United Kingdom SME Insurance Market Dynamics and Opportunities 2019 – ResearchAndMarkets.com
The
This was due to a slight shift in the makeup of SME business numbers, an uptick in penetration across the majority of product lines, and increased weather-based claims (a consequence of Storm Emma and the Beast from the East) that pushed up premiums.
This report analyzes the
However, SMEs endured a difficult year in 2018 due to a stagnant economy, which has seen consumer and small business confidence plummet. The sector is very closely linked to the economy, and consequently SMEs remain very concerned about Brexit and its potential implications going forward. The performance of this sector is critical for the prospects of the wider insurance market in the
Scope
- 10 out of the 11 insurance products covered in our
SME Insurance Survey saw penetration rates rise in 2019, but overall penetration rates fell according to our 2019Insurance Consumer Survey . - Brexit is the biggest concern for
UK SMEs, with 45.3% of firms worried about its implications (up from 36.8% in 2017). - The
UK SME insurance market is forecast to be worth 9.3bn by 2023. - The number of micro businesses declined by 0.6% in 2018, while small-sized enterprises (0.8%) and medium companies (2.9%) both increased.
Reasons to buy
- Be aware of the significance of SMEs within the commercial insurance market and how they are influenced by the
UK economy. - Adapt your strategy and ensure you remain competitive by understanding the opportunities for growth within the SME insurance market.
- Recognize challenges the SME insurance market faces.
- See Our forecasts for the SME market.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. The SME insurance market saw strong growth in 2018
1.2. Key findings
1.3. Critical success factors
2. THE SHAPE OF THE
2.1. Introduction
2.2. The SME market is the backbone of the
2.2.1. The number of SMEs declined, but they still dominate total business
2.2.2. The number of company liquidations saw its third consecutive rise in 2018, but the growth rate dropped
2.2.3. Construction leads the SME market by business numbers while wholesale dominates turnover
2.3. Macroeconomic conditions affect the SME sector
2.3.1.
2.3.2.
2.3.3. Real pay improved to slight growth in 2018 after declines in 2017
2.4. Key issues affecting SMEs beyond the economy
2.4.1. Business and consumer confidence have been affected by the possibility of a no-deal Brexit
2.4.2. SMEs are still most concerned about Brexit and cybercrime
2.4.3. Business rates continue to rise at the start of each financial year
2.4.4. Rising pension contributions and minimum wages lead to SMEs' costs growing
2.4.5. Rising employment costs and economic uncertainty have led to growing use of freelancers
2.5. The government has means to boost the SME sector
2.5.1. Government SME funding dipped in 2018, but a new fund was launched in 2019
2.5.2. The government and banks are aiming to spark investment in SMEs
3. THE
3.1. The SME sector is strategically important for insurance
3.2. The SME market registered strong growth in 2018
3.2.1. Rates for most commercial insurance products have grown steadily
3.3. The majority of SMEs hold at least one insurance product
3.3.1. Public liability is the leading SME insurance product
3.3.2. Insurance product penetration varies by industry, in line with the risks involved
3.3.3. Overall insurance penetration has fallen, but individual products saw increases
4. THE FUTURE OF THE
4.1. SME insurance is set to exceed 9.0bn by 2022, but growth will remain slow
4.2. SME insurance sector innovation is inspired by personal lines
4.2.1. Digital banks turn to SME insurance as the industry begins to modernize
4.2.2.
5. APPENDIX
Companies Mentioned
- AXA
- Aviva
- Allianz
- Hiscox
-
Zurich
For more information about this report visit https://www.researchandmarkets.com/r/pkhceh
View source version on businesswire.com: https://www.businesswire.com/news/home/20191210005510/en/
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