Research of UK SME Insurance Market : Technology, Applications, Growth and Status 2018-2022

ResearchMoz presents professional and in-depth study of "UK SME Insurance: Market Dynamics and Opportunities 2018".

This 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 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.

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The UK SME insurance market saw modest growth in 2017, as it grew by 1.4% to 7.8bn. But the market environment has been challenging. Brexit uncertainty has slowed GDP growth, which is intrinsically linked to the SME market, with conditions benign as insurers and reinsurers have faced no major incidents forcing significant payouts. There have been several factors counteracting this, which resulted in the very slight growth seen in 2017. The change to the Ogden rate has seen rates harden, particularly in motor-based categories, which have seen strong growth in premium prices since 2016. Yet the number of registered businesses rising in 2017 was largely countered by a rise in liquidations and a fall in penetration rates for insurers. This has been especially prevalent among micro businesses - a segment insurers continue to struggle to engage with.

Scope

- Micro businesses account for 95.7% of UK private sector enterprises but just 22.0% of turnover.
- Cyber insurance uptake is on the rise as the issue features heavily among SMEs top concerns.
- 38% of SMEs are concerned about the implications of Brexit.
- The UK SME insurance market is forecast to be worth 8.3bn by 2022.

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.
- See our forecasts for the SME market.

View Complete TOC with tables & Figures @ https://www.researchmoz.us/uk-sme-insurance-market-dynamics-and-opportunities-2018-report.html/toc

Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. The SME market has stalled due to tough economic conditions 2
1.2. Key findings 2
1.3. Critical success factors 2

2. THE SHAPE OF THE UK SME SPACE 7
2.1. The SME market is the backbone of the UK economy 7
2.1.1. The number of UK SMEs continues to grow, driven by micro enterprises 7
2.1.2. UK GDP growth remained slow throughout 2017 10
2.1.3. The number of company liquidations rose again in 2017 after falling between 2008 and 2015 12
2.1.4. Construction leads the SME market by business numbers, while wholesale dominates turnover 14
2.1.5. The number of companies registered has risen despite an increase in dissolutions 16
2.1.6. Business and consumer confidence have been affected by the possibility of a no deal Brexit 18
2.1.7. UK unemployment continues to fall to record lows 19
2.1.8. Business profits are likely to fall if household disposable income is squeezed 20
2.2. Key issues affecting SMEs 21

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3. THE UK SME INSURANCE MARKET 33
3.1.1. The SME sector is strategically important for insurance 33
3.1.2. The SME market registered limited growth in 2017 33
3.1.3. Motor-based categories have kept rates steady as competition stunts growth 36
3.1.4. Public liability remains the leading SME insurance product 37

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Business Opportunities of UK SME Insurance Market 2019

ResearchMoz presents professional and in-depth study of "UK SME Insurance: Competitor Dynamics 2018".

Summary

This report looks at which insurers lead the way in the SME segment and how they are developing their propositions. It also highlights how competitor positions vary between micro, small, and medium enterprises. It examines which insurers are winning over brokers and which companies SMEs are placing their business with.

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AXA and Aviva dominate the UK SME insurance space across all of the 10 non-vehicle-based commercial products listed in our 2018 UK SME Insurance Survey. However, the pair have slipped within the six motor lines, with Admiral and AA in particular establishing a strong presence at the top of these markets. Meanwhile Allianz recorded a strong performance in the liabilities lines but little impact in the vehicle-based lines. Hiscox and Zurich are liability specialists, although they have both seen their shares decline since 2017. Within the motor lines there is a clear trend of popular personal lines insurers also enjoying success in the SME market. This shows that established relationships are essential and easily transferred from personal to commercial lines.

Scope

- AXAs domination has declined slightly in terms of individual lines, but it still heads seven products.
- Third-placed Allianz remains over 5 percentage points behind Aviva, which highlights that the top two are still way ahead of other brands despite their declines. But this is offset by Allianz underwriting the products of Barclays, which is the fourth-largest player.
- AXAs position in the overall market is not replicated in brokers preference for business placement, where Allianz and Aviva continue to top packaged and non-packaged respectively.

Reasons to buy

- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing behavior.

