2013-01-29 14:38:20 - Recently published research from Datamonitor, "UK SME Insurance 2012", is now available at Fast Market Research

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.


Full Report Details at
- www.fastmr.com/prod/531066_uk_sme_insurance_2012.aspx


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%

* 99.9% of UK businesses are SMEs, representing 48.8% of total turnover
* Micro-enterprises have been the predominant growth sector driving the number of UK businesses

* Company registrations continue to grow while liquidations saw a decline from Q2 2012

* New company registrations have grown year-on-year since 2009-10
* Company liquidations slowed from Q2 2012 but businesses continue to face uncertainty

* Construction remains the largest SME market industry

* 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 AND OPPORTUNITIES
* Introduction
* 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
* Brokers expect SME insurance rates to rise modestly in 2013
* The SME insurance market's GWP is forecast to reach over GBP6.5bn in 2016

* Liability insurance is the most commonly purchased insurance by SMEs

* SME insurance needs vary depending on business size and complexity of trade risk
* Liability insurance, as compulsory cover for employees, is held by 72% of SMEs
*

Full Table of Contents is available at:
-- www.fastmr.com/catalog/product.aspx?productid=531066&dt=t

About Datamonitor

The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at www.fastmr.com/catalog/publishers.aspx?pubid=1002

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

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