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UK SME Insurance 2011
Datamonitor, Dec 2011, Pages: 97
The small and medium-sized enterprise (SME) market is very competitive and is currently evolving as the commoditized personal lines market starts to influence and shape it with the development of electronic trading and online distribution channels. This report explores the issues affecting the market and highlights the leading insurers.
Scope:
- Detailed SME research into buying behaviour, insurance needs, and industry differences.
- Data on the top insurers per line of business and distribution channel was used.
- Analysis of how e-trading is evolving in this market.
- Estimated market size and five year forecast.
Highlights:
- With the growth in insurance knowledge and the availability of information and online services SMEs are beginning to choose different routes to purchase their insurance other than the traditional broker route.
- Brokers service the majority of SMEs with 57.5% of those surveyed purchasing through this route. SMEs buying directly from an insurer are growing in strength and now account for 29.6%, with banks pulling in just over 5%. The area to watch is the number of SMEs now going to price comparison sites.
- Of the 250 commercial brokers surveyed, 17.8% named Aviva as their main insurer for their packaged business. This was followed by Allianz, with 12.3% of brokers placing the largest part of their SME book with this insurer. AXA and NIG take third and fourth place respectively with 7.8% and 7.3% of brokers, while the best of the rest is RSA.
Reasons to buy:
- How many SMEs purchase insurance through a price comparison site?
- Who is the leading SME insurer?
- How many SMEs are switching insurance provider?
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