Published on : Nov 18, 2016
ALBANY, NY, Nov 18, 2016: The study evaluated the UK SME insurance market and covers information on the economic factors such as unemployment rates, SME business confidence, and GDP growth in the business landscape of UK. The study also explores the development in the count of SMEs in terms of industry and business size. Information on the adoption of commercial insurance in the UK has also been utilized in order to present a comprehensive understanding of the UK SME insurance market.
The first section of the study presents an introduction to the UK SME insurance market. As stated in the report, the UK SME insurance market has been growing continuously. The market stood at 7.7 bn in gross written premiums (GWP) in 2015, and was hence went up by 12.10% year by year. The report also states that the economy of UK is rising, though at a slow rate. The SME market in the UK is poised to keep growing as the count of UK SMEs keep increasing. This market is predicted to reach 9.04 bn by 2020.
Furthermore, insights have been presented on the state of business profits in the UK. The product penetration will rise and this will increase the share of SMEs in the commercial market of the UK. Further, the report opines that UK will need to negotiate new international trade deal post Brexit as Brexit will highly influence the economy of the UK, thus impacting SMEs. The study further states that a weak pound in the UK has resulted in expensive imports, while the exports have become cheaper for the buying nations. It has been predicted that business profits will decrease if household disposable incomes become less.
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In the following section, the dynamics impacting the growth of the UK SME insurance market have been elaborated upon. The rising economy of the UK has largely influenced the count of SMEs in this nation and have thus brought new opportunities for selling commercial insurance in this nation. The adoption of cyber insurance has risen by 11.6% since 2014. The UK SME insurance market will also be fuelled by the increasing count of micro enterprises. In terms of business number, the construction sector leads the SME market, while the retail sector and wholesale leads the SME market in terms of turnover. Additionally, D&O liability insurance has gained a lot of prominence since 2014.
In the last sections of the report, highlights on the brokers, gross premiums, earned premiums, and price comparison websites present in the UK SME market have been presented. Information on the written premiums present in the market has also been included under this section of the report.
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