Insurance

Struggling South African economy hit again and will cause disruption to insurers

South African insurance GWP is set to decline in 2020 as businesses shut up shop, and the country’s faltering economy will struggle to cope, according to GlobalData, a leading data and analytics company. GlobalData’s revised post-COVID-19 forecasts see the total value of GWP in the South African market declining by 3.1% in 2020 (from a […]

Insurance

COVID-19 will make consumers familiar with digitalization and data sharing

While COVID-19 will have a significant impact across the insurance value chain, many opportunities for digitalization will be created, says GlobalData, a leading data and analytics company. Daniel Pearce, Senior Insurance Analyst at GlobalData, comments: “Product development will be halted as liquidity concerns will limit the availability of funds required to develop new policies and […]

Insurance

Insurers reimbursing motor premiums is a positive step but risky customers may not be getting value

Following the news that AXA Ireland is to refund all motor customers a flat fee of EUR33 (£29), due to reduced usage during lockdown. Ben Carey-Evans, Insurance Analyst at GlobalData, comments: “AXA Ireland has followed Admiral in offering motor insurance customers money back on their premiums, in the form of a flat fee for all. […]

Insurance

British motor insurer Admiral’s plan to refund policyholders will set precedent, says GlobalData

UK’s motor insurance provider, Admiral’s plan to refund policyholders will set a precedent for other insurers in the UK that will help the company to hold back its customers, says GlobalData, a leading data and analytics company. GlobalData’s 2019 UK Insurance Consumer Survey indicates that Admiral is the leading provider of private motor insurance policies, […]

Insurance

Belgian insurers bank on consumer goodwill as they defer premium payments until September

The Belgian insurance industry is expected to decline in GWP in 2020, as insurers allow customers to defer payments until September 30th, says GlobalData, a leading data and analytics company. GlobalData revised its forecasts for the Belgian insurance market following the COVID-19 pandemic. The sector is now expected to see very slim growth of 0.7% […]

Insurance

Norway’s mandatory universal healthcare system to cover brunt of the COVID-19 costs

Norwegian private health insurers are not expected to be liable for COVID-19-related claims, with the tax-funded universal healthcare to cover people, says GlobalData, a leading data and analytics company. GlobalData forecasts Norway’s insurance industry GWP to grow at a compound annual growth rate (CAGR) of 2.1% between 2019 and 2023, which has been revised down from […]

Insurance

Austria insurance industry to see premiums fall in 2020 as service sector closes

The Austrian insurance industry is set to be hit by disruption to the service sector and financial markets as expected growth will be reduced, says GlobalData, a leading data and analytics company. The company has revised up its overall growth estimates for the sector to 2023 from a compound annual growth rate (CAGR) of 2.8% […]

Insurance

Danish insurers to see increased claims but public healthcare and government schemes offer support

Danish casualty and life and property insurers are set to see a large spike in claims as the death rate rises and construction stops, says GlobalData, a leading data and analytics company. The company has revised down its total market GWP forecasts post-COVID-19 down to a compound annual growth rate (CAGR) of 1.6% between 2019 […]

Insurance

US life and health carriers expected to see most severe COVID-19 impact, says GlobalData

The life and health insurance sectors are expected to be more strained than property and casualty carriers in the US due to the nature of the country’s healthcare system, according to GlobalData, a leading data and analytics company. The main reason for this is that life and health policies do not contain pandemic exclusions, while […]

Insurance

Business interruption insurers set for significant rise in claims due to COVID-19, says GlobalData

Following the news that the ABI has predicted that COVID-19 non-life related claims will exceed £1bn; Ben Carey-Evans, Insurance Analyst at GlobalData, comments on the news on the matter: “Data from GlobalData’s Solvency II Analytics Database shows that insurers’ total non-life claims are around the £30bn mark annually. The latest available figure shows that total […]

Insurance

Service sector collapse set to hit South Korea’s insurance sector, says GlobalData

South Korea has implemented one of the most effective responses to the coronavirus (Covid-19), but even it cannot avoid an economic downturn, which has seen GlobalData, a leading data and analytics company, to revise its forecast down. The total estimated size of South Korea’s insurance market in 2023 has been revised down by 4.3%. GlobalData […]

Insurance

Huge drops in vehicle registration and tourism to hit Spain’s insurance market

Leading data and analytics company GlobalData has revised its insurance market forecasts for Spain to reflect the tough economic conditions faced by the country. Spain’s essential tourism industry grinding to a halt amid the COVID-19 pandemic will spark cancellations, while there has been a 30% drop in car sales in 2020. GlobalData’s forecasts for the […]

