Albany, NY -- (SBWIRE) -- 01/11/2019 -- 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.
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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.
- Micro businesses account for 95.7% of UK private sector enterprises but just 22.0% of turnover.
- Cyber insurance uptake is on the rise as the issue features heavily among SMEs top concerns.
- 38% of SMEs are concerned about the implications of Brexit.
- The UK SME insurance market is forecast to be worth 8.3bn by 2022.
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 the challenges the SME insurance market faces.
- See our forecasts for the SME market.
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