MarketLine Blog

Posts about Insurance

The Digital Age: A Hackers delight

MarketLine

Online storage is a huge leap forward in technology, allowing files to be accessed from anywhere without the need to send them via email. Files can be shared in a much simpler fashion and can be locked to ensure that any changes made are present in a single file as opposed to numerous versions of the file. This online system serves as a backup for companies and customers. A network of banking telecommunications (SWIFT) has been the target of numerous hacking and data leaks over recent years, serving to reduce… Read more

Global non-life insurance market will surpass $2.7 trillion by 2020, says MarketLine

MarketLine

The global non-life insurance market has experienced strong growth in recent years, registering a compound annual growth rate (CAGR) of 5.4% between 2011 and 2015 to reach a value of $2.03 trillion, according to data from research company MarketLine. The company’s report shows that market values have increased in all regions. Global growth, however, is primarily driven by healthy revenue increases in the US and China, both ranking in the top three markets globally. As the single largest market globally accounting for almost 40% of all revenue, the performance of… Read more

UK motor insurance industry recognises dashboard cameras

MarketLine

UK Insurers are now accepting dashboard cameras as supporting evidence in cases where the parties involved do not agree on the cause of a road traffic incident and sales of the devices have increased almost tenfold in the last 12 months. Dashboard cameras are commonplace in countries where driving conditions can at times be particularly treacherous such as Russia and Taiwan. Dashboard cameras are forward-facing cameras mounted on a dashboard or windscreen. They are powered through a car’s cigarette lighter or in more modern cars, through a USB port. They… Read more

Non-life insurance market shows remarkable signs of life

MarketLine

Globally, non-life insurance has shown remarkable resilience, recording continual growth even during the height of the financial crisis which engulfed most of the globe. By 2012, worldwide gross written premiums had increased by around $270bn when compared with 2008, the year the financial difficulties started. The global non-life insurance market grew by 5% in 2012, to reach a value of $1,921.2bn, representing a compound annual growth rate of 3.8% for the period spanning 2008-2012. Growth was fuelled by the Asia-Pacific region as Western economies struggled as car and house sales… Read more

Barclays Announces 3,700 Job Cuts & a Plunge in Pre-Tax Profits

MarketLine

Barclays was today the first of the UK’s big four banking groups to announce its 2012 results and they did not make for pretty reading, at least at first glance. The headline grabbing figure was £246m ($394.5m) which represented the bank’s statutory profit before tax. This is a huge fall from the £5.9bn ($9.5bn) seen in 2011, due in the main to compensation for mis-sold products and a loss on the value of its own debt. There was also the not-so-insignificant matter of a £290m ($465.1m) for its role in… Read more

UK car insurance industry to face Competition Commission probe

  The Office of Fair Trading (OFT) announced on Friday (28th September) that it has referred the UK car insurance industry to the Competition Commission and recommended that a full investigation be undertaken. Following its own lengthy investigation into practices in the industry, the OFT concluded that insurers have inflated the cost of repairs and hire vehicles by £225m ($360.9m) and that this is negatively impacting the country’s motorists. The OFT’s Chief Executive succinctly summed up the issue: “Competition appears not to be working effectively in the private motor insurance… Read more

Protect Your Bubble selects CSA as travel insurance provider in US

MarketLine

Protect Your Bubble, a specialty insurance brand for gadgets, pets and travel, has selected CSA Travel Protection, a provider of travel insurance and emergency assistance services, as the exclusive travel insurance and services provider for its newly launched operations in the US. All travel insurance plans offered by Protect Your Bubble are administered by CSA and include a free, instant quote. “We couldn’t have asked for a better partner to help us deliver top-notch travel insurance plans to US consumers,” said Stephen Ebbett, president of Protect Your Bubble. “CSA took… Read more