Report cover image

UK Commercial Insurance Distribution 2024

Publisher GlobalData
Published May 27, 2024
Length 38 Pages
SKU # GBDT18902345

Description

UK Commercial Insurance Distribution 2024


Summary

This report discusses the distribution landscape of UK commercial insurance. Each channel is discussed in turn, with a particular focus on the broker channel, which dominates the space. Analysis of responses to GlobalData’s 2024 UK Commercial Insurance Broker Survey offers insight into brokers’ growth and digital transformation strategies going forward. The SME market is also discussed, with due consideration given to smaller businesses and their comparatively simple insurance needs. The report finishes by providing an outlook on the future of the distribution landscape, mentioning areas for brokers to develop, growth opportunities, and upcoming insurtech companies operating in the space.

Brokers held an 82.8% share of the UK commercial insurance market in 2023e, highlighting their dominance of the distribution landscape. Nonetheless, this is a slight decrease from the 83.1% market share they commanded in 2022. Additionally, we expect the direct channel to have increased its share of commercial insurance distribution from 7.5% in 2022 to 7.9% in 2023e, in part driven by technological advancements that enhance the online purchasing experience. GlobalData forecasts that brokers will continue to dominate the commercial insurance landscape, while the direct channel will increase its share of distribution over the forecast period. As businesses show increasing openness to utilizing apps and artificial intelligence (AI) for insurance management, commercial insurance providers should capitalize on this trend by incorporating such digital solutions into their service offerings.

Scope
  • In 2023e, brokers wrote 82.8% of commercial insurance premiums, down 0.3 percentage points (pp) from 83.1% in 2022. Meanwhile, the direct channel accounted for 7.9% of commercial insurance in 2023e-up 0.4pp compared to 2022.
  • The SME space is more competitive, with many micro and small-sized businesses utilizing the direct channel as well as price comparison websites (PCWs).
  • Marsh remains the leading broker in the UK commercial insurance market, increasing its revenue by 15% from 2022 to 2023.
Reasons to Buy
  • Identify the most frequently used channels to purchase commercial insurance
  • Adapt your distribution strategy to cater to the changing needs of clients and intermediaries
  • Learn how market leaders have strategized to achieve their success
  • Understand the trends and themes set to transform the market in the future

Table of Contents

38 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Brokers dominated the commercial space in 2023e
    • The broker landscape is dominated by global firms
    • National brokers are more likely to employ a wide range of growth strategies compared to their smaller counterparts
    • National brokers are more likely to adopt extra services
    • National brokers are most concerned about tough macroeconomic conditions
    • The direct channel is an important distribution channel for commercial insurance
    • The banking channel is more popular among SMEs
    • Brokers will continue to dominate commercial insurance
    • Commercial insurance distribution going forward
    • Abbreviations, acronyms, and initialisms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
  • Contact Us

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Request A Sample
Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us