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United Kingdom (UK) SME Insurance Market Size, Trends, Competitor Dynamics and Opportunities

Publisher GlobalData
Published Feb 09, 2023
Length 30 Pages
SKU # GBDT17909499

Description

United Kingdom (UK) SME Insurance Market Size, Trends, Competitor Dynamics and Opportunities


Summary

This report identifies which insurers lead the way in the SME segment and examines how they are developing their propositions, while also highlighting how competitor positions vary between micro, small, and medium enterprises. It reveals which insurers are winning over brokers and with which companies SMEs are placing their business. Data is sourced primarily from GlobalData’s UK SME Insurance Surveys.

Recent years have been particularly challenging for SMEs. The COVID-19 pandemic and the economic travails since then have seen the number of SMEs operating decline over the last two years. Nonetheless, SMEs still account for 99.9% of the UK private sector business population, and as such, they are recognized as a source of business growth in the commercial space. AXA and Aviva dominate the market with wide-ranging SME offerings, but the broad nature of SMEs and their varying requirements by size and sector mean there is significant potential for success through specialization. Insurance uptake among SMEs recovered over this last year after dipping in 2021, but with the highly challenging economic environment and the cost of business soaring, the potential for SMEs to cut back on cover increased. The onus is therefore on insurers to engage with their customers, understand their challenges, and reflect how they can meet their customers’ needs in their propositions and messaging.

Scope
  • AXA maintains its position at the top of the market share table, accounting for 8.1% of contracts sold compared to the 7.7% of second-placed Aviva.
  • Barclays topped the list of bancassurance providers once again, and its overall market share of 2.9% saw it return to the top five providers at the expense of Direct Line.
  • The broker channel is a particular strength for Aviva, which is the number-one choice of brokers for SME cover for both packaged and non-packaged insurance.
  • In terms of Net Promoter Scores, the performances of the top two providers vary notably by product. AXA performs strongly for employers’ and public liability, while Aviva performs better in commercial property and professional indemnity.
Reasons to Buy
  • Identify UK SME insurance market leaders.
  • Learn the providers of choice for SME insurance among brokers.
  • Discover the strategies and Net Promoter Scores of the top SME insurers.
  • Identify growth opportunities in the SME space.
  • Find out which value-added services are in demand.

Table of Contents

30 Pages
    • The leading players have a strong hold on SME insurance, but competition is building behind them
    • Key findings
    • Critical success factors
    • The number of SMEs has declined since the pandemic, but they remain the mainstay of the business landscape
    • SME insurance uptake: The penetration of most products recovered over 2022
    • Packaged insurance policies are popular, particularly among small and medium businesses
    • The top four providers maintained their market positions in 2022
    • Leading providers for brokers: Aviva tops broker selection
    • Leaders in bancassurance: Barclays continues to dominate
    • The top three providers’ NPSs vary appreciably by product
    • AXA: The market leader continued to invest heavily in the UK SME space in 2022
    • Aviva: The insurer enjoys strong growth of its SME business
    • Zurich: Seeking growth from the SME segment
    • Legal advice is the most accessed service, but the greatest opportunities lie in business strategy and marketing support
    • The larger the business, the greater the demand for valueadded services
    • The demand for value-added services varies considerably by sector
    • Supplementary data
    • Abbreviations and acronyms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
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