Published on : Apr 21, 2016
ALBANY, New York, April 21, 2016: According to the report, the U.K. commercial insurance market is consistently dominated by brokers when it comes to the distribution of commercial insurance. Brokers as a segment hold 78.20% of the U.K. commercial insurance market. Provincial bankers hold a much smaller percentage due to their lack of concern over expanding their proposition online.
The report also explains how banks can show the ability to cross-sell their insurance through the business services that are already part of their portfolio. It also states that the U.K. commercial insurance market is being driven by enterprises that are mostly micro-sized as they are providing growth to sites that provide price comparisons.
The report states that the U.K. commercial insurance market is a highly competitive space, as there exists a constant state of evolution in terms of products offered. Although multiple channels of distribution are emerging, brokers have managed to retain their market dominance in the recent past. The growth of distribution channels has occurred due to the increasing influence of small and mid-sized companies in the market.
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SMEs have been steadily moving towards online purchasing platforms that cater to self-service, instead of opting for value-added services provided by brokers. This is happening due to the reduction of SME requirement for comprehensive insurance products.
The U.K. commercial insurance market is showing a consistent trend towards becoming more and more consolidated. With brokers on the majority side of the market and multiple companies holding smaller shares in the U.K. commercial insurance market, there has been an increasing rate of mergers and acquisitions in the recent past. There was a major spike in consolidation rates during the late 2000s, after which the brokers started searching for growth in their expertise sectors and for existing products. They have also shown a greater interest in developing their propositions over the Internet as it can allow them to recover market shares that they lost from the SME segment.
The research report on the U.K. commercial insurance market also provides details regarding the Insurance Act, 2015, an act that will come into play in August 2016. This act is expected to bring about major changes for the laws related to commercial contracts. It is stated in the report that the Insurance Act will bring about changes such as making contracts a lot surer and also help transfer the various compliance responsibilities to the insurers. The Act will additionally improve communication as well as collaboration attempts between every party associated with the commercial contracts and their arranging. The report thereby offers all underwriters a more efficient grasp over the practices as well as risks involved in the U.K. commercial insurance market.
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