UK SME Insurance: Market Dynamics and Opportunities 2016
The UK SME insurance market has continued to grow. In 2015, the market was worth £7.7bn in gross written premiums (GWP), up 12.1% year-on-year. This has been driven by a growing economy, which has facilitated increases in the number of SMEs in the UK and consequently the opportunity to sell commercial insurance.
Micro businesses account for 95.5% of UK private sector enterprises and 18.1% of generated turnover.
Uptake of cyber insurance and directors and officers liability insurance has risen by 11.6 and 10.5 percentage points respectively since 2014.
38.0% of SMEs are concerned about an event that would stop them trading.
The UK SME insurance market is forecast to be worth £9.04bn in 2020.
Verdict Financial’s “UK SME Insurance: Market Dynamics and Opportunities 2016” report analyzes 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 the uptake of commercial insurance. Finally an estimate of the current and historic market size is provided, in addition to a five-year forecast.
Reasons To Buy
Be aware of the significance of SMEs within the commercial insurance market and how they are influenced by the UK economy.
Adapt your strategy and ensure you remain competitive by understanding the opportunities for growth within the SME insurance market.
Recognize the challenges the SME insurance market faces.