United Kingdom (UK) SME Insurance Competitor Dynamics 2021

United Kingdom (UK) SME Insurance Competitor Dynamics 2021

Summary

This report identifies which insurers lead the way in the SME segment and examines how they are developing their propositions, while also highlighting how competitor positions vary between micro, small, and medium enterprises. It reveals which insurers are winning over brokers and with which companies SMEs are placing their business. Data is sourced primarily from GlobalData’s UK SME Insurance surveys.

Accounting for 99.9% of all companies, SMEs are a critical part of the UK’s business landscape. As a result, they are a key target group for many commercial insurers. The COVID-19 pandemic has been tough on the segment, with a notable decline in the number of businesses operating and a slight reduction in insurance penetration levels. From an insurance perspective, AXA, Aviva, and Zurich retain their positions as the top three providers, but the competition behind them is intensifying, with providers such as NFU Mutual making a strong play in the micro-business space.

Scope AXA continues its reign as the SME insurance market leader with a share of 8.2%, but Aviva is hot on its heels with a share of 8.0%. The broker channel is a particular strength for Aviva, which is the number one choice of brokers for SME cover. Aviva outperforms the other top-three providers in terms of Net Promoter Scores (NPS) for the four most commonly held products. For example, it scores 56.1 for property insurance compared to 41.3 for Zurich and 40.2 for AXA. Legal advice is the most in-demand value-added service with 20.8% of SMEs accessing legal advice, while 25.2% would like to do so.Reasons to Buy Identify UK SME insurance market leaders. Learn the providers of choice for SME insurance among brokers. Discover the strategies and NPSs of the top SME insurers. Identify growth opportunities in the SME space. Discover value-added services that are in demand.