Summary
The UK SME insurance market has continued to grow. In 2015, the market
was worth £7.7bn in gross written premiums (GWP), up 12.1% year-on-year. This
has been driven by a growing economy, which has facilitated increases in the
number of SMEs in the UK and consequently the opportunity to sell commercial
insurance.
Synopsis
Verdict Financial's “UK SME Insurance: Market Dynamics and Opportunities
2016” 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's 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.
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Here @ http://www.radiantinsights.com/research/uk-sme-insurance-market-dynamics-and-opportunities-2016
Key Findings
- Micro businesses account for 95.5% of UK private sector enterprises
and 18.1% of generated turnover.
- Uptake of cyber insurance and directors and officers liability
insurance has risen by 11.6 and 10.5 percentage points respectively since 2014.
- 38.0% of SMEs are concerned about an event that would stop them
trading.
- The UK SME insurance market is forecast to be worth £9.04bn in 2020.
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