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Insurance

Investors turn to usage-based insurance amid pandemic, says GlobalData

Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, says GlobalData, a leading data and analytics company. According to GlobalData’s 2019 UK Insurance Consumer Survey, 9.7% of drivers currently have a UBI policy. However, the company expects this figure to increase as a result of COVID-19. UBI operates […]
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General insurance business in Taiwan expected to contract in 2020 due to COVID-19, says GlobalData

Taiwan’s general insurance industry is expected to contract by 1.7% in 2020 for the first time since the global financial crisis of 2008-2009, according to GlobalData, a leading data and analytics company. GlobalData has revised Taiwan’s insurance forecast in the aftermath of coronavirus (COVID-19) outbreak. As per the latest data, Taiwan’s general insurance market is […]
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Turkish insurance industry to see short-term rise in GWP following COVID-19, says GlobalData

The Turkish insurance market is expected be larger than previously anticipated in 2020 due to product diversification and digitalization following COVID-19, according to GlobalData, a leading data and analytics company. The company’s revised forecasts estimate total gross written premium (GWP) will be ₺68.96bn in 2020, compared to ₺66.07bn previously. However, the revised forecasts see slower […]
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Insurers need to be flexible with customers following unemployment spikes, says GlobalData

High unemployment levels from the COVID-19 pandemic will mean Insurance providers will struggle to convince policyholders to keep policies, according to GlobalData, a leading data and analytics company. Yasha Kuruvilla, Insurance Analyst at GlobalData, comments: “While some economies will begin to open up again, high unemployment levels and reductions in disposable income will be a […]
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Zurich faces increased claims as premiums concentrated in impacted areas and products, says GlobalData

With the COVID-19 cases rising and Zurich Insurance Group (Zurich) high exposure to Europe, the numbers of COVID-19-related insurance claims have spiked. However, its digital capability has kept it still very effective as per the business plan, says GlobalData, a leading data and analytics company. GlobalData’s Covid-19 Company Impact: Zurich Insurance Groupreport suggests that COVID-19 […]
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Insurers’ reliance on investments make them vulnerable due to COVID-19, says GlobalData

Investments made by insurers are vulnerable to the economic impacts caused by COVID-19. With a combination of volatility in financial markets, the increasing cost of claims and a looming economic recession increasing the pressure on insurers’ balance sheets, says GlobalData, a leading data and analytics company. GlobalData’s senior insurance analyst, Daniel Pearce, commented: “The pressure […]
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Babylon Health needs to restore consumer trust to benefit from expected rise in popularity of virtual appointments, says GlobalData

Following the news that virtual health insurer, Babylon Health, has suffered a data breach; Ben Carey-Evans, Insurance Analyst at GlobalData, offers his view: “Babylon Health will need to reassure potential customers that their data is safe in order to capitalize on what is looking to be a promising time for virtual appointments. GlobalData’s 2019 UK […]
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Italian insurers look towards digitalization as lockdown continues

GlobalData’s revised post-COVID-19 forecasts show that the COVID-19 pandemic has caused significant damage to insurers in Italy. The total value of general insurance premiums in Italy is now expected to decline by 4.4% in 2020, from growth of 2.2% previously. Similarly, the compound annual growth rate (CAGR) up to 2023 is now forecasted to be […]
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