United Kingdom (UK) SME Insurance Market Dynamics, Challenges, Growth Opportunities and Forecast, 2022-2026
The UK SME market generated approximately GBP10.5 billion in gross written premiums (GWP) in 2021, growing by 4.5%. The primary factor contributing to GWP growth was a large year-round hardening of premiums. Many insurance lines experienced significant increases in the cost of repayments due to inflation and issues with the global supply chain, which led insurers to raise premiums. In particular, property and cyber insurance saw premium prices rise. Penetration rates across most product lines increased compared to 2020, allowing insurers to grow the volume of policies sold. This was despite the number of SMEs declining in 2021.
This report looks at the state of the UK SME insurance market. It sizes the market in 2022 and forecasts future GWP until 2026. It utilizes GlobalData’s annual UK SME Insurance Survey to analyze SMEs’ attitudes to insurance. The report also explores the key factors that will impact the market in 2022 and beyond.
Scope
• The number of SMEs in the UK declined by 1.5% in 2022.
• The cost-of-living crisis is SMEs’ biggest concern, with 51.9%% either ‘very concerned’ or ‘extremely concerned.’
• The SME insurance market is estimated to have been worth GBP10.9 billion in 2022, up 4.3% on 2021.
• Business interruption insurance penetration rates showed the biggest growth in 2022, rising by 5.9 percentage points (pp). This is likely due to the impact of the Russia/Ukraine conflict.
Reasons to Buy
– Learn about the significance of SMEs within the commercial insurance market and how they are influenced by the UK economy.
– Identify the effects of the cost-of-living crisis on the UK SME insurance space.
– Discover GlobalData’s forecasts for the market.
– Recognize the challenges faced by UK SMEs.
– Identify growth opportunities in the SME market.
Key Players
Table of Contents
List of Tables
List of Figures
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