PUBLISHER: GlobalData | PRODUCT CODE: 1424880
PUBLISHER: GlobalData | PRODUCT CODE: 1424880
This report explores charities' purchasing behaviors and preferences for insurance. New trends and innovations are highlighted, as well as the key factors that will influence the market moving forward.
The insurance market for non-profit organizations (NPOs) is expected to have increased to GBP1.04 billion in 2023, growing by 6.6%. This has been led by the hardening of premiums in many lines. Zurich took the lead in the industry in 2023, demonstrating its influence in this sector. Aviva took second place, and AXA took third place. The market experienced shifts in 2023, as indicated by the rise in uptake of 11 out of 16 products, but with the highly challenging economic environment and the cost of business soaring, the potential for NPOs to cut back on cover increased. The onus is therefore on insurers to engage with their customers, understand their challenges, and reflect on how they can meet their customers' needs in their propositions and messaging.