View Complete TOC with tables & Figures @ https://www.researchmoz.us/uk-sme-insurance-competitor-dynamics-2018-report.html/toc

Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. AXA and Aviva continue to lead the market 2
1.2. Key findings 2
1.3. Critical success factors 2

2. THE SHAPE OF THE SME MARKET 8
2.1. Introduction 8
2.2. The big three continue to lead the way for packaged broker insurance 8
2.3. Aviva leads non-packaged as the top two pull away 10

3. PRODUCT POSITIONING 12
3.1. AXA remains the leading insurer, but competitors have closed the gap 12
3.2. AXAs decline saw Aviva challenge for top spot despite its static share 13
3.3. Barclays leads the bancassurance re-emergence 14
3.4. AXA and Aviva are consistent throughout all 16 lines 15
3.5. Hiscox remains a specialist liabilities insurer 16
3.6. Admiral and Direct Line are strong in motor 16

4. TOP FIVE INSURERS BY PRODUCT LINES 18
4.1. Top five players for business interruption insurance 18
4.2. Top five players in directors and officers insurance 19
4.3. Top five players in employers liability insurance 20
4.4. Top five players for key man insurance 21
4.5. Top five players for personal accident and business travel insurance 22
4.6. Top five players for property insurance 23

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4.7. Top five players for professional indemnity insurance 24
4.8. Top five players for public liability insurance 25
4.9. Top five players for private medical insurance 26
4.10. Top five players for cyber insurance 27
4.11. Top five players for company cars (single) insurance 28
4.12. Top five players for company cars (fleet) insurance 29
4.13. Top five players for company vans (single) insurance 30
4.14. Top five players for company vans (fleet) insurance 31

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UK SME Insurance Market 2019 : Things to Know About Worldwide Industrial Growth

ResearchMoz presents professional and in-depth study of "UK SME Insurance: Distribution Dynamics 2018".

Summary

"UK SME Insurance: Distribution Dynamics 2018", report looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. It also examines the services SMEs are currently receiving and the additional services they would like from their provider going forward.

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Other influential factors on the market are taken into consideration, such as the location of the business (home or on-site/office), the age of the business owner, and the age of the business.

Brokers remain the most utilized channel among SMEs purchasing insurance, yet their share of the market suffered a decline in 2018 for the second year running, according to our 2018 UK SME Insurance Survey. SMEs have begun to purchase their insurance products via a number of different channels, with price comparison sites making gains and banks re-emerging as a channel over the past couple of years. Purchasing directly from the insurer saw a surprising fall in 2018 following consistent growth, but it remains a key channel, especially for smaller SMEs. Insurance companies also continue to provide an increasing variety of products that cater more specifically for the smallest of SMEs. Given that businesses of this size represent the majority of SMEs by number, the growth of non-brokered purchasing channels is unsurprising.

Scope

- Loyalty is high, with auto-renewal being the leading method of purchasing insurance (41.8% of respondents).
- Renewal rates in commercial insurance are significantly higher than in personal lines. Over 80% of SMEs either auto-renewed at the renewal point or remained with their insurer after comparing prices.
- Younger businesses are embracing technology when purchasing their insurance, with the use of tablets and smartphones highest among businesses that have operated for less than two years.

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Reasons to buy

- Identify the most prominent sales channel for SMEs.
- Adapt/re-evaluate your distribution strategy and proposition to meet the needs of modern consumers.
- Discover the factors influencing SME purchasing decisions and distribution channel selection.

Table of Contents

1. EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1

2. THE SME PURCHASING JOURNEY 7
2.1. Introduction 7
2.1.1. SMEs make up the backbone of the UK economy 7
2.2. Price comparison sites and banks challenge brokers dominance 7
2.2.1. Broker popularity increases as the size of the business grows 9
2.2.2. Micro businesses are moving from the direct channel to comparison websites 10
2.2.3. Small businesses moved from the direct channel to price comparison sites and banks in 2018 12
2.2.4. The bancassurance channel is strongest among medium-sized businesses 15
2.2.5. SMEs predominantly auto-renew policies across all business sizes 16
2.2.6. Young companies are embracing the use of technology 18
2.2.7. Face-to-face purchasing increases in popularity in line with the age of the business 19
2.3. SME pre-purchase activity shows a retention-heavy market 20
2.3.1. SMEs primary action at renewal is to call their existing providers 20
2.3.2. A significant percentage of SMEs conduct research on price comparison sites 21

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3. SME RETENTION 24
3.1. Larger businesses are more likely to renew their existing policies 24
3.2. Sole traders compare prices at renewal, but rarely change 25
3.3. Micro enterprises (excluding sole traders) have a high retention rate 27
3.4. Small enterprises are more likely to auto-renew than compare prices 28
3.5. Medium enterprises show a high degree of loyalty to providers 30

For More Information Kindly Contact:

ResearchMoz
Mr. Nachiket Ghumare,
90 State Street, Albany NY, United States - 12207
Tel: +1-518-621-2074
USA-Canada Toll Free: 866-997-4948
Email: sales@researchmoz.us
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Market Outlook : UK SME Insurance : Market Dynamics and Opportunities 2019

ResearchMoz presents professional and in-depth study of "UK SME Insurance: Market Dynamics and Opportunities 2018".

