Global UK SME insurance Market Overview:
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 | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
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
Competitive Landscape:
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.
Some of the key players profiled in the report are 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). Considering Market by Agent, the sub-segment i.e. Bancassurance will boost the UK SME insurance market. Considering Market by Coverage Type, the sub-segment i.e. Short Term will boost the UK SME insurance market. Considering Market by End User, the sub-segment i.e. Contractors & Construction will boost the UK SME insurance market.
Latest Market Insights:
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.
What Can be Explored with the UK SME insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global UK SME insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in UK SME insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global UK SME insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in UK SME insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Consulting Companies and Advisers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.