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SME Insurance in the UK - Key Trends and Opportunities to 2018

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Date: 31-Mar-2015
No. of pages: 69
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Synopsis

This report is the result of extensive research on SME and commercial insurance in the UK, covering the market dynamics, competitive landscape and consumer perspectives through insights and forecasts. It also discusses key products and distribution channels, and gives an overview of the leading companies in the category, along with details of their performance.

Summary


  • The report provides market analysis and insights into the UK SME insurance business.

  • It also provides a snapshot of market size and market dynamics.

  • The report discusses key drivers, distribution channels and the outlook for the market.

  • Furthermore, it summarizes deals, news and regulatory developments in the category.


Scope

  • This report provides a comprehensive analysis of the SME insurance market in the UK.

  • It provides historical values for the UK commercial insurance market for the report's 2009-2013 review period.

  • It offers analysis and outlooks of SME insurance distribution channels.

  • It provides an overview of market dynamics and market drivers.

  • It profiles top commercial insurers in the UK and outlines their performances.


Reasons To Buy

  • Gain an understanding of the UK SME insurance market.

  • Learn about the performance of market drivers, distribution channels and market dynamics.

  • Explore key competitors in the category and their performances.

  • Find out more on key regulations and recent developments in the market.


Key Highlights

  • The SME insurance market grew in 2009-2013, alongside all business insurance lines.

  • SME insurance market drivers demonstrate future market potential.

  • Distribution in the category is broker-dominated, but challenged by changes.

  • RSA, Aviva and QBE are the market leaders of the main commercial insurance lines.

  • Insurance providers need a proper digital mindset.

SME Insurance in the UK - Key Trends and Opportunities to 2018

Table of Contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Market Analysis
3.1 Market Background and Introduction
3.2 Market Size
3.2.1 Commercial motor
3.2.2 Commercial property
3.2.3 Commercial liability
3.2.4 Commercial lines - penetration and density
3.2.5 SME insurance market estimates
3.3 Market Drivers
3.4 Distribution Channels
3.4.1 Distribution outlook
3.5 Market Outlook

4 Competitive Landscape
4.1 Market Shares and Performances at Company Level
4.1.1 Commercial motor at company level
4.1.2 Commercial property at company level
4.1.3 Commercial liability at company level
4.2 SME Insurance - SWOT Analysis

5 Product Innovation, News and Deals
5.1 AXA Introduces Web-Based Claims Tracking Tool for Brokers
5.2 Allianz Launches Complete PI E-Traded Product
5.3 AXA Partners with Applied Systems to Market SME Products
5.4 Britain's Small Businesses Fail to Embrace the Digital Age
5.5 Aviva Rolls out BacktoBetter Service to SME Clients
5.6 Trade Direct to Unveil ECS-Backed Liability Products
5.7 RSA and Allianz Collaborate with Una Alliance on SME Package

6 Regulation and Compliance
6.1 Regulatory Framework
6.2 Regulatory Changes
6.2.1 Consumer Insurance (Disclosure and Representations) Act
6.2.2 Health Care and Associated Professions (Indemnity Arrangements) Order 2013
6.2.3 The MoJ online portal extension
6.2.4 EU food labeling regulation
6.3 Upcoming Regulation
6.3.1 Riots Damage Act reform
6.3.2 Insurance Bill
6.3.3 Solvency II
6.3.4 Senior Insurance Managers Regime

7 Economic Backdrop
7.1 Real GDP growth
7.2 Demographics
7.3 Labor Market and Household Spending Power
7.4 Business Lending and Performance
7.5 Inflation and Interest Rates

8 Company Profiles
8.1 Ageas (UK) Ltd - Company Overview
8.1.1 Ageas (UK) Ltd - key facts
8.1.2 Ageas (UK) Ltd - main products
8.1.3 Ageas (UK) Ltd - main competitors
8.1.4 Ageas (UK) Ltd - key employees
8.2 AIG Europe Ltd - Company Overview
8.2.1 AIG Europe Ltd - key facts
8.2.2 AIG Europe Ltd - main products
8.2.3 AIG Europe Ltd - main competitors
8.2.4 AIG Europe Ltd - key employees
8.3 Allianz Plc - Company Overview
8.3.1 Allianz Plc - key facts
8.3.2 Allianz Plc - main products
8.3.3 Allianz Plc - main competitors
8.3.4 Allianz Plc - key employees
8.4 Aviva Plc - Company Overview
8.4.1 Aviva Plc - key facts
8.4.2 Aviva Plc - main products
8.4.3 Aviva Plc - main competitors
8.4.4 Aviva Plc - key employees
8.5 AXA UK Plc - Company Overview
8.5.1 AXA UK Plc - key facts
8.5.2 AXA UK Plc - main products
8.5.3 AXA UK Plc - main competitors
8.5.4 AXA UK Plc - key employees
8.6 Direct Line Insurance Group Plc - Company Overview
8.6.1 Direct Line Insurance Group Plc - key facts
8.6.2 Direct Line Insurance Group Plc - main products
8.6.3 Direct Line Insurance Group Plc - main competitors
8.6.4 Direct Line Insurance Group Plc - key employees
8.7 National Farmers Union Mutual Insurance Society - Company Overview
8.7.1 National Farmers Union Mutual Insurance Society - key facts
8.7.2 National Farmers Union Mutual Insurance Society - main products
8.7.3 National Farmers Union Mutual Insurance Society - main competitors
8.7.4 National Farmers Union Mutual Insurance Society - key employees
8.8 QBE Insurance (Europe) Ltd - Company Overview
8.8.1 QBE Insurance (Europe) Ltd - key facts
8.8.2 QBE Insurance (Europe) Ltd - main products
8.8.3 QBE Insurance (Europe) Ltd - main competitors
8.8.4 QBE Insurance (Europe) Ltd - key employees
8.9 Royal & Sun Alliance Insurance Plc - Company Overview
8.9.1 Royal & Sun Alliance Insurance Plc - key facts
8.9.2 Royal & Sun Alliance Insurance Plc - main products
8.9.3 Royal & Sun Alliance Insurance Plc - main competitors
8.9.4 Royal & Sun Alliance Insurance Plc - key employees
8.10 Zurich Insurance Plc - Company Overview
8.10.1 Zurich Insurance Plc - key facts
8.10.2 Zurich Insurance Plc - main products
8.10.3 Zurich Insurance Plc - main competitors
8.10.4 Zurich Insurance Plc - key employees

