UK SME Insurance 2012: New Research Report Available At Fast Market Research

Recently published research from Datamonitor, "UK SME Insurance 2012", is now available at Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 25 January 2013

The incredibly competitive SME market is still evolving as insurers master fast-flow distribution strategies for commercial products. Considered positioning of SME propositions are vital when difficult current economic conditions and a mature market mean insurer ambitions to achieve marked growth will likely come at the cost of rivals' business.

Scope

- Target prospects emerging from shifts in the shape of the SME market and changes in product penetration rates.
- Inform your distribution strategy with an understanding of SME purchasing behavior and preferences.
- Develop strategies for attacking opportunities arising from the key concerns and needs of SMEs.
- Understand approaches taken by other insurers and their resulting performance in terms of broker selection and SME choice.

Report Highlights

Director's and officers' liability insurance saw a marked increase in purchase rates between 2011 and 2012 according to Datamonitor research, as insurers and brokers push penetration.

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A majority of SMEs continue to purchase insurance through a broker (50.5%); however, businesses are increasingly turning to direct channels (35.1%).

Aviva remained most popular with brokers placing packaged SME business in 2012, favored by 17.2% of respondents, while surveyed SMEs selected AXA as the overall provider of choice.

Reasons to Get this Report

- What insurance opportunities are emerging from the concerns of SMEs or growth in particular trade sectors?
- Which insurers are favored by SMEs in the purchase of, for example, public liability or directors' and officers' cover?
- How do SMEs approach the purchase of insurance and where in this journey can business be won?

Partial Table of Contents:

OVERVIEW
- Catalyst
- Summary

EXECUTIVE SUMMARY
- The number of enterprises at the start of 2012 grew by 5.6%

- 99.9% of UK businesses are SMEs, representing 48.8% of total turnover
- 19% of SMEs lie within the construction industry
- Administrative and support services grew its share of SME businesses by 1% in 2012

- The SME insurance market was estimated at GBP5.4bn GWP in 2011

- The economic recovery promises only a sluggish market for commercial insurers before 2016
- The SME market accounts for 35.8% of commercial insurance gross written premium
- The SME insurance market's GWP is forecast to reach over GBP6.5bn in 2016
- Many SMEs lack adequate business continuity cover
- The key SME fears demonstrate a strong opportunity for expansion of cyber liability insurance

- Purchasing insurance via direct channels is growing in popularity

- SMEs often start the purchasing process online with research
- Only 22% of SMEs purchase insurance online
- Brokers continue to be the most used channel but this is under threat from direct routes
- Over half of micro-enterprises expecting to change purchase channel will be turning to aggregators

- Legal advice is the most common additional service held and is still in high demand

- Nearly one third of SMEs have access to legal advice and a further 12% want it
- The importance attached to receiving ongoing advice from a provider increases with business size

- Brokers name Aviva the leading insurer for SME business

- 17.2% of brokers place most packaged SME business with Aviva
- AXA toppled Aviva as the most selected provider by SMEs

THE MARKET DEFINED
- Introduction
- The number of enterprises at the start of 2012 grew by 5.6%

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