Insurance

COVID-19 likely to replicate financial crash results for European travel insurers

The European travel market is facing considerable long-term challenges due to the vast number of COVID-19 cases spreading around the continent. Cancelation costs attributed solely to COVID-19 are expected to total £275m, which is 85% higher than the previous peak in 2010 during the Icelandic volcanic eruption, according to GlobalData, a leading data and analytics company. […]

Insurance

Hong Kong life insurance business to slowdown in 2020 due to Covid-19, says GlobalData

Hong Kong’s life insurance industry is expected to slow down, with an expected annual growth of 3.9% in 2020 as compared to the 6.6% in 2019, according to GlobalData, a leading data and analytics company. GlobalData has revised the country’s insurance data in the aftermath of the global Covid-19 outbreak. Hong Kong’s life insurance market […]

Insurance

UK Government trade credit package a boost for insurance industry

Following the news that the UK government is discussing a financial package to help bankroll existing trade credit insurance contracts; Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, comments: “The reinsurance scheme aims to prevent the widespread withdrawal of cover across sections such as manufacturing and retail. The bill is expected […]

Insurance

Australia’s insurance industry to decline in 2020 due to Covid-19, says GlobalData

Australia’s insurance industry is poised for a decelerated growth over the next five years due to the challenging business environment and coronavirus (Covid-19) outbreak. As a result, the country’s insurance industry is projected to decline by 1.3% from AUD115.7bn (US$80.5bn) in 2019 to AUD114.1bn (US$77.5bn) in 2020, according to GlobalData, a leading data and analytics […]

Insurance

Keeping SMEs updated on the status of their business interruption payouts is essential

Following the news that the Financial Conduct Authority (FCA) is applying pressure on insurers to settle business interruption (BI) claims to SMEs; Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, offers his view: “The FCA informing insurance leaders that BI claims for SMEs should be assessed and settled quickly will come […]

Insurance

Impact of COVID-19 to significantly slow growth in Canadian insurance market

Canada’s high-quality universal healthcare system is set to limit exposure of private insurers in COVID-19 treatment but the non-life sector will struggle. Private health insurers largely foot the bill for prescription drugs, ambulance services and other related costs not covered by the public system. Therefore, GlobalData, a leading data and analytics company, expects non-life insurers […]

Insurance

Disruption to financial markets hurting Dutch insurers

Economic uncertainty and declining financial markets are expected to impact a range of Dutch insurance products, says GlobalData, a leading data and analytics company. GlobalData insurance analyst, Deblina Mitra, commented: “A rise in economic uncertainty amid the countrywide lockdown is expected to impact surety insurance and trade credit. The slowdowns and trade restrictions will impact […]

Insurance

South Korea’s life insurance business to decline in 2020 due to Covid-19, says GlobalData

With South Korean life insurers coming under intense pressure due to stagnating sales amid challenging business environment and increasing claims due to coronavirus (Covid-19) outbreak, the country’s life insurance market is set to decline by 1.2% from KRW112.3 trillion (US$96.0 billion) in 2019 to KRW110.9 trillion (US$92.3 billion) in 2020, according to GlobalData, a leading […]

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Insurance

Struggling South African economy hit again and will cause disruption to insurers

COVID-19 will make consumers familiar with digitalization and data sharing

Insurers reimbursing motor premiums is a positive step but risky customers may not be getting value

British motor insurer Admiral’s plan to refund policyholders will set precedent, says GlobalData

Belgian insurers bank on consumer goodwill as they defer premium payments until September

Norway’s mandatory universal healthcare system to cover brunt of the COVID-19 costs

Austria insurance industry to see premiums fall in 2020 as service sector closes

Danish insurers to see increased claims but public healthcare and government schemes offer support

US life and health carriers expected to see most severe COVID-19 impact, says GlobalData

Business interruption insurers set for significant rise in claims due to COVID-19, says GlobalData

Service sector collapse set to hit South Korea’s insurance sector, says GlobalData

Huge drops in vehicle registration and tourism to hit Spain’s insurance market

COVID-19 likely to replicate financial crash results for European travel insurers

Hong Kong life insurance business to slowdown in 2020 due to Covid-19, says GlobalData

UK Government trade credit package a boost for insurance industry

Australia’s insurance industry to decline in 2020 due to Covid-19, says GlobalData

Keeping SMEs updated on the status of their business interruption payouts is essential

Impact of COVID-19 to significantly slow growth in Canadian insurance market

Disruption to financial markets hurting Dutch insurers

South Korea’s life insurance business to decline in 2020 due to Covid-19, says GlobalData

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