UK SME Non-Life Insurance Market

UK SME Non-Life Insurance Market

The SME Non-Life Insurance market size was valued at £9,615.7 Million in 2019 growing at the CAGR of 4.54% from 2020 to 2027. This growth is attributed to several macro and microeconomic factors such as

An increasing number of SMEs

In 2020, there were 6.0 million SMEs in the UK, which signifies 99% of all businesses and 77% of employees. The growth in the number of SMEs is directly related to increasing insurance requirements in SMEs. Following Brexit, small businesses are expected to witness growth due to the increasing reliance of large enterprises on suppliers within the UK, to reduce taxes. This is expected to bolster newer small businesses in the country. In 2020 the number of employees in SMEs was approximately 16 million, with a turnover of around €931 billion. Thus, the growing number of employees in SMEs is also anticipated to drive the market. Due to the covid pandemic, the demand for insurance is increasing significantly in the SME sector, leading to higher opportunities in the market.

Further several factors restraining the market growth include

Insufficient savings and financial protection

The SMEs having marginal profit or SMEs with multiple financial stands to hedge against uncertainty are expected to decrease the demand for insurance in SMEs. Further, the perception behind the insurance regarding the claim amount and the low probability of risk in business, the companies in the SME sector are expected to restrain the market growth.

Collaborations and Alliances in the SME Non-Life Insurance market is expected to generate higher avenues during the forecast period.

In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the SME Non-Life Insurance market. The pandemic has caused a decline in new orders and a corresponding decrease in production.

This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for SME Non-Life Insurances.

In terms of COVID 19 impact, the SME Non-Life Insurance market report also includes the following data points:

Impact on SME Non-Life Insurance market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in SME Non-Life Insurance market

Key Insight in the report:
The SME Non-Life Insurance market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.

Our report covers extensive competitive intelligence which includes the following data points:

Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis

SME Non-Life Insurance Market Segmentation:

Type
Micro 0-9 employees
Small 10-49 employees
Medium 50-250 employees
End User
Agriculture
Construction
Hospitality
Professional Services
Utility sector
Retail
Real Estate
Others

Key Players Analyzed in the Report:

Allianz Insurance
AXA Insurance UK
Zurich Insurance
Aviva
AIG
Liberty specialty Insurance Europe Limited
Hiscox Ltd.
Hannover Re
RSA Insurance Group
Direct Line Insurance Group

REPORT CONTENT:

High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
SME Non-Life Insurance market estimates for 2019 and forecast from 2020 to 2027
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.

Target Audience

Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the SME Non-Life Insurance market