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Product Insights
United Kingdom (UK) Home Emergency Insurance and Home Services 2021
The UK home emergency market was valued at GBP1.15 billion in 2020. However, the market is projected to decline at a CAGR of more than 2% during the forecast period. This report provides an in-depth analysis of the UK home emergency insurance and home services markets. Topics discussed include both the current and forecasted market sizes, underlying market drivers including claims costs, COVID-19, and housing supply, and customer trends including policy types and demographic trends.
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Sector Analysis
Chile General Insurance – Key Trends and Opportunities to 2025
The gross written premium of Chile general insurance market was valued at CLP3,197.1 billion in 2020. The market is expected to grow at a CAGR of more than 7% during the forecast period. Motor insurance was the dominant retail line, which registered the highest review-period CAGR. Compulsory classes such as civil liability for environmental damage, professional liability for brokers and loss adjusters, oil pollution insurance for ships, and workers’ compensation supported the growth in liability insurance. The Chile general insurance...
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Product Insights
United Kingdom (UK) Private Motor Insurance – Distribution and Marketing 2021
The UK advertising spending on private motor insurance in 2020 was valued at GBP100.6 million which was an increase of more than 14% as compared to 2019. Amid the COVID-19 pandemic and lockdown measures, private motor insurance providers increased advertising in a bid to attract more customers. Among personal lines products such as home, motor, pet, and travel, advertising spending on private motor insurance was the highest during the first half of 2021. TV accounted for the largest share among...
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Product Insights
United Kingdom (UK) Professional Indemnity Insurance Market Analysis and Forecast, 2021-2025
The United Kingdom (UK) PII market size was valued at £2.9 billion in 2021 and is expected to achieve a CAGR of more than 3% during 2021-2025. After several years of significant premium rate rises in the UK PII market, increases appear to be stabilizing. The UK professional indemnity insurance (PII) market research report provides insights on the current and forecast size and growth of the UK PII market, along with sector-specific drivers. This report also offers insight into how the...
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Thematic Analysis
Personalization in Insurance – Thematic Research
Personalization has spread beyond personal lines to both life and commercial insurance. All personal lines - motor, household, travel, and pet - have products with some personalization angle. It has taken longer in commercial insurance, but the scale of savings possible through fleet telematics and more flexible working brought on by the gig economy has driven progress. Meanwhile, the COVID-19 pandemic has also accelerated this trend. Global investment into the analytics theme within insurance saw record years in 2018 and...
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Consumer Insights
United Kingdom (UK) Financial Advice in Pensions 2021
Pensions are one of the most complex financial products, yet most individuals do not access advice and may not be making the most of their investments. Only over 30% of individuals access financial advice on their pensions, highlighting the advice gap. The largest proportion of respondents relies most on guidance from individual financial advisors (IFAs), brokers, and other advisors. Additionally, a low percentage of customers are prepared to pay for financial advice more than once a year. Individuals financially impacted...
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Thematic Analysis
ESG (Environmental, Social, and Governance) in Insurance – Thematic Research
With significant evidence that sustainable companies are likely to be more profitable in the long run, the case for environmental, social, and governance (ESG) action is strong in every industry. As institutional investors and underwriters of risk, insurers should use their size and influence to encourage ESG progress in other sectors. For insurers specifically, several trends will shape ESG strategies. These include the rise in global warming-induced severe weather events and COVID-19, which has worsened existing social inequalities. Insurance companies...
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Thematic Analysis
Demographic Profiles in Insurance – Thematic Research
The insurance industry has long had to adapt to changing demographic environments; in many instances, these are longer term trends allowing the industry time to gradually adapt. However, the continued and rapid development of technology, both in insurance and wider society, has created new nuances specific to demographic factors that were previously undetected. Providers must respond in order to ensure they are meeting the demands of a rapidly evolving and subtly different client base. Changes in demographics will fundamentally shift...
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Thematic Analysis
Climate Change and its Impact on Insurance Market – Thematic Research
Climate change action is now an essential part of an insurer’s overall strategy. Total catastrophe losses around the world were estimated at $83 billion in 2020 according to Swiss Re, while total economic losses from these disasters were estimated at $210 billion as per Munich Re. The insurance industry covered 45% of global economic losses from natural catastrophes in 2020 - higher than the average level of 37% according to Swiss Re (via Insurance Times). The loss figures for 2020...
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Thematic Analysis
Connected Cars in Insurance – Thematic Research
The global connected cars market size was $27.3 billion in 2020 and the market is expected to grow at a CAGR of more than 7% between 2020 and 2030. A great proportion of the connected car market’s growth will not only be due to the year-on-year expansion of connected vehicles on roads but also due to the utilization of telematics technology. The expansion of the connected car market flags the potential for insurers to integrate personalized aspects of how motor...
