Insurance

UK motor insurers set to benefit from higher premiums and increased interest despite decline in claims, says GlobalData

Motor insurance customers in the UK are not expected to see a drop in premiums, even as claims have fallen, according to GlobalData, a leading data and analytics company. It appears to be one area of insurance that could even benefit from the COVID-19 pandemic, as more consumers look to drive to work to avoid the […]

Insurance

Chubb’s diverse portfolio to help it suppress COVID-19 losses

Chubb’s outlook remains susceptible to COVID-19 due to business concentration in the US non-life insurance segment, the potential economic downturn in the region and a rise in claims in certain products, according to GlobalData, a leading data and analytics company. However, its relatively small reliance on the life segment should help to reduce losses. Chubb […]

Insurance

Aviva relies on diversified products and digital reach as COVID-19 severely impacts its key countries

Aviva’s business concentration in Europe, and the expected rises in business interruption claims, is expected to affect the insurers’ profits in 2020. However, the spread of COVID-19 prompted the insurer to invest in the diversification of its product portfolio and digital services to improve its market outreach. Combined with Aviva’s strong online channels and good […]

Insurance

Travel insurers start to incorporate COVID-19 cover but there is still a way to go, says GlobalData

Findings from GlobalData’s 2019 UK Insurance Consumer Survey indicate that the most common reason for claiming on travel insurance was for costs related to medical expenses, with 30% of individuals who made a claim stating this reason. Given that some providers have started to offer policies to new customers again, and in some cases providing […]

Insurance

Belgian insurers have diverse premiums but COVID-19 threat remains

The top ten Belgian insurers are slightly more dependent on the life segment in terms of gross written premiums (GWPs), in comparison with Europe – but the Belgium market has more balance than most European countries, according to GlobalData, a leading data and analytics company. The country’s top ten players have 59% of their GWPs in the life segment and all ten players have premiums in both life and non-life insurance, while […]

Insurance

Australia’s top insurance players should be shielded from risky life insurance segment, says GlobalData

The non-life-dominated Australian insurance sector’s top 10 players should be less exposed to the soaring COVID-19 claims, compared to other countries that are more dependent on the life segment, according to GlobalData, a leading data and analytics company. Five of the top 10 Australian insurers are exclusively life and the remaining five are 100% non-life, […]

Insurance

Leading Dutch insurers dependency on health segment leaves them vulnerable to COVID-19, says GlobalData

Leading Dutch insurers are vulnerable to COVID-19 claims, as they are very dependent on the health segment. The Dutch life insurance market is extremely concentrated, with the top 10 players making up 94% of its GWP (Gross Written Premium). This means they are vulnerable to the challenge of maintaining investment returns in stagnant or recessional […]

Insurance

South African insurers biggest concern is the faltering economy as lockdown eases, says GlobalData

GlobalData’s revised post-COVID-19 forecasts for South Africa’s insurance industry sees a significant shift towards negative growth in both the life and non-life segments. GlobalData now expects the South African life insurance market to see premiums decline by 3.1% in 2020, compared to 3.4% growth previously. Similarly, the company expects to see a 6.5% decline in […]

Insurance

COVID-19 complications cause delays in life insurance sales, says GlobalData

Life insurance sales are slowing as COVID-19 has led to disruption in the processes and fewer house purchases, a key trigger for life insurance purchases, says GlobalData, a leading data and analytics company. In many instances, the purchase of a life policy is triggered by a key life event. By far, the most common type […]

Insurance

COVID-19 mini budget gives UK life insurance market glimmer of hope, says GlobalData

An increase in threshold on which stamp duty is paid to £500,000 from £125,000 in the UK Government’s ‘mini budget’ has the potential to stimulate demand in the life insurance market, according to GlobalData, a leading data and analytics company. Findings from GlobalData’s 2019 UK Insurance Consumer Survey indicate that buying a new home ranks […]

Insurance

COVID-19 insurance gap creates opportunity for parametric model, says GlobalData

COVID-19 has highlighted that the majority of businesses had no insurance protection against pandemics, even if they held a business interruption policy, which has created an opportunity in the market, according to GlobalData, a leading data and analytics company. One startup, Machine Cover, is looking to capitalize by offering parametric insurance to provide protection to […]

Insurance

Life dominated South Africa’s insurance market to be put under immense strain by COVID-19, says GlobalData

South Africa’s top 10 insurers overwhelmingly depend on the life insurance sector for their premiums, which leaves them exposed to high claims as a result of the COVID-19 pandemic, according to GlobalData, a leading data and analytics company. Nine of the top 10 insurers have at least 90% of their premiums just in life insurance […]

