New York 16 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, UK SME insurance industry is poised to raise USD XXX billion by 2025. With insurers increasingly seeking to grow their revenue share, the UK SME market is anticipated to witness increasing competition in the coming years. Further advances in technology has fostered the development of new products to address the niche markets more accurately. Brokers have remained the most used channel for purchasing insurance, yet their share of the SME market has decreased significantly in 2017.
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UK SME insurance Market Size study, by line of business (personal liability, cyber insurance, cargo insurance, property insurance, public liability insurance), by number of employees (insurance for 1-9 employees, insurance for 10-49, insurance for 50-249), by distribution channel (agency, broker, direct writing), and by Regional Forecasts 2017-2025
The industry is seems to be fairly competitive. Some of the leading market players include AXA, aviva, NFU mutual, Allianz, and so on. Other market players discussed in the report include direct line, hiscox, zurich, AA. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The Asia Pacific region accounted for the largest market share, more than XX% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation by around XX%
Bizwit Research & Consulting LLP has considered following segments for the study:
By line of business:
- Personal liability
- Cyber insurance
- Cargo insurance
- Property insurance
- Public liability insurance
By number of employees:
- Insurance for employees 1-9
- Insurance for employees 10-49
- Insurance for employees 50-249
By Distribution channel:
- Direct writing
- North America
- Asia Pacific
- Latin America
- Rest of the World