SME Insurance 2015 17 Nov 2015
SME Insurance 2015

£5,000 + VAT

This report follows on from previous YouGov Reports publications – SME Insurance 2013 and SME Insurance 2014, continuing to examine the motivations, experiences and opinions of senior decision-makers in UK SMEs (small and medium-sized enterprises) when buying commercial insurance. SMEs need insurance, suggesting significant opportunity for insurers and brokers to sell their products to new customers. SME Insurance 2015 identifies areas of potential opportunity to increase businesses’ perceptions of value and increase engagement with insurers and brokers. It examines the market size for SME insurance and looks at general attitudes towards insurance, allowing stakeholders to benefit from the insight provided, better identifying salient issues and positioning themselves more efficiently in order to grow market share.

For this report, YouGov Reports used a pre-screened sample which has determined respondents’ employment status and managerial level, in order to draw on a random sample of 2,004 UK business managers and owners of SMEs who have responsibility for, or knowledge of, the firm’s insurance arrangements.
Report Info
Table of Contents
  • Table of Figures
  • Introduction & Scope
    • Definition of SMEs
      • SME segmentations: size
      • SME segmentations: growth phase
      • SME segmentations: industry and activity
      • Business focus
      • Business premises
      • Methodology
      • Abbreviations
  • Report Summary
    • Increasing penetration and cover the route to further market growth
      • Most SMEs are insured but few are comprehensively insured
      • One in four SMEs have their insurance misaligned with the risk they face
      • Don’t look to premium increases as a way of generating revenue
      • Keep your distance if you want to sell into the smaller SME market
      • Get smaller SMEs to open their eyes
      • A market that has experienced and will experience slow annual growth
      • Incidence of claiming has declined
  • Background
    • Key findings
      • Over 5 million SMEs
      • Little change in insurance ownership over the past year
      • Insurance ownership changes with SME age, size and focus
      • Six cover groups
      • Enthusiasm for insurance falls in 2015
      • Smaller SMEs are less likely to consider insurance as important
  • Insurance Risk
    • Key findings
      • The more risks companies face or are aware of, the more likely they are to insure
      • Risk, risk aversion and risk taking
      • Large gaps in insurance cover, especially for smaller SMEs
      • Inadequate cover is associated with a lack of review
  • Insurance Ownership: Liability Insurance
    • Key findings
      • Slight decline in the ownership of liability insurance
      • Ownership is not constrained by lack of awareness
      • Small, employment-focused, home-based businesses likely to go without cover
      • Big SMEs tend to be more likely to own insurance
      • Industry sector determines specific requirements
      • Liability insurance is often sold as part of a package
      • Average (mean) premiums rise by 3%
  • Insurance Ownership: Asset Protection Insurance
    • Key findings
      • No change in ownership of asset protection insurance
      • Larger, more established companies are more likely to own assets needing covering
      • Industrial sector drives asset ownership and insurance cover
      • Small medium cars and vans the main market for vehicle insurance
      • SMEs pay over £1,500 per year to insure their property and vehicles
  • Types of Insurance Owned: Employee Protection
    • Key findings
      • Small decline in ownership
      • Company size drives ownership
      • People businesses the most likely to insure employees
      • SMEs pay around £4,000 to cover their staff
  • Types of Insurance Owned: Financial Protection
    • Key findings
      • Few SMEs protect their money
      • The bigger the company, the greater the sums at risk
      • Money insurance popular in service industries
      • Over £3,000 paid to cover financial risks
  • Insurance: Purchase Channels
    • Key findings
      • Brokers the main channel except for vehicle and property insurance
      • Two prime methods of buying insurance
      • Complex needs call for face-to-face discussions
      • Internet sales retreat in 2015
  • Searching for and Finding the Right Deal
    • Key findings
      • Half of SMEs undertake frequent searches
      • Broker searching versus aggressive searching the main variations across markets
      • Smaller SMEs often don’t search for new deals
      • Three key information resources
      • PCWs and providers used by the most active searchers of new deals
  • Purchase Drivers
    • Key findings
      • It’s an informed choice
      • Price remains the dominant purchase driver but its influence weakens
      • Four main purchase drivers
      • Largest SMEs want to trust their provider and build a relationship
  • Provider Switching: Actions and Motivations
    • Key findings
      • SMEs are generally satisfied with their providers
      • One in three SMEs have switched in the past and 14% are planning a future switch
      • Larger, more experienced SMEs are the most likely to have switched provider
      • Saving money the main driver for switching
  • Insurance Claims
    • Key findings
      • Just over 10% of SMEs have claimed
      • Most SMEs are satisfied with the claims process
  • Market Trends
    • Key findings
      • Market growth continues but at a slower rate in 2015
      • Small rise in the number of insured SMEs
      • Hiscox, AXA and Zurich lead the liability insurance market
      • Aviva, AXA and Allianz lead the buildings and contents market
      • Aviva the largest vehicle insurance brand
  • Future Developments
    • Key findings
      • A market worth £6.6 billion in 2020
      • Just over one in 10 SMEs set to increase their cover
  • Appendix – Questionnaire
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