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United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2021

Publisher GlobalData
Published Mar 09, 2022
Length 47 Pages
SKU # GBDT17101442

Description

United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2021

Summary

The UK SME market generated approximately GBP0.9 billion in gross written premiums (GWP) in 2020, growing significantly by 13.8%. Premiums hardened considerably in 2020 and 2021, which was the sole reason for such strong premium growth. Insurers were unable to grow the volume of policies, as SME numbers declined and penetration rates fell across most product lines. Although SME numbers rose in 2020, a notable proportion were using the furlough scheme and were therefore unlikely to renew policies.

This report looks at the state of the UK’s SME insurance market. It sizes the market in 2021 and forecasts future gross written premiums until 2025. It analyzes the macroeconomic factors that influence the space. The report also uses our UK SME Insurance Survey data to analyze SMEs’ attitudes to insurance and the key factors impacting the market in 2021 and beyond.

Scope
  • The number of SMEs in the UK declined by 6.5% in 2021.
  • Loss of business due to coronavirus remains SMEs’ biggest concern, with 36.2% either very or extremely concerned.
  • Key products such as public and employers’ liability saw penetration rates drop considerably from 2019 to 2021 due to the COVID-19 pandemic.
Reasons to Buy
  • Learn about the significance of SMEs within the commercial insurance market and how they are influenced by the UK economy
  • Identify the effects of COVID-19 on the UK SME insurance space
  • Discover GlobalData’s forecasts for the market
  • Recognize the challenges faced by UK SMEs
  • Identify growth opportunities in the SME space

Table of Contents

47 Pages
    • Claims inflation has led to strong premium growth
    • Key findings
    • Critical success factors
    • Introduction
    • SMEs account for the vast majority of UK businesses
    • Macroeconomic impact on the SME market
    • UK GDP rose in Q2 2021 after a sharp drop at the start of 2020
    • The impact of COVID-19 remains a huge concern for SMEs
    • The SME insurance market registered strong growth in 2020
    • Packaged insurance policies are popular, particularly among small and medium businesses
    • COVID-19 continues to cause SMEs to cancel policies
    • Employers' liability take-up dropped despite being a legal requirement
    • Business interruption court cases did not notably hurt SMEs' trust in insurers
    • Insurers should utilize usage-based policies to help SMEs retain policies during COVID-19
    • Penetration rates fluctuate across lines, but key products have seen dips
    • Larger SMEs are more likely to hold every type of insurance
    • SME GWP is set to rise steadily to GBP12.1 billion by 2025
    • Abbreviations and acronyms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
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