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UK SME Insurance Market Report- Growth Dynamics and Opportunities | TUI, Marston’s, Pret a Manger

ReportsnReports added UK SME Insurance Market Research Report created by Report Consultant, which offers detailed insights, revenue details, and other information regarding the global market, and the various trends, drivers, restraints, opportunities, and market till 2028. UK SME Insurance Market Report offers detailed information regarding the leading key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. UK SME Insurance Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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The UK SME market generated approximately £8.3bn in gross written premiums (GWP) in 2019, growing marginally by 1.0%. With a hardening insurance market we would have expected to see more significant premium growth in 2020. However, due to the COVID-19 pandemic the SME insurance market is expected to contract by 4.7% in 2020, mainly driven by the government-imposed lockdown for the majority of Q2. As the year draws to a close, coronavirus cases are on the rise again, with countrywide lockdowns enforced across the UK threatening the partial recovery seen in Q3.

This report analyzes the UK SME insurance market. Economic factors including GDP growth, SME business confidence, and unemployment rates are explored in relation to the UK business landscape. Growth in the number of SMEs is explored by business size and industry. The SME market is discussed in relation to the uptake of commercial insurance. Finally, an estimate of the current and historic market size is provided, in addition to a five-year forecast.

Scope of this Report-
– The SME insurance market is expected to contract in 2021 before returning to growth in 2022.
– In 2024, the market is expected to generate £8.9bn in GWP.
– 11.4% of SMEs canceled at least one insurance policy as a result of the coronavirus pandemic.

Reasons to Buy this Report-
– Be aware of the significance of SMEs within the commercial insurance market and how they are influenced by the UK economy.
– Adapt your strategy and ensure you remain competitive by understanding the opportunities for growth within the SME insurance market.
– Recognize the challenges the SME insurance market faces.
– See GlobalData’s forecasts for the SME market.

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Table of Contents
1. Executive Summary
1.1 COVID-19 has reversed years of growth
1.2 Key findings
1.3 Critical success factors
2. The Shape of the UK SME Space
2.1 Introduction
2.2 SMEs account for the vast majority of UK businesses
2.3 Macroeconomic impact on the SME market
2.4 UK GDP is set to drop substantially in 2020
2.5 Fallout from COVID-19 remains businesses’ key concern
3. The UK SME Insurance Market
3.1 The commercial insurance market grew marginally in 2019
3.2 COVID-19 has caused SMEs to cancel policies
3.3 Penetration rates have fallen across a number of insurance lines
3.4 Larger SMEs are more likely to hold every type of insurance
4. The Future of the UK SME Insurance Market
4.1 SME GWP is expected to fall by 4.7% in 2020
5. Appendix
5.1 Abbreviations and acronyms
5.2 Definitions
5.3 Methodology
5.4 Secondary sources
5.5 Further reading