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Insurance

COVID-19 disruption to drive usage-based, on-demand insurance policies

Insurers will be hit amid the COVID-19 epidemic as customers look to reduce outgoings, but savvy players can retain or gain customers by embracing usage-based, on-demand insurance, says GlobalData, a leading data and analytics company. Yasha Kuruvilla, Insurance Analyst at GlobalData, comments: “Young adults are one of the most vulnerable groups as they typically have low levels of job security, lower salaries and fewer […]
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UK insurers must engage with investment clients about full impact of COVID-19

The COVID-19 pandemic has shocked financial markets around the world and survey data from GlobalData, a leading data and analytics company, reveals that personal pension holders may be unaware of the scale of the damage already caused. GlobalData’s 2019 UK Life & Pensions Survey indicates that a staggering 30% of UK respondents with a SIPP (self-investment personal pension) do not know what investments are included within their portfolio. Findings from GlobalData’s […]
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Life insurance claims set to spike amid coronavirus pandemic

Life insurance is a sector where insurers are set to struggle against the vast number of claims, with France set to be hit the hardest, says GlobalData, a leading data and analytics company. Out of the five* countries to have had the most confirmed cases of COVID-19, France has the highest life insurance penetration rate, […]
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US consumers losing jobs and health insurance due to COVID-19

Workers in the US are facing the daunting process of losing both their jobs and consequently health insurance as the two are often tied together, says GlobalData, a leading data and analytics company. The country has become the new epicenter of the coronavirus pandemic, having recorded more cases than any other country. Citizens do not […]
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Wimbledon learns from SARS outbreak to be one of the few events prepared for COVID-19, as it is set for a huge insurance payout

Following the recent news that Wimbledon, a prestige UK tennis tournament, is set to receive over £100m from its pandemic insurance; Ben Carey-Evans, Insurance Analyst at GlobalData, shares his insights on the events preparations for pandemics such as the coronavirus (COVID-19) outbreak: “Wimbledon has shown it is one step ahead of most businesses by having insurance in place for current events. It has been paying around £1.5m per year in pandemic insurance since it took notice of the SARS outbreak in 2003. It has paid out roughly £25.5m over the 17-year period, and it is set to recover around £114m, making it a very sensible investment. “Reputable sporting events, such as the Premier League and The Open (golf), have been cancelled or postponed, causing the organisers to lose a lot of their investment. This unprecedented disruption to events caused […]
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Insurers must support landlord customers through rent guarantee add-on or risk losing them, says GlobalData

It is incredibly tough for insurers to keep customers satisfied at present and landlord insurance, where customers are caught between not receiving rent and being unable to claim for rent guaranteed is one example, says GlobalData, a leading data and analytics company. According to GlobalData’s 2019 UK Insurance Consumer Survey, 13.4% of respondents rented their […]
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Private medical insurance policies to suffer declines in the UK following COVID-19

Private medical insurance (PMI) in the UK is set to suffer declines as private hospitals reached a deal with the NHS to provide beds, ventilators, staff and space amid the coronavirus (COVID-19) pandemic, according to GlobalData, a leading data and analytics company. GlobalData’s UK Insurance Consumer Survey reveals that in 2019, 28.8% of respondents were concerned about the service provided by the NHS or waiting times for procedures. These were the main reasons why consumers were driven to purchase PMI, and this is a substantial increase on the 13.8% of respondents in 2018. Yasha Kuruvilla, Insurance Analyst at GlobalData, comments: “PMI […]
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Insurance providers decision to withdraw cover creates another barrier for future travel, says GlobalData

Following the news that more insurance companies are withdrawing travel cover related to the outbreak of the coronavirus (COVID-19); Johanna Bonhill-Smith, Travel & Tourism Analyst at GlobalData, a leading data and analytics company, offers her view on the situation: “Travel insurance providers are under colossal pressure, as are all travel related industries, yet the decision […]
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Japan’s motor insurance business to face stagnation over next four years due to Covid-19 outbreak, says GlobalData

Motor insurance, which is a dominant business line in the Japanese general insurance market, is set to witness stagnation over the next four years due to the coronavirus (Covid-19) outbreak, says GlobalData, a leading data and analytics company GlobalData’s report, ‘Japan General Insurance: Key Trends and Opportunities to 2023’, reveals that the motor insurance gross […]
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UK household insurance gross written premiums fall by 4.9% in 2018 to £6.2bn

Generation rent is an impeding factor on the household insurance market, with start-ups and some incumbents now offering flexible renters’ cover. Under the backdrop of a decline in UK household insurance gross written premiums (GWP), which fell by 4.9% to £6.2bn in 2018, this transition within the market creates a harder environment for insurers, who will likely see combined policies decline and a rise in cheaper landlords’ and renters’ policies, says GlobalData, a leading data and […]
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Indonesia’s life insurance business seeks foreign investment to bridge capital requirements, says GlobalData

The recent move by Indonesia to relax foreign investment cap will help infuse capital and address the ongoing challenges the domestic life insurance companies are facing, says GlobalData, a leading data and analytics company. According to GlobalData, the Indonesian life insurance industry, in terms of gross written premiums (GWP), grew from IDR101.5 trillion (US$8.6bn) in […]
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Telematics providers must eliminate errors to prevent consumers sticking with trusted brands, says GlobalData

Following the news that a start-up insurtech telematics provider has been recording faulty driving data, which has led to young people being threatened with having their policies cancelled; Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, offers his view: “The biggest challenge for insurtechs is making consumers trust them. While they […]
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Regulatory initiatives to help Malaysian life insurance business surpass US$13bn in 2023, says GlobalData

The Malaysian life insurance market, in terms of gross written premiums, is projected to grow at a compound annual growth rate (CAGR) of 4.4% from MYR46.7bn (US$11.6bn) in 2019 to MYR55.4bn (US$13.7bn) in 2023, says GlobalData, a leading data and analytics company. GlobalData’s report, ‘Malaysia Life Insurance: Key Trends and Opportunities to 2023’, reveals that […]
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South Korean life insurance business faces saturation, says GlobalData

A combination of factors including the country’s demographic crisis, a low-interest rate regime and slow economic growth are stifling the growth of South Korea’s life insurance industry, which registered a compound annual growth rate of just 0.5% during 2014-2019, says GlobalData, a leading data and analytics company. South Korea’s life insurance business was worth KRW114,709bn […]
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