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UK SME Insurance: Market Dynamics and Opportunities

  • October 2014
  • 43 pages
  • GlobalData
Report ID: 3375797

Summary

Table of Contents

Summary
With macroeconomic indicators suggesting an improvement in conditions for UK business, the SME insurance market should expect a more accommodating environment from 2014. With market overcapacity remaining, however, insurers face a challenge in effectively engaging with the smallest of the UK's businesses around their insurance needs.


Synopsis
- Ensure your strategy is robust against the key issues facing the SME insurance market.
- Target prospects emerging from shifts in the SME market and changes in product penetration rates.
- Map your business plan against Verdict Financial's GWP forecast for the market.
- Analyze the key issues that will continue to affect the market going forward.

Reasons To Buy
- What insurance opportunities are emerging from growth in particular trade sectors and the concerns of SMEs?
- What did SME insurance market GWP amount to in 2013 and how was this broken down by business size?
- Which lines of business are most popular among SMEs?

Key Highlights
Verdict Financial estimates that UK SME insurance market GWP amounted to £6.1bn in 2013. The bulk of this consisted of micro-enterprises.

For insurers targeting the medium-sized enterprise space, the manufacturing industry not only accounts for 19.2% of businesses but also 20.5% of turnover in this sub-segment.

Public liability insurance was the most commonly purchased cover by SMEs, held by 71.4% of those surveyed by Verdict Financial. This roughly tallies with the product take-up observed in last year's survey, with 70.5% purchasing the cover.

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