(FS.4.00) Insurance

[New] Overall the number of finance and insurance sector employees in London is forecast to grow over the coming years.
Lloyd's of London, the world's biggest insurance market, expects to pay out between $3bn (£2.4bn) and $4.3bn (£3.5bn) to its customers due to the coronavirus pandemic, as it warned of a $203bn hit for the entire industry.
Lloyd's of London will launch a groundbreaking space insurance policy on Wednesday in the hope that the booming industry can send profits into orbit in the coming decades.
BOXX Insurance, a Canadian-based, global MGA, is making it easy for businesses and families to protect themselves from cyber threats by interlocking insurance, big data and technology.
This year, the insurance sector is likely to face a raft of issues that test the limits of coverage and existing legal constructs.
As India's insurance sector is expected to reach a market size of $280 billion by 2020, a tremendous InsurTech opportunity is waiting to be realized.
Analysts at Moody's Investors Service maintained the stable outlook for the health insurance industry, though it's unclear at present just how much the virus pandemic could impact health plans financially.
The demand for insurance against the risk of extreme weather events will become increasingly important as the global economic cost of weather damage could reach US$ 1 trillion in a single year by 2040.
Going forward, the Indian insurance industry is expected to continue growing at a strong clip, reaching a market size of Rs19, 56,920 crore ($280 billion) by FY2020.
S&P Global Ratings has maintained its stable outlook on the US health insurance sector for 2020, with limited rating movement expected over the coming year.
India's $9 billion diagnostic industry is witnessing a strong growth that is going to accelerate with the rise in awareness on preventive health, changing lifestyle and insurances fuelling the preventive healthcare segment.
Re/insurance broker Aon is expecting another strong year for the bulk annuity market in 2020 after business reached a record high of £42 billion last year.
Next year, the Indonesian people must take a bitter pill as healthcare will be more costly for the Indonesians when Presidential Regulation No. 75/2019 on health insurance to be enforced on January next year.
Health insurance premiums for millions of Americans could skyrocket by more than 40% in 2021 without significant federal intervention as the US health system surges with coronavirus patients.
The automotive usage-based insurance market and is poised to grow by USD 37.25 mn units during 2020-2024, progressing at a CAGR of 7% during the forecast period.
The COVID-19 outbreak could cause insurance premiums to increase by double digits next year for tens of millions Americans as hospitals struggle with an influx of severely ill patients.
The cost savings achieved through AI applications across financial services - including banking, investment management and insurance - are expected to reach $1 trillion by 2023; $447 billion of which would be realised in the banking sector alone.
Average annual spending growth in Medicare (7.4 percent) is expected to surpass Medicaid (5.5 percent) and private health insurance (4.8 percent) from 2018 to 2027.
US medicare enrollment is expected to grow by 2.5% over the next decade, compared with 1.1% growth in Medicaid and 0.4% in private insurance.
US medicare enrollment is forecast to expand 2.7% annually to 2023, outpacing gains in Medicaid and private healthcare insurance.
The insurance industry in Vietnam expects to see a growth rate of over 18% in the coming year, equivalent to the sum of $8.1 billion.
The cyber security insurance market was valued at USD 7.36 billion in 2019, and is expected to reach USD 27.83 billion by 2025, registering a CAGR of 24.30%, during the forecast period (2020-2025).

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Last updated: 26 May 2020