United Kingdom Commercial Insurance Distribution Dynamics by Channels and Future Market, 2023 Update

1.1 Market overview
1.2 Key findings
1.3 Critical success factors

2.1 Brokers continue to dominate the commercial space in 2022

3.1 The broker landscape is dominated by global firms
3.2 Cross-selling and upselling is the most popular growth strategy
3.3 Uptake of additional services remains low in 2023
3.4 An uncertain macroeconomic climate is worrying brokers and SMEs

4.1 The direct channel is responsible for a significant share of business
4.2 The banking channel has a negligible share of distribution in 2022

5.1 Brokers will continue to be the market leader
5.2 Commercial insurance distribution going forward

6.1 Abbreviations and acronyms
6.2 Definitions
6.3 Methodology
6.4 Secondary sources
6.5 Further reading

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Table 1: Growth strategies utilized by UK brokers, 2023
Table 2: Selected banks and their insurance provider partners

Figure 1: Brokers remain the dominant distribution channel for commercial insurance in 2022
Figure 2: We estimate that brokers accounted for GBP22.0 billion in GWP in commercial lines in 2022
Figure 3: The volume of commercial GWP has generally increased for brokers in 2022
Figure 4: There is more competition within the SME space
Figure 5: The majority of SMEs purchase insurance online
Figure 6: Marsh’s remains market leader as revenues increase to GBP1.47 billion
Figure 7: Cross-selling and upselling is the most popular growth strategy
Figure 8: National brokers are increasingly partnering with insurtechs
Figure 9: Super-regional brokers are increasingly adopting additional services, yet uptake remains low
Figure 10: Provincial brokers are least likely to adopt new technologies into their service offering
Figure 11: Super-regional brokers are increasingly adopting new service features in 2023
Figure 12: National brokers are better placed to adopt new services
Figure 13: Brokers are worried about the tough macroeconomic environment
Figure 14: We expect brokers to increase their share of distribution over the forecast period
Figure 15: Cyber insurance cancellations remained a key issue in 2022
Figure 16: The majority of sole traders believe their company will not be a target of a cyberattack