Market Research Report
UK SME Insurance: Market Dynamics and Opportunities 2018
|Published by||GlobalData||Product code||379801|
|Published||Content info||50 Pages
Delivery time: 1-2 business days
|UK SME Insurance: Market Dynamics and Opportunities 2018|
|Published: November 13, 2018||Content info: 50 Pages||
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.
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.