UK SME Insurance Market to 2022 By Top Players - AXA, Aviva, Allianz, Hiscox, Zurich, Acturis, Slice

Albany, NY, 16th January : Recent research and the current scenario as well as future market potential of "UK SME Insurance: Market Dynamics and Opportunities 2018" globally.

Summary

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.

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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. 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.

Scope

- 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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Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. The SME market has stalled due to tough economic conditions 2
1.2. Key findings 2
1.3. Critical success factors 2

2. THE SHAPE OF THE UK SME SPACE 7
2.1. The SME market is the backbone of the UK economy 7
2.1.1. The number of UK SMEs continues to grow, driven by micro enterprises 7
2.1.2. UK GDP growth remained slow throughout 2017 10
2.1.3. The number of company liquidations rose again in 2017 after falling between 2008 and 2015 12
2.1.4. Construction leads the SME market by business numbers, while wholesale dominates turnover 14
2.1.5. The number of companies registered has risen despite an increase in dissolutions 16
2.1.6. Business and consumer confidence have been affected by the possibility of a no deal Brexit 18
2.1.7. UK unemployment continues to fall to record lows 19
2.1.8. Business profits are likely to fall if household disposable income is squeezed 20
2.2. Key issues affecting SMEs 21
2.2.1. Pension contributions, exchange rates, and business rates mean costs have mounted for SMEs 21
2.2.2. Rising employment costs and economic uncertainty have led to growing use of freelancers 26
2.2.3. The government and banks are aiming to spark investment in SMEs 27
2.2.4. The manufacturing sector is most at risk from a no deal Brexit 28
2.2.5. The end of freedom of movement will hit food and drink manufacturers hardest 29
2.2.6. SMEs are most concerned about Brexit and cybercrime 30

3. THE UK SME INSURANCE MARKET 33
3.1.1. The SME sector is strategically important for insurance 33
3.1.2. The SME market registered limited growth in 2017 33
3.1.3. Motor-based categories have kept rates steady as competition stunts growth 36
3.1.4. Public liability remains the leading SME insurance product 37
3.1.5. Insurance product penetration varies by SME industry, in line with the risks involved 38
3.1.6. Declining penetration rates are a growing issue insurers need to address 40

4. THE FUTURE OF THE UK SME INSURANCE MARKET 44
4.1. SME insurance is set to exceed 8.0bn by 2020, but growth will remain slow 44
4.1.1. Cybercrime remains a key worry, and insurers need to respond 46
4.1.2. The changing face of SMEs needs to be catered for 46
4.1.3. The insurance industry is looking to real-time insight to help SMEs 47

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5. APPENDIX 48
5.1. Abbreviations and acronyms 48
5.2. Methodology 48
5.2.1. GlobalDatas 2018 UK SME Insurance Survey 48
5.2.2. Market sizing 48
5.3. Bibliography 48

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