All articles by GlobalData Financial
GlobalData Financial
Climate change and natural catastrophes pose significant threats to the insurance industry
A GlobalData poll conducted in Q2 2024 showed that 25.2% of industry insiders consider severe weather and natural catastrophes one of the biggest threats to the insurance industry.
Consumers would generally be happy for an AI solution to decide the outcome of their insurance claim
Insurers must ensure the seamless integration of AI in claims management from the outset, or risk discouraging consumers from embracing automated tools.
Over half of global consumers believe insurers should engage in the fight against climate change
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that 77% of consumers around the world are either concerned or very concerned about global warming.
Younger consumers are more likely to pay their motor insurance in monthly payments
Younger consumers are more likely to opt for monthly payments for their motor insurance for various reasons.
Global consumers want to see action from insurers in the fight against climate change
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that a total of 77% of respondents were either very or somewhat concerned about global warming and climate change.
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Star Health’s data breach highlights growing cyber risks in insurance industry
In August 2024, the company experienced a major breach in which hackers exploited Telegram chatbots to leak sensitive information from over 31 million customers.
Most global consumers prefer to pay insurance in instalments as cost-of-living crisis bites
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that 65.4% of global consumers prefer paying for their insurance in instalments because of the cost-of-living crisis
Insurance customers around the world are ready to interact with AI tools
A GlobalData survey found that 39% of all respondents would be quite or very comfortable having an AI tool decide the outcome of an insurance claim.
Insurance insiders are divided on whether home or motor insurance premiums will rise the most
While the cost-of-living crisis has pushed prices up, rising costs linked to home and motor insurance lines have split opinions on which premiums will fare worst.
Insurance insiders say AI has not met expectations yet but still holds future potential
The optimism held by the majority of insurance insiders reflects the belief that AI’s development is still in the early stages.