United Kingdom (UK) SME Insurance Market Size, Trends, Competitor Dynamics and Opportunities

1.1. The leading players have a strong hold on SME insurance, but competition is building behind them
1.2. Key findings
1.3. Critical success factors

2.1. The number of SMEs has declined since the pandemic, but they remain the mainstay of the business landscape
2.2. SME insurance uptake: The penetration of most products recovered over 2022
2.3. Packaged insurance policies are popular, particularly among small and medium businesses

3.1. The top four providers maintained their market positions in 2022
3.2. Leading providers for brokers: Aviva tops broker selection
3.3. Leaders in bancassurance: Barclays continues to dominate

4.1. The top three providers’ NPSs vary appreciably by product
4.2. AXA: The market leader continued to invest heavily in the UK SME space in 2022
4.3. Aviva: The insurer enjoys strong growth of its SME business
4.4. Zurich: Seeking growth from the SME segment

5.1. Legal advice is the most accessed service, but the greatest opportunities lie in business strategy and marketing support
5.2. The larger the business, the greater the demand for value-added services
5.3. The demand for value-added services varies considerably by sector

6.1. Supplementary data
6.2. Abbreviations and acronyms
6.3. Definitions
6.4. Methodology
6.5. Secondary sources
6.6. Further reading

• About the Publisher
• Contact the Publisher

Table 1: The number of SMEs in the UK private sector by business size, 2012-22
Table 2: Top three players’ market shares by product line, 2022
Table 3: The breakdown of NPSs for the top three providers for key products 2022
Table 4: SMEs’ 2022 outlook on value-added services by business size

Figure 1: The uptake of insurance policies by SMEs recovered in 2022
Figure 2: Over 70% of medium businesses bought insurance through a package in 2022
Figure 3: Over 60% of employers’ liability and business interruption policies are bought through a package
Figure 4: AXA, Aviva, and Zurich remain the top three providers of SME insurance
Figure 5: Visually comparing the top five providers for each product demonstrates the dominance of AXA and Aviva
Figure 6: Brokers account for over 45% of SME policy sales
Figure 7: Brokers place the most business for non-packaged SME insurance with Aviva
Figure 8: Brokers place the most business for packaged SME insurance with Aviva
Figure 9: SMEs continue to choose Barclays for SME insurance products over other banks
Figure 10: The top three providers show a mixed performance by product in terms of their NPSs
Figure 11: Legal and financial advice are the most sought-after value-added services
Figure 12: The uptake of legal and financial advice increases with the size of the business
Figure 13: Demand for business strategy advice varies considerably by sector
Figure 14: Top five players’ shares of respondents for 16 different commercial products (sole traders)
Figure 15: Top five players’ shares of respondents for 16 different commercial products (micro-size businesses)
Figure 16: Top five players’ shares of respondents for 16 different commercial products (small-size businesses)
Figure 17: Top five players’ shares of respondents for 16 different commercial products (medium-size businesses)