Report cover image

United Kingdom (UK) Commercial Insurance Distribution Dynamics by Channels (Broker and Other Commercial Distribution Channels) and Future Market, 2023 Update

Publisher GlobalData
Published May 10, 2023
Length 35 Pages
SKU # GBDT17999685

Description

United Kingdom (UK) Commercial Insurance Distribution Dynamics by Channels (Broker and Other Commercial Distribution Channels) and Future Market, 2023 Update


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 2023 UK Commercial Insurance Broker Survey offers insight into brokers’ growth and digital transformation strategies going forward. The SME market is discussed, with due consideration given to smaller businesses and their relatively simple insurance needs. The report finishes with an outlook on the future of the distribution landscape, exploring areas for brokers to develop, growth opportunities, and relevant insurtechs.

Brokers continue to dominate the distribution landscape in the UK commercial insurance market with a 79.7% share of the market in 2022. Due to the COVID-19 pandemic, brokers have become increasingly valuable to businesses, highlighting the gaps in cover. The cost-of-living crisis has also increased the risk of underinsurance. Despite not being as dominant among SMEs, over 40% of all types of SMEs purchased insurance through a broker in 2022. However, brokers (especially smaller brokers) must adapt and adopt new technologies into their service offering if they wish to remain competitive.

Scope
  • 79.7% of commercial insurance premiums were written through brokers in 2022, an increase of 0.1 percentage points (pp) when compared to 2021.
  • The SME space is more competitive, with many micro and small-sized businesses utilizing the direct channel as well as PCWs.
  • Marsh remains the leading broker in the UK commercial insurance market.
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

35 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Brokers continue to dominate the commercial space in 2022
    • The broker landscape is dominated by global firms
    • Cross-selling and upselling is the most popular growth strategy
    • Uptake of additional services remains low in 2023
    • An uncertain macroeconomic climate is worrying brokers and SMEs
    • The direct channel is responsible for a significant share of business
    • The banking channel has a negligible share of distribution in 2022
    • Brokers will continue to be the market leader
    • Commercial insurance distribution going forward
    • Abbreviations and acronyms
    • 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