Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "UK SME Insurance - Market Dynamics and Opportunities 2023" report has been added to ResearchAndMarkets.com's offering.
The UK SME insurance space generated approximately GBP13.96 billion in gross written premiums (GWP) in 2022, growing by 7.2%. Moreover, the market was set to grow by 11.2% in 2023e, reaching a value of GBP15.52 billion. The primary factor contributing to GWP growth in 2023 was a large year-round hardening of premiums.
Many insurance lines experienced significant increases in the cost of repayments due to inflation and issues with the global supply chain, which led insurers to raise premiums. Meanwhile, penetration rates increased across some product lines compared to the prior year, allowing insurers to grow the volume of policies sold. Accompanying this, there was an increase in the number of SMEs in the UK.
This report looks at the state of the UK SME insurance market. It sizes the market in 2023 and forecasts future GWP until 2027. It utilizes the annual UK SME Insurance Survey to analyze SMEs' attitudes to insurance. The report also explores the key factors impacting the market in 2023 and beyond.
Report Scope
- The number of SMEs in the UK increased by 0.8% in 2023, rising from 5,501,260 to 5,547,170.
- The cost-of-living crisis is SMEs' biggest concern, with 81.8% of SMEs concerned to some degree.
- The SME insurance market is set to be worth GBP15.52 billion in 2023e, up 11.2% on 2022.
- The publisher forecasts the SME insurance market to reach GBP17.32 billion in 2027, recording a compound annual growth rate (CAGR) of 4.4% over 2022-27.
Key Benefits
- Learn about the significance of SMEs within the commercial insurance market and how they are influenced by the UK economy.
- Identify the effects of the cost-of-living crisis on the UK SME insurance space, as well as other challenges faced by SMEs.
- Discover the publisher's forecasts for the SME insurance market.
- Identify growth opportunities in the SME space.
Key Topics Covered:
1. Executive Summary
1.1 Claims inflation has led to strong premium growth
1.2 Key findings
1.3 Critical success factors
2. The Shape of the UK SME Market
2.1 Introduction
2.2 SMEs account for the vast majority of UK businesses
2.3 Macroeconomic impact on the SME market
2.4 UK GDP has fluctuated since the COVID-19 pandemic
2.5 SMEs' top concern in 2023 is the cost-of-living crisis
3. The UK SME Insurance Market
3.1 The SME insurance market registered growth of 7.2% in 2022, and was set to have grown further in 2023e
3.2 SMEs are increasingly purchasing insurance via packages
3.3 Private medical insurance has witnessed the highest cancellation rate due to the cost-of-living crisis
3.4 Insurers should educate SMEs on the importance of employers' liability insurance
3.5 Usage-based policies can benefit SMEs
3.6 Penetration rates vary across different lines of products
3.7 Larger SMEs are more likely to have most types of insurance
4. The Future of the UK SME Insurance Market
4.1 SME GWP is set to rise steadily to GBP17.32 billion by 2027
Company coverage:
- Gallagher
- Society of Motor Manufacturers and Traders
- Department for Work and Pensions
- Acturis
- JUMPSEC
For more information about this report visit https://www.researchandmarkets.com/r/1lfm2y
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
