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(MoneyNewsWire.Net, March 08, 2018 ) UK SME Insurance: Market Dynamics and Opportunities 2017
This SME Insurance market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this report analysis.
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Companies mentioned in this report: AXA, Aviva, NFU Mutual, Allianz, Direct Line, Hiscox, Zurich, AA
After recording a growth every year since 2012, the United Kingdom SME insurance market suffered a sharp decline in 2016. The market was worth £6.4bn in GWP in 2016, down 9.0% year-on-year. This was caused by tough economic conditions and an uncertainty surrounding the Brexit, which led to increased liquidations, reduced growth in the number of businesses open, and SMEs spending less on insurance.
Declines in the number of businesses and insurance spend for companies with between five and nine employees has been particularly damaging. The number of companies in this size category fell by 4.1%, which is considerable as there are a large number of them and they have a high insurance penetration rate. Total SME insurance spend fell by 22.7% on the previous year, which makes up £300m of the £630m insurance spending.
Cracking the cyber market - SMEs are increasingly worried about the impact of a cyber-attack and insurers are creating more and more policies, yet penetration has declined. A lack of specialist cyber knowledge and too much focus on pricing are seen as the main issues within the industry. It is also believed than many SMEs are taking the optimistic view that a cyber-attack will not happen to them, so the insurers need to convince them of the benefits of insurance. In time, cyber policies could become an essential product for SMEs.
Need for more tech - The personal lines space has left commercial lines a little behind on investment in insurtech. While SME insurance may not be the easiest space to introduce technology such as automation into, due to customers' need for advice, more can be done to connect with clients. Industry insiders have told us they are very much focused on evolving towards preventative services, interacting with customers on a regular basis and helping to stop claims before they happen. Technology such as sensors for fires and leaks are becoming commonplace in home insurance, and could be invaluable to both customer and insurer in the SME market.
The report UK SME Insurance: Market Dynamics and Opportunities 2017 analyze the UK SME insurance market. Economic factors including GDP growth, SME business confidence, and unemployment rates are explored in relation to the UK's business landscape. Growth in the number of SMEs is explored by business size and industry. The SME market is discussed in relation to uptake of commercial insurance. Finally an estimate of current and historic market size is provided, in addition to a future forecast.
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