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Sector Analysis
Czech Republic General Insurance – Key Trends and Opportunities to 2025
GlobalData’s ' Czech Republic General Insurance - Key Trends and Opportunities to 2025’ report provides in-depth market analysis, information and insights into Czech general insurance segment. This report provides a detailed outlook by product category for the Czech general insurance segment. It provides values for key performance indicators such as gross written premium, retail and commercial split and market share by line of business, during the review period (2016-2020) and forecast period (2020-2025). The report also analyzes distribution channels operating...
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Thematic Analysis
Artificial Intelligence (AI) in Insurance – Thematic Research
Incumbent insurers are increasingly under threat from disruptive insurtech startups. These companies are drawing on technologies such as artificial intelligence (AI), cloud computing, and the internet of things (IoT) to offer a more personalized insurance experience. Additionally, technologies such as machine learning (ML), computer vision (CV), and conversational platforms can enhance customer service, claims processing, and underwriting. The emergence of several specialist tech vendors has meant these tools are now more accessible to the ordinary insurer. The AI in insurance...
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Sector Analysis
United States of Amercia (USA) General Insurance – Key Trends and Opportunities to 2024
GlobalData’s ‘United States of Amercia (USA) General Insurance - Key Trends and Opportunities to 2024’ report provides a detailed outlook by product category for the US's general insurance segment. This report provides in-depth market analysis, information and insights into the US's general insurance segment. It provides values for key performance indicators such as gross written premium, loss ratio, retail and commercial split, premium by line of business, and premium ceded and cession rates, during the review period (2015-2019) and forecast...
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Thematic Analysis
Computer Vision in Insurance – Thematic Research
This report provides an in-depth analysis of the computer vision industry and the different ways computer vision technology is impacting the insurance value chain. It examines the technology’s impact across different lines of business and highlights the key players in the space utilizing computer vision within their operations.
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Sector Analysis
United Kingdom (UK) Home Emergency and Services 2020
The Home Emergency market is expected to have contracted by 6.4% in 2020, largely due to the economic fallout from COVID-19 and constrained households budgets. The market is expected to see a further contraction through to 2024 due to lingering financial hardship from COVID-19, the economic impacts of Brexit, and insurers’ success at reducing the cost of claims. This report provides an in-depth analysis of the UK home emergency insurance and home services market. Topics discussed include the size of...
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Sector Analysis
Russia General Insurance – Key Trends and Opportunities to 2024
GlobalData’s ' Russia General Insurance - Key Trends and Opportunities to 2024’ report provides in-depth market analysis, information and insights into Russian general insurance segment. This report provides a detailed outlook by product category for the Russian general insurance segment. It provides values for key performance indicators such as gross written premium, loss ratio and general insurance penetration during the review period (2015-2019) and forecast period (2019-2024). The report gives a comprehensive overview of the Russian economy and demographics, and...
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Sector Analysis
United Kingdom (UK) Commercial Motor Insurance – Market Dynamics and Opportunities 2020
Growth in gross written premiums (GWP) for 2019 was driven by an increase in commercial vehicles on the roads in the UK. The number of reported claims remained unchanged compared to 2018, yet the average payout for claims reached its highest historical rate. This drift in the market signals that despite vehicle technology making road traffic safer, vehicles are increasingly becoming more expensive to repair. In the long term, rising repair costs will lead to an increase in premiums. COVID-19...
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Sector Analysis
United Kingdom (UK) Private Motor Insurance – Market Dynamics and Opportunities 2020
Gross written premiums (GWP) contracted in 2019. This was driven by decreases in both the number of policies sold and the average cost of premiums. The implications of COVID-19 have changed the way that consumers use their vehicles, creating a greater demand for usage-based insurance (UBI) products. COVID-19 has also postponed the highly anticipated Civil Liability Act until 2021. The outcome of Brexit also remains unclear, with an expectation that basic coverage will no longer be available for UK drivers...
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Sector Analysis
Finland General Insurance – Key Trends and Opportunities to 2024
GlobalData’s 'Finland General Insurance - Key Trends and Opportunities to 2024’ report provides in-depth market analysis, information and insights into the Finnish general insurance segment. This report provides a detailed outlook by product category for the Finnish general insurance segment. It provides values for key performance indicators such as direct written premium, loss ratio and general insurance penetration during the review period (2015-2019) and forecast period (2019-2024). The report gives a comprehensive overview of the the Finnish economy and demographics,...
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Thematic Analysis
Impact of China in Insurance – Thematic Research
This report provides an in-depth analysis of the current state of the Chinese insurance market, how it has influenced key trends across the industry, and how it will progress over the next few years.
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