Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Charity Insurance Market - 2023" report has been added to ResearchAndMarkets.com's offering.
This report explores charities' purchasing behaviors and preferences for insurance. New trends and innovations are highlighted, as well as the key factors that will influence the market moving forward.
The insurance market for non-profit organizations (NPOs) is expected to have increased to GBP1.04 billion in 2023, growing by 6.6%. This has been led by the hardening of premiums in many lines. Zurich took the lead in the industry in 2023, demonstrating its influence in this sector. Aviva took second place, and AXA took third place.
The market experienced shifts in 2023, as indicated by the rise in uptake of 11 out of 16 products, but with the highly challenging economic environment and the cost of business soaring, the potential for NPOs to cut back on cover increased. The onus is therefore on insurers to engage with their customers, understand their challenges, and reflect on how they can meet their customers' needs in their propositions and messaging.
Report Scope
- The insurance market for NPOs is expected to have increased to GBP1.04 billion in 2023, growing by 6.6%.
- The market experienced shifts in 2023, as indicated by the rise in uptake of 11 out of 16 products. Professional indemnity experienced the greatest increase of 19.7 percentage points.
- Brokers are essential, facilitating 61.6% of insurance policies. Even though this percentage was marginally lower than in 2022, it still shows how important brokers are today. In 2023, 57.2% of policies were bought online, up from 34.1% in 2019. This increase can be ascribed to the impact of digitalization.
Key Report Benefits
- Identify the UK charity insurance market leaders.
- Understand the NPO landscape.
- Discover the purchasing journey of charities in the sector.
- Identify growth opportunities in the NPO space.
- Find out which value-added services are in demand.
Key Topics Covered:
- Executive Summary
- Non-Profit Organization Landscape
- Product Uptake and Packages
- The Purchasing Journey
- Providers and Switching
- Future Market
Company Coverage:
- Benefact Group
- Nationwide
- Zurich
- Aviva
- AXA
- Hiscox
- Ecclesiastical
- Zixty
- Lemonade
- Access Insurance
- Endsleigh Insurance
For more information about this report visit https://www.researchandmarkets.com/r/asi3uj
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