United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2020

United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2020

  • November 2020 •
  • 40 pages •
  • Report ID: 5994229 •
  • Format: PDF
United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2020

Summary
The UK SME market generated approximately £8.3bn in gross written premiums (GWP) in 2019, growing marginally by 1.0%. With a hardening insurance market we would have expected to see more significant premium growth in 2020. However, due to the COVID-19 pandemic the SME insurance market is expected to contract by 4.7% in 2020, mainly driven by the government-imposed lockdown for the majority of Q2. As the year draws to a close, coronavirus cases are on the rise again, with countrywide lockdowns enforced across the UK threatening the partial recovery seen in Q3.

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.

Scope
- The SME insurance market is expected to contract in 2021 before returning to growth in 2022.
- In 2024, the market is expected to generate £8.9bn in GWP.
- 11.4% of SMEs canceled at least one insurance policy as a result of the coronavirus pandemic.

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 forecasts for the SME market.
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