Market Research Report
UK SME Insurance: Competitor Dynamics 2017
|Published by||GlobalData||Product code||379799|
|Published||Content info||44 Pages
|UK SME Insurance: Competitor Dynamics 2017|
|Published: October 23, 2017||Content info: 44 Pages||
AXA and Aviva dominate the SME insurance space across the vast majority of the 16 commercial products listed in our 2017 UK SME Insurance Survey. Other insurers present in the market play to their strengths when servicing SMEs. Hiscox and Zurich are popular providers for liability products while Allianz and Direct Line are strong in commercial motor insurance. As the number of providers supplying SME insurance grows; and there is more choice available to potential customers - those offering the best deals in the terms of the level of cover, the quality of the overall package, price, and (for the micro space in particular) omni-channel availability are most likely to succeed.
Out of the 16 lines of insurance, AXA and Aviva came first and second in most lines, with either one of the two appearing as most selected brand in 14. Bupa's top position in private medical insurance and NFU Mutual's in commercial motor coaches/farm vehicles (fleet) are the only exceptions. AXA is market leader in 10 out of the 16 lines, while Aviva leads in four - all of which were forms of commercial motor insurance. The main theme at the top of the market is the slow fade of AXA's dominance. While it has remained the largest player in most lines within our survey, its leading margin has been gradually declining over the past three years.
Key Findings included in this report -
SMEs are increasingly worried about the impact of a cyber-attack, according to our UK SME Insurance Survey. This is no surprise, given the regularity of high-profile attacks in the news and the General Data Protection Regulation (GDPR) coming into force in May 2018. But insurers have found the cyber market tough to master, and the take-up has slowed after two consecutive years of growth prior to 2016. The current low penetration level means cyber insurance represents a substantial opportunity for insurers.
The report "UK SME Insurance: Competitor Dynamics 2017", looks at which insurers lead the way in the SME segment and how they are developing their propositions, as well as highlighting 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.
Companies mentioned in this report: AXA, Aviva, Allianz, Direct Line, Zurich, Hiscox, RSA, NFU Mutual, Lloyds, Travelers, LV=, AA