Insurance

Employee benefit market set for a new focus following COVID-19, says GlobalData

COVID-19 has seen remote working become the new normal for many employees and data from a poll by GlobalData shows that 46% would look for a mix of remote and office-based working once lockdown measures are eased, while 27% would prefer to work remotely full-time if they are given the choice. There is clearly considerable […]

Insurance

COVID-19 increases cyber risks but creates grounds for growth, says GlobalData

COVID-19 has highlighted the challenges faced by those in the cyber insurance market, but there is still a considerable opportunity to grow the market despite the changing risk landscape, according to GlobalData, a leading data and analytics company. GlobalData’s 2019 UK SME Insurance Survey indicates that only 18.8% of SMEs held a standalone cyber insurance […]

Insurance

Leading French insurers reliant on life insurance premiums, says GlobalData

France’s top ten insurers overwhelmingly depend on the life insurance sector for their premiums, generating 84% of their business from this area. This leaves them exposed to high claims as a result of the COVID-19 pandemic, according to GlobalData, a leading data and analytics company. GlobalData analyst, Ben Carey-Evans, commented: “Of the top ten insurers […]

Insurance

Danish insurers protected by low infection rate, but recession remains a threat, says GlobalData

Denmark’s top ten insurers overwhelmingly depend on the life insurance sector for their premiums, which could lead to increased claims and reduce their ability to invest premiums, according to GlobalData, a leading data and analytics company. Eight of the leading insurers in the country have in excess of 90% of their premiums in the life […]

Insurance

New opportunity for insurers as COVID-19 leads to e-scooter trials in the UK, says GlobalData

That rental e-scooters are now classed as motor vehicles in the UK represents a significant opportunity for insurers. Commuters are likely to avoid wanting to take public transport while the COVID-19 pandemic is still around, so this should be a key growth area in the immediate future. Findings from GlobalData’s report, Thematic Research: Sharing Economy […]

Insurance

Pandemic forces Canadian insurers to digitalize to keep losses down, says GlobalData

COVID-19 pandemic has entailed a greater degree of adoption of digitalization by brokers, agents and insurers in the Canadian insurance industry to ensure remote connectivity with customers, says GlobalData, a leading data and analytics company. GlobalData’s report, ‘GlobalData’s report Covid-19 Impact on the Payments Industry: Canada Forecast Snapshot’, reveals that the Canadian insurance industry is […]

Insurance

Travel insurance set for slow recovery as ‘new normal’ means fewer business trips

Grounded flights around the world has brought the travel insurance market to a standstill with the sector set for a slow recovery as business travel will be slow to return, according to GlobalData a leading data and analytics company. Whilst business travel accounts for a small proportion of total travel insurance policies held by consumers, it […]

Insurance

Lloyds refocusing on insurance could start re-emergence of bancassurance, says GlobalData

Lloyds Banking Group is set to refocus its attention on insurance due to declining banking profits, according to recent news. The group has reported profit losses due to low interest rates caused by COVID-19 and is looking to increase its emphasis on insurance and wealth management. If Lloyds is seen to be successful, this could […]

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Insurance

UK motor insurers set to benefit from higher premiums and increased interest despite decline in claims, says GlobalData

Chubb’s diverse portfolio to help it suppress COVID-19 losses

Aviva relies on diversified products and digital reach as COVID-19 severely impacts its key countries

Travel insurers start to incorporate COVID-19 cover but there is still a way to go, says GlobalData

Belgian insurers have diverse premiums but COVID-19 threat remains

Australia’s top insurance players should be shielded from risky life insurance segment, says GlobalData

Leading Dutch insurers dependency on health segment leaves them vulnerable to COVID-19, says GlobalData

South African insurers biggest concern is the faltering economy as lockdown eases, says GlobalData

COVID-19 complications cause delays in life insurance sales, says GlobalData

COVID-19 mini budget gives UK life insurance market glimmer of hope, says GlobalData

COVID-19 insurance gap creates opportunity for parametric model, says GlobalData

Life dominated South Africa’s insurance market to be put under immense strain by COVID-19, says GlobalData

Employee benefit market set for a new focus following COVID-19, says GlobalData

COVID-19 increases cyber risks but creates grounds for growth, says GlobalData

Leading French insurers reliant on life insurance premiums, says GlobalData

Danish insurers protected by low infection rate, but recession remains a threat, says GlobalData

New opportunity for insurers as COVID-19 leads to e-scooter trials in the UK, says GlobalData

Pandemic forces Canadian insurers to digitalize to keep losses down, says GlobalData

Travel insurance set for slow recovery as ‘new normal’ means fewer business trips

Lloyds refocusing on insurance could start re-emergence of bancassurance, says GlobalData

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