{"product_id":"united-kingdom-uk-sme-insurance-market-dynamics-and-opportunities-2021","title":"United Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2021","description":"\u003cp\u003eUnited Kingdom (UK) SME Insurance - Market Dynamics and Opportunities 2021\u003c\/p\u003e\n\n\u003cp\u003eSummary\u003c\/p\u003e\n\n\u003cp\u003eThe UK SME market generated approximately GBP0.9 billion in gross written premiums (GWP) in 2020, growing significantly by 13.8%. Premiums hardened considerably in 2020 and 2021, which was the sole reason for such strong premium growth. Insurers were unable to grow the volume of policies, as SME numbers declined and penetration rates fell across most product lines. Although SME numbers rose in 2020, a notable proportion were using the furlough scheme and were therefore unlikely to renew policies.\u003c\/p\u003e\n\n\u003cp\u003eThis report looks at the state of the UK’s SME insurance market. It sizes the market in 2021 and forecasts future gross written premiums until 2025. It analyzes the macroeconomic factors that influence the space. The report also uses our UK SME Insurance Survey data to analyze SMEs’ attitudes to insurance and the key factors impacting the market in 2021 and beyond.\u003c\/p\u003e\n\n\u003cp\u003eScopeThe number of SMEs in the UK declined by 6.5% in 2021.Loss of business due to coronavirus remains SMEs’ biggest concern, with 36.2% either very or extremely concerned.Key products such as public and employers’ liability saw penetration rates drop considerably from 2019 to 2021 due to the COVID-19 pandemic.Reasons to BuyLearn about the significance of SMEs within the commercial insurance market and how they are influenced by the UK economyIdentify the effects of COVID-19 on the UK SME insurance spaceDiscover GlobalData’s forecasts for the marketRecognize the challenges faced by UK SMEsIdentify growth opportunities in the SME space\u003c\/p\u003e","brand":"Service Industrries","offers":[{"title":"March, 2022 \/ 47 Pages \/ MCW16273808","offer_id":47712707150130,"sku":null,"price":6300.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/united-kingdom-uk-sme-insurance-market-dynamics-and-opportunities-2021","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}