Published on : Dec 26, 2017
ALBANY, New York, December 26, 2017: ResearchMoz.us has announced the addition of a report, titled “UK SME Insurance: Competitor Dynamics 2017.” The comprehensive report on the competitor dynamics on UK SME insurance offers detailed insights into the key growth dynamics of the U.K. insurance sector for SMEs. The study offers elaborate assessment of current notable trends and emerging opportunities in commercial insurance. It further takes a closer look at the economic factors such as gross domestic growth rate in the U.K. and the impact these have on boosting business confidence. The report offers evaluates the role of the rate of unemployment on the overall business landscape in the next few years. The factors affecting the demand for commercial insurance across the nation is analyzed in detail in the study. The study also highlights the market share and size during the historic period. Furthermore, it enumerates key challenges hindering the adoption of commercial insurance among SMEs in the U.K.
The competitive dynamics of the UK SME insurance is positively influenced by several factors such as the substantial rise of SMEs in recent years and the intensifying need for commercial insurance among them. An ebullient economy fueled by a burgeoning services industry and the rapid rise in the number of industries registered in the last couple of years are notable factors bolstering the demand for commercial insurance among SMEs. The marked growth of microenterprises and the decline in the rate of employment bodes well for the UK economy and is expected to fortify the demand for insurance over the next five years.
The research analyzes the scope of at least 16 commercial insurance products and the competitive landscape is led by players Aviva plc. and AXA, accounting for 13.9% and 11.3% of all SMEs having taken at least one of their commercial products. A number of insurance are finding it lucrative to extend their services to SMEs and for ballooning their books. While AXA is currently holding the sway in the UK SME insurance market but in the coming years Aviva will offer a tough competition.
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By turnover, wholesale and retail sector dominates the UK SME market. The growing penetration of not so well known commercial insurance products among SMEs bodes well for the regional market over the forecast period. The UK SME insurance market is projected to reach a valuation of £9.04bn by 2020. The phenomenon of Brexit is negative influence the growth of the market.
This can be attributed to the restriction on the free movement of goods and services. Furthermore, if there is slump in household incomes, the growth of the market may be adversely affected. Nevertheless, the growing popularity of diverse types of insurance products such as cyber insurance and the rise in international trades are key factors accentuating the growth of the market. The growing focus of cyber insurance is expected to open up lucrative avenues for various insurance providers. Furthermore, several companies focus on customer satisfaction to gain a competitive edge in the market in the coming years.
The increase in product penetration and the popularity of D&O liability have also contributed to the growth of the market. The demand for technologically advanced offerings in the commercial insurance arena is further expected to open up exciting opportunities over the forecast period. The demand for insurance in commercial lines is also providing promising growth avenues for market players. Prominent players are harping on their innovative product positioning strategy to stay ahead of the pack.
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