UK SME Insurance: Market Dynamics and Opportunities 2019 : ResearchByMarkets.com

Research By Markets adds Market Research Report - UK SME Insurance: Market Dynamics and Opportunities 2019 : ResearchByMarkets.com

For detailed information: https://www.researchbymarkets.com/report/uk-sme-insurance-market-dynamics-and-opportunities-2019-452872.html

UK SME Insurance: Market Dynamics and Opportunities 2019

Summary

The UK SME insurance market saw growth pick up significantly in 2018, rising from 1.4% in 2017 to 6.3% in 2018. 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. 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 UK, as commercial and SME lines provide higher growth opportunities for insurers than personal business.

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’s 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.

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 2019 Insurance 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 forecasts for the SME market.

Companies Mentioned:
AXA
Aviva
Allianz
Hiscox
Zurich


For queries regarding this report: https://www.researchbymarkets.com/sample-request/452872

Contact Us:
ResearchByMarkets.com
Sales Desk
enquiry@researchbymarkets.com
USA: +1-800-416-3124
https://www.researchbymarkets.com
https://www.researchbymarkets.com/aboutus

Follow us on Social Media:
Facebook: https://www.facebook.com/researchbymarkets/
LinkedIn: https://www.linkedin.com/company/researchmarkets
Twitter: https://twitter.com/ResearchByMrkts

Ritesh Tiwari is the Founder of Research By Markets, a leading Market Research Reports Reseller trusted by Fortune listed companies for their requirements of Syndicated and Custom Market Research Reports. Ritesh has an overall experience of 18+ years in Recruitments, Sales and Operations. He has been associated with the Market Research industry for the past 7 years. He is an avid foodie as well as a huge football fan being a supporter of Manchester United (EPL) and FC Barcelona (La Liga). Get in touch with him via ritesh@researchbymarkets.com. *Market Research News is a part of Research By Markets.