Insurance

MAPFRE’s left exposed by strong reliance on regions hit hardest by COVID-19

MAPFRE is set to see a spike in claims, as its business is concentrated in South America and Europe, according to GlobalData, a leading data and analytics company. MAPFRE does have a diverse business portfolio, and importantly, it is not over-exposed in the life segment (26.74% premiums in 2019, according to GlobalData). However, it still […]

Insurance

COVID-19 will drive demand for bike insurance in cities and offer opportunity for insurers, says GlobalData

Bicycle insurance is not a popular product in the UK. Less than 1% of UK consumers have a bike insurance policy, according to GlobalData’s 2019 UK Insurance Consumer Survey. However, bicycle sales surged during the pandemic, which has now presented an opportunity for insurers who are yet to capitalize on this expanding market. GlobalData insurance […]

Insurance

Hong Kong insurance industry to stagnate in 2020 due to COVID-19, says GlobalData

Hong Kong’s HKD552bn (US$66bn) insurance industry is set to register a lower growth in 2020 due to the economic impact of COVID-19 outbreak. The total insurance premium, which grew by 6.3% in 2019, is expected to grow by 1.46% in 2020, says GlobalData, a leading data and analytics company. The Hong Kong insurance industry is […]

Insurance

Non-life insurance industry in Thailand to contract by 5.6% in 2020 due to COVID-19, says GlobalData

Due to the severe impact of COVID-19 on Thailand’s economy, the non-life insurance market is expected to contract by 5.6% in 2020, according to GlobalData, a leading data and analytics company. GlobalData has revised Thailand’s insurance forecast in the aftermath of the COVID-19 outbreak. As per the latest data, Thailand’s non-life insurance market is forecast […]

Insurance

India’s health insurance business to grow by 10% in 2020, says GlobalData

Despite the impact of Coronavirus (COVID-19), health insurance in India is projected to grow by 10% in 2020, according to GlobalData, a leading data and analytics company. Increase in consumer awareness due to the pandemic is expected to boost retail sales of health insurance products in India. The health insurance market growth contrasts the trend […]

Insurance

Range of German insurers will struggle under tougher lockdown measures for Europe’s largest economy, says GlobalData

Germany’s export dependent economy has been hit hard by lockdown, which will see insurance GWP growth diminish as claims are set to rise, according to GlobalData, a leading data and analytics company. GlobalData forecasts the overall German insurance industry GWP to increase in 2020, despite the disruption, but at a much lower rate than in […]

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

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

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

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 […]

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Insurance

MAPFRE’s left exposed by strong reliance on regions hit hardest by COVID-19

COVID-19 will drive demand for bike insurance in cities and offer opportunity for insurers, says GlobalData

Hong Kong insurance industry to stagnate in 2020 due to COVID-19, says GlobalData

Non-life insurance industry in Thailand to contract by 5.6% in 2020 due to COVID-19, says GlobalData

India’s health insurance business to grow by 10% in 2020, says GlobalData

Range of German insurers will struggle under tougher lockdown measures for Europe’s largest economy, says GlobalData

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

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

Belgian insurers have diverse premiums but COVID-19 threat remains

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

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