The battle for supremacy in the SME (small- and medium-sized enterprises) insurance market in the UK has apparently become tighter, according to new report by GlobalData.
Examining which providers are getting more business from brokers and SMEs, the
“UK SME Insurance: Competitor Dynamics 2017” report revealed not only who are leading the boards but also for which products – among the 16 listed in the survey – they are claiming market share.
Here’s what the report found:
- 13.9% of SMEs hold a commercial insurance policy with AXA.
- Aviva is close behind with 11.3%.
- Direct Line and Allianz post strength in commercial motor.
- Popular for liability products are Hiscox and Zurich.
- Allianz, Aviva, and AXA are the providers brokers place the most SME business with.
“The main story from the 2017 results is of AXA’s lead narrowing,” said GlