2013-01-16 16:04:49 - New Financial Services research report from Datamonitor is now available from 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. www.fastmr.com/prod/531064_uk_sme_insurance_2012_market_dynamics ..
* Target prospects emerging from shifts in the shape of the SME market and changes in product penetration rates.
* Develop strategies to attack opportunities arising from the key concerns of SMEs.
Director's and officers' liability insurance saw a marked increase in purchase rates between 2011 and 2012 according to Datamonitor research, suggesting an opportunity for insurers to expand in the market.
Full Report Details at
Damage to business reputation and customer data loss are the key concerns for SMEs, providing a great opportunity for cyber insurance products targeted at this market.
Reasons to Get this Report
* How large is the SME insurance market and what potential business can be won by business size segment?
* What insurance opportunities are emerging from the concerns of SMEs or growth in particular trade sectors?
Partial Table of Contents:
THE MARKET DEFINED
* 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
* 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
* SMEs within manufacturing and construction sectors are most likely to purchase public liability insurance
* Many SMEs lack adequate business continuity cover
* Opportunities arise from shifts in SME business concerns and purchasing behavior
* Purchase of SME insurance from the direct channel is increasing in popularity
* The key SME fears demonstrate a strong opportunity for expansion of cyber liability insurance
* Underinsurance is not a major concern for SMEs, limiting insurers' ability to highlight this issue
* Banks/building societies
* Price comparison websites
* Utilities/retailers/affinity groups
* Earned premiums
* Gross premium
* Written premiums
* Small and medium-sized enterprise (SME)
* Datamonitor's 2012 SME Insurance Survey
* Datamonitor's 2012 Commercial Broker Survey
* Further reading
* Ask the analyst
* Table: Profile of UK enterprises by volume, employee numbers, and turnover, 2012
* Table: Number of new enterprises registered at Companies House, April 2007 to March 2012
* Table: England and Wales company insolvencies, 2006-Q3 2012
* Table: UK SMEs by industry sector split
* Table: Total SME market GWP, by segment (GBP000s), 2012
* Table: UK SME insurance forecast GWP (GBP000s) and growth rate 2011e-16f
* Table: SME key business concerns, 2012
* Figure: The number of UK enterprises saw its strongest growth in 2012 since the flat-line of 2008
* Figure: Large companies account for only 0.1% of registered private enterprises
* Figure: Only the number of micro-enterprises has seen year-on-year growth since 2009
* Figure: The growth in new company registrations in 2011/12 suggests that the economy is recovering
* Figure: After an increase in insolvencies in 2011, the second half of 2012 saw a marked improvement
* Figure: Brokers predict small rate increases in SME insurance over the next 12 months
* Figure: The SME insurance market's GWP is forecast to reach over GBP6.5bn in 2016
* Figure: Liability insurance is the most commonly bought cover by SMEs, followed by property
* Figure: SMEs within the manufacturing industry are the best target for public liability insurance
* Figure: Less than a quarter of SME respondents hold BI insurance
* Figure: Many SMEs depend on key individuals but lack cover for the possibility of their being incapacitated
* Figure: Growth in the direct channel in 2012 has been to the detriment of brokers
Full Table of Contents is available at:
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