UK SME Insurance Market: MARKET DYNAMICS AND OPPORTUNITIES 2016
The UK SME insurance market has continued to grow. In 2015, the market was worth £7.7bn in gross written premiums (GWP), up 12.1% year-on-year. This has been driven by a growing economy, which has facilitated increases in the number of SMEs in the UK and consequently the opportunity to sell commercial insurance.
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Key Findings of UK SME Insurance Market:
- Micro businesses account for 95.5% of UK private sector enterprises and 18.1% of generated turnover.
- Uptake of cyber insurance and directors and officers liability insurance has risen by 11.6 and 10.5 percentage points respectively since 2014.
- 38.0% of SMEs are concerned about an event that would stop them trading.
- The UK SME insurance market is forecast to be worth £9.04bn in 2020.
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Synopsis of UK SME Insurance Market:
Verdict Financial’s “UK SME Insurance: Market Dynamics and Opportunities 2016” 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.
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Reasons to Buy UK SME Insurance Market:
- 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.
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List of Figures, Tables and Charts Available in UK SME Insurance: Market Dynamics and Opportunities 2016
Table 1: UK GDP quarter-on-quarter growth, Q1 2008-Q2 2016
Table 2: Growth, Q2 2016 on the same quarter a year ago, for the output components of GDP
Table 3: Company liquidations in England and Wales, 2008-Q2 2016
Table 4: Changes in the number of UK companies (000s), 2011-16
Table 5: Small Business Confidence Index, Q1 2010-Q2 2016
Table 6: Small Business Confidence Index by industry, Q1 2015-Q2 2016
Table 7: UK unemployment rate, Q1 2008-Q2 2016
Table 8: UK employment rate, Q1 2008-Q2 2016
Table 9: UK private enterprise volume, employment, employees, and turnover by business size, 2015
Table 10: Number of SMEs in the UK private sector, by business size, 2008-15
Table 11: The number of UK SMEs by industry sector and size sub-segment (%), 2015
Table 12: Turnover of UK SMEs by industry sector and size sub-segment (%), 2015
Table 13: Insurance penetration among SMEs surveyed (%), 2014-16
Table 14: Insurance penetration among surveyed SMEs, by business size (%), 2016
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