine of the leading ten insurers […]
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Post-COVID-19 demand for cyber expertise an opportunity for brokers

COVID-19 has presented brokers with challenges and opportunities, as they look to capitalize on increasing demand for cyber insurance while struggling with their own digital capabilities. GlobalData’s 2019 UK SME Insurance Survey found that 46.2% of cyber insurance policies for SMEs were distributed by brokers in 2019, highlighting how this is a big opportunity for […]
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Alternate travel insurers emerge due to importance of tourism, says GlobalData

Following the news that the Canary Islands announced it will offer tourists free insurance covering coronavirus-related incidents; Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, comments: “New temporary travel insurers are emerging as countries and airlines desperately attempt to bring tourism back, despite COVID-19 and travel insurers shying away. The Canary […]
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Nascent pandemic insurance receiving significant interest in Germany

German insurers have been somewhat protected by the set-up of a government business interruption fund and are offering pandemic cover to businesses, which will boost premiums, according to GlobalData, a leading data and analytics company. The fund was launched in June 2020, which alongside policy wording often excluding pandemics means the countries’ insurers are well […]
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India’s affordable COVID-19 health insurance to close healthcare provisions’ gap, says GlobalData

Short-term health insurance plans have been specifically designed in India to cover the costs of COVID-19 treatments and are set to encourage more citizens to access this healthcare provision, says GlobalData, a leading data and analytics company. According to GlobalData’s 2019 Global Banking and Payments Survey in January 2020, private health insurance uptake in India […]
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