Report Detail
UK SME Insurance: Competitor Dynamics 2019
- RnM3881630 |
- 14 February, 2020 |
- United Kingdom |
- 42 Pages |
- GlobalData |
- Financial Services
UK SME Insurance: Competitor Dynamics 2019
Summary
AXA remains the market leader in the competitive SME insurance space. However, Aviva’s share of the market is smaller only by a fraction, as each competitor now leads in six product categories. One of the reasons for their success is strong relationships with brokers, who are critical in the distribution of commercial insurance. But both providers lost market share in 2019 as smaller insurers have started to expand their mark on the market.
The pressure from nimble providers will increase, and delivering simple and tailored products will be key to succeed in the long term. Yet Brexit may prove beneficial to the market leaders. Big insurers are better positioned to sustain financial pressures and economic uncertainty, while challengers can be discouraged from taking risks and making significant investments.
This report looks at which insurers lead the way in the SME segment and how they are developing their propositions, as well as highlighting how competitor positions vary between micro, small, and medium enterprises. It examines which insurers are winning over brokers and which companies SMEs are placing their business with.
Scope
- AXA led the SME insurance market in 2019 with a 0.2 percentage point (pp) lead over Aviva.
- Zurich is attracting and retaining customers through better services delivery.
- The company now accounts for 5.6% of the SME insurance market.
- Barclays continues to profit from its SME banking relationships, holding 3.5% of the SME insurance market.
- Aviva is the top SME insurer among brokers in both packaged and non-packaged insurance.
Reasons to buy
- Identify trends that are driving changes in the SME insurance market.
- Assess the financial performance of competitors.
- Identify distribution strategies to ensure yours still fits customer purchasing behaviors.
Table of Contents
1. EXECUTIVE SUMMARY
- 1.1. The SME insurance market remains extremely competitive
- 1.2. Key findings
- 1.3. Critical success factors
2. THE SHAPE OF THE SME INSURANCE MARKET
- 2.1. Introduction
- 2.2. Aviva is brokers’ first choice for SME insurance
- 2.2.1. Aviva leads the packaged broker insurance market
- 2.2.2. Aviva also leads non-packaged SME insurance in the broker space
- 2.3. AXA is the overall leader in the SME insurance market
- 2.3.1. AXA and Aviva are losing market share to smaller players as competition tightens
- 2.3.2. Product specialization allows insurers to challenge the market leaders’ dominance
- 2.3.3. Barclays leads bancassurance
3. TOP FIVE INSURERS BY PRODUCT LINES
- 3.1. Top five players for business interruption insurance
- 3.2. Top five players in directors and officers liability insurance
- 3.3. Top five players in employers’ liability insurance
- 3.4. Top five players for key man insurance
- 3.5. Top five players for personal accident and business travel insurance
- 3.6. Top five players for property insurance
- 3.7. Top five players for professional indemnity insurance
- 3.8. Top five players for public liability insurance
- 3.9. Top five players for private medical insurance
- 3.10. Top five players for cyber insurance
- 3.11. Top five players for commercial vehicle insurance: company cars -single
- 3.12. Top five players for commercial vehicle insurance: company cars - fleet
- 3.13. Top five players for commercial vehicle insurance company vans - single
- 3.14. Top five players for commercial vehicle insurance: company vans - fleet
- 3.15. Top five players for commercial vehicle insurance: other - single
- 3.16. Top five players for commercial vehicle insurance: other - fleet
4. KEY PLAYERS IN THE UK SME INSURANCE
- 4.1. The SME segment is key to AXA’s growth strategy
- 4.1.1. AXA reorganized its SME servicing activities in 2019
- 4.1.2. AXA is well positioned to capitalize on the demand for cyber insurance
- 4.2. Aviva is focusing on digital services
- 4.3. Barclays provides Brexit advice for SMEs
- 4.4. Bupa Global launched the Global Virtual Care digital GP service
5. TOP INSURERS BY NET PROMOTER SCORE
- 5.1. Zurich establishes itself as a top player through it NPS
- 5.2. Aviva’s NPS could further close the gap with AXA
6. APPENDIX
- 6.1. Abbreviations and acronyms
- 6.2. Definitions
- 6.2.1. SME
- 6.3. Methodology
- 6.3.1. GlobalData’s UK SME Insurance Survey
- 6.3.2. GlobalData’s UK Commercial Broker Survey
- 6.4. Secondary sources
Summary:
Get latest Market Research Reports on UK SME Insurance: Competitor Dynamics 2019. Industry analysis & Market Report on UK SME Insurance: Competitor Dynamics 2019 is a syndicated market report, published as UK SME Insurance: Competitor Dynamics 2019. It is complete Research Study and Industry Analysis of UK SME Insurance: Competitor Dynamics 2019 market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.
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