9 Statistics
9.1 Review Period 2009-2013

10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: The UK - Types of SME Insurance
Table 3: The UK - Examples of Organizations with Professional Indemnity Requirements
Table 4: The UK - SME Insurance - SWOT Analysis
Table 5: Ageas (UK) Ltd - Key Facts
Table 6: Ageas (UK) Ltd - Main Products
Table 7: Ageas (UK) Ltd - Key Employees
Table 8: AIG Europe Ltd - Key Facts
Table 9: AIG Europe Ltd - Main Products
Table 10: AIG Europe Ltd - Key Employees
Table 11: Allianz Plc - Key Factc
Table 12: Allianz Plc - Main Products
Table 13: Allianz Plc - Key Employees
Table 14: Aviva Plc - Key Facts
Table 15: Aviva Plc - Main Products
Table 16: Aviva Plc - Key Employees
Table 17: Axa UK Plc - Key Facts
Table 18: Axa UK Plc - Main Products
Table 19: Axa UK Plc - Key Employees
Table 20: Direct Line Insurance Group Plc - Key Facts
Table 21: Direct Line Insurance Group Plc - Main Products
Table 22: Direct Line Insurance Group Plc - Key Employees
Table 23: National Farmers Union Mutual Insurance Society - Key Facts
Table 24: National Farmers Union Mutual Insurance Society - Main Products
Table 25: National Farmers Union Mutual Insurance Society - Key Employees
Table 26: QBE Insurance (Europe) Ltd - Key Facts
Table 27: QBE Insurance (Europe) Ltd - Main Products
Table 28: QBE Insurance (Europe) Ltd - Key Employees
Table 29: Royal & Sun Alliance Insurance Plc - Key Facts
Table 30: Royal & Sun Alliance Insurance Plc - Main Products
Table 31: Royal & Sun Alliance Insurance Plc - Key Employees
Table 32: Zurich Insurance Plc - Key Facts
Table 33: Zurich Insurance Plc - Main Products
Table 34: Zurich Insurance Plc - Key Employees
Table 35: The UK - SME Insurance (GBP Thousand), 2009-2013

List of Figures

Figure 1: The UK - Number of Private Sector Businesses by Legal Status, Start of 2014
Figure 2: The UK - Number of Private Sector Businesses, 2000-2014
Figure 3: The UK - Private Sector Key Figures by Business Size, Start of 2014
Figure 4: The UK - SME Key Figures by Size of Business, Start of 2014
Figure 5: The UK - SME Key Figures, Selected Business Lines, Start of 2014
Figure 6: The UK - Commercial Motor Insurance - Gross Written Premium, 2009-2013
Figure 7: The UK - Commercial Property Insurance - Gross Written Premium, 2009-2013
Figure 8: The UK - Commercial Liability Insurance - Gross Written Premium, 2009-2013
Figure 9: The UK - Commercial Insurance Penetration Rates, 2009-2013
Figure 10: The UK - Commercial Insurance Density (per Business), 2009-2013
Figure 11: The UK - SME Insurance - Gross Written Premiums (Estimates), 2009-2013
Figure 12: The UK - Number of SMEs, 2000-2014
Figure 13: The UK - Change in the Number of Private Sector Businesses, 2000-2014
Figure 14: The UK - Birth and Survival of Private Sector Businesses, 2009-2013
Figure 15: The UK - SME Turnover Value and Market Share, Start of 2011-2014
Figure 16: The UK - Business Confidence Monitor, 2008-2015
Figure 17: The UK - Market Shares (GWP) of the 10 Largest Commercial Motor Insurers, 2013
Figure 18: The UK - Market Shares (GWP) of the 10 Largest Commercial Property Insurers, 2013
Figure 19: The UK - Market Shares (GWP) of the 10 Largest Commercial Liability Insurers, 2013
Figure 20: The UK - Insurance Regulatory Framework
Figure 21: The UK - Real GDP Growth, 2009-2018
Figure 22: The UK - Demographics, 1995-2013
Figure 23: The UK - Labor Market, 2004-2014
Figure 24: The UK - Average Weekly Earnings, 2004-2013
Figure 25: The UK - Financial Institutions' Net Lending to Non-financial Businesses, 2005-2014
Figure 26: The UK - Construction Output, 2005-2014
Figure 27: The UK - Manufacturers' Product and Retail Sales, 2005-2014
Figure 28: The UK - Consumer Price Index Headline, 2004-2014
Figure 29: The UK - Bank of England Interest Rate, 2003-2014

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