Market Research Report
UK SME Insurance: Market Dynamics and Opportunities 2017
|Published by||GlobalData||Product code||379801|
|Published||Content info||49 Pages
|UK SME Insurance: Market Dynamics and Opportunities 2017|
|Published: October 11, 2017||Content info: 49 Pages||
After recording a growth every year since 2012, the United Kingdom SME insurance market suffered a sharp decline in 2016. The market was worth £6.4bn in GWP in 2016, down 9.0% year-on-year. This was caused by tough economic conditions and an uncertainty surrounding the Brexit, which led to increased liquidations, reduced growth in the number of businesses open, and SMEs spending less on insurance.
Declines in the number of businesses and insurance spend for companies with between five and nine employees has been particularly damaging. The number of companies in this size category fell by 4.1%, which is considerable as there are a large number of them and they have a high insurance penetration rate. Total SME insurance spend fell by 22.7% on the previous year, which makes up £300m of the £630m insurance spending.
Critical success factors
The report "UK SME Insurance: Market Dynamics and Opportunities 2017" analyze 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 uptake of commercial insurance. Finally an estimate of current and historic market size is provided, in addition to a future forecast.
Companies mentioned in this report: AXA, Aviva, NFU Mutual, Allianz, Direct Line, Hiscox, Zurich, AA