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Insurance

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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Chinese health insurance business set to exceed US$136bn in 2022, says GlobalData

The health insurance business in China is projected to grow from CNY437.4bn (US$64.7bn) in 2017 to CNY921.1bn (US$136.6bn) in 2022, according to GlobalData, a leading data and analytics company. GlobalData’s report, ‘China General Insurance: Key trends and Opportunities to 2022’, reveals that health insurance, which contributes about 30% of the total Chinese general insurance business, […]
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Employees should tailor benefits packages to maximize employee satisfaction, says GlobalData

A recent survey has found that there are differences in the priorities of different generations when it comes to employee benefits packages, and employers should maximize packages by giving employees what they value most, says GlobalData. GlobalData’s UK SME Adoption of Employee Benefits 2019 report found that older generations within the workforce (baby boomers and generation X) are […]
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Booming China’s life insurance market wakes up to foreign insurers, says GlobalData

Amid uncertainty over the US-China trade war, the long-awaited liberalization of the booming Chinese insurance industry will offer vast opportunities for foreign life insurance companies, says GlobalData, a leading data and analytics company. GlobalData forecasts the Chinese life insurance market to grow at a compound annual growth rate (CAGR) of 9.6% from CNY2.1 trillion (US$316.6bn) […]
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Thailand general insurance market to reach US$9.14bn by 2023, says GlobalData

The general insurance business in Thailand is projected to grow from THB247.6bn (US$7.7bn) in 2018 to THB285.5bn (US$9.1bn) in 2023, according to GlobalData, a leading data and analytics company. GlobalData’s report, ‘Thailand General Insurance: Key Trends and Opportunities to 2023’, reveals that gross written premium in Thailand’s general insurance market registered a compound annual growth […]
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Philippines general insurance market to reach US$2bn by 2022, says GlobalData

Susceptibility to natural calamities combined with the government’s push towards infrastructural investments and related insurance coverage is expected to drive the general insurance market in the Philippines from PHP76.6bn (US$1.5bn) in 2017 to PHP112.1bn (US$2.0bn) in 2022, according to GlobalData, a leading data and analytics company. GlobalData’s report, ‘Strategic Market Intelligence: General Insurance in the […]
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Direct sales channel set to diminish dominance of brokers and agents in Indian general insurance, says GlobalData

The rise of direct sales channel is set to diminish the traditional dominance of the brokers and agents in the Indian general insurance business over the next three years, according to GlobalData, a leading data and analytics company. GlobalData’s report, ‘Strategic Market Intelligence: General Insurance in India – Key Trends and Opportunities to 2022’, reveals […]
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India’s general insurance market to cross US$40bn by 2022, says GlobalData

Growing middle class, increasing awareness of the need for protection and favorable regulatory landscape are expected to drive the general insurance market in India from INR1.6 trillion in 2017 (US$24.1bn) to INR2.9 trillion (US$40.1bn) in 2022, according to GlobalData, a leading data and analytics company. GlobalData’s report, ‘Strategic Market Intelligence: General Insurance in India – […]
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