Summary

This 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 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.

Get PDF for more Professional and Technical insights @ https://www.researchmoz.us/enquiry.php?type=S&repid=1936083

The UK SME insurance market saw modest growth in 2017, as it grew by 1.4% to 7.8bn. But the market environment has been challenging. Brexit uncertainty has slowed GDP growth, which is intrinsically linked to the SME market, with conditions benign as insurers and reinsurers have faced no major incidents forcing significant payouts. There have been several factors counteracting this, which resulted in the very slight growth seen in 2017. The change to the Ogden rate has seen rates harden, particularly in motor-based categories, which have seen strong growth in premium prices since 2016. Yet the number of registered businesses rising in 2017 was largely countered by a rise in liquidations and a fall in penetration rates for insurers. This has been especially prevalent among micro businesses - a segment insurers continue to struggle to engage with.

Scope

- Micro businesses account for 95.7% of UK private sector enterprises but just 22.0% of turnover.
- Cyber insurance uptake is on the rise as the issue features heavily among SMEs top concerns.
- 38% of SMEs are concerned about the implications of Brexit.
- The UK SME insurance market is forecast to be worth 8.3bn by 2022.

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.
- See our forecasts for the SME market.

View Complete TOC with tables & Figures @ https://www.researchmoz.us/uk-sme-insurance-market-dynamics-and-opportunities-2018-report.html/toc

Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. The SME market has stalled due to tough economic conditions 2
1.2. Key findings 2
1.3. Critical success factors 2

2. THE SHAPE OF THE UK SME SPACE 7
2.1. The SME market is the backbone of the UK economy 7
2.1.1. The number of UK SMEs continues to grow, driven by micro enterprises 7
2.1.2. UK GDP growth remained slow throughout 2017 10
2.1.3. The number of company liquidations rose again in 2017 after falling between 2008 and 2015 12
2.1.4. Construction leads the SME market by business numbers, while wholesale dominates turnover 14
2.1.5. The number of companies registered has risen despite an increase in dissolutions 16
2.1.6. Business and consumer confidence have been affected by the possibility of a no deal Brexit 18
2.1.7. UK unemployment continues to fall to record lows 19
2.1.8. Business profits are likely to fall if household disposable income is squeezed 20
2.2. Key issues affecting SMEs 21
2.2.1. Pension contributions, exchange rates, and business rates mean costs have mounted for SMEs 21
2.2.2. Rising employment costs and economic uncertainty have led to growing use of freelancers 26
2.2.3. The government and banks are aiming to spark investment in SMEs 27
2.2.4. The manufacturing sector is most at risk from a no deal Brexit 28
2.2.5. The end of freedom of movement will hit food and drink manufacturers hardest 29
2.2.6. SMEs are most concerned about Brexit and cybercrime 30

3. THE UK SME INSURANCE MARKET 33
3.1.1. The SME sector is strategically important for insurance 33
3.1.2. The SME market registered limited growth in 2017 33
3.1.3. Motor-based categories have kept rates steady as competition stunts growth 36
3.1.4. Public liability remains the leading SME insurance product 37
3.1.5. Insurance product penetration varies by SME industry, in line with the risks involved 38
3.1.6. Declining penetration rates are a growing issue insurers need to address 40

4. THE FUTURE OF THE UK SME INSURANCE MARKET 44
4.1. SME insurance is set to exceed 8.0bn by 2020, but growth will remain slow 44
4.1.1. Cybercrime remains a key worry, and insurers need to respond 46
4.1.2. The changing face of SMEs needs to be catered for 46
4.1.3. The insurance industry is looking to real-time insight to help SMEs 47

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5. APPENDIX 48
5.1. Abbreviations and acronyms 48
5.2. Methodology 48
5.2.1. GlobalDatas 2018 UK SME Insurance Survey 48
5.2.2. Market sizing 48
5.3. Bibliography 48

For More Information Kindly Contact:

ResearchMoz
Mr. Nachiket Ghumare,
90 State Street, Albany NY, United States - 12207
Tel: +1-518-621-2074
USA-Canada Toll Free: 866-997-4948
Email: sales@researchmoz.us
Follow us on LinkedIn @ http://bit.ly/1TBmnVG
Follow me on : https://marketinfo247.wordpress.com/