About UK SME insurance
SME Insurance is a legally binding contract between the insured and the insurer signed by both parties. In return for the premium paid by the insured, it plays a role in compensating the insured for the monetary loss suffered by the insured. Therefore, small business insurance is a type of insurance provided to small businesses to reduce their liability in case of unforeseen events that may damage their property, property and entire organization. Government support around the world for insurance and small businesses will accelerate growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
UK SME Insurance Market is a fragmented market due to the presence of a large number of established competitors. Key players focus on innovating and developing new strategies to maintain their market position and customer base. The company is also planning strategic activities such as partnerships, collaborations, mergers, and acquisitions that help it maintain its position in the market and maintain its competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Adler Insurance (United Kingdom), ACORD (United Kingdom), Admiral (United Kingdom), Adrian Flux (United Kingdom), Ageas (United Kingdom), Cobra Network (United Kingdom), Axiom Underwriting (United Kingdom), Cardiff Pinnacle (United Kingdom), Centrica (United Kingdom), Direct Line (United Kingdom) and Highway Insurance Holdings (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global UK SME insurance market by Type (Property Insurance, Public Liability Insurance, Business Interruption Insurance, Workers Compensation Insurance, Goods in Transit Insurance and Others) and Region.
On the basis of geography, the market of UK SME insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Agent, the sub-segment i.e. Bancassurance will boost the UK SME insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage Type, the sub-segment i.e. Short Term will boost the UK SME insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Contractors & Construction will boost the UK SME insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Government Support around the Globe for Insurance and Small Businesses
Market Growth Drivers:
Rising Level of Business Uncertainty, Rise In Fire and Theft Losses and More Customers Lean Towards Purchase and Find Insurance Products on Online Platforms
Challenges:
High Risk of Declining Penetration As SME Numbers Continue To Fall and Businesses Cut Spending With Tight Budgets
Restraints:
Denials of Claims and Slow Payments as Claims Takes Time to Process, SME Owners Facing Access to Funding, Harassment by Government Officials and Rising Insufficient Business Management Skills
Opportunities:
Increasing Product Innovation, Multi-Distribution, and Better Claims Management
Market Leaders and their expansionary development strategies
In September 2022, eBaoTech Corporation (Ageas), a global digital solutions provider for the insurance industry, chose eBaoTech's InsureMO platform for digital transformation as part of the group's Impact24 strategy to explore and invest in new growth engines. Features that complement Ageas' strengths and keep the company competitive in the future. Ageas Group will leverage its insurance PaaS platform, InsureMO, to enable growth through B2B2C channels while improving systems and operational agility, increasing ecosystem connectivity and taking technology capabilities to the next level.
In May 2022, Cogitate, a leader in accelerating digital insurance for wholesale brokers, MGAs, and carriers, acquired Axiom, a provider of claims and software for property and casualty insurance. It provided Cogitate with a full-stack, cloud-native digital underwriting, and billing solution within the Digital Edge insurance platform.
Key Target Audience
Consulting Companies and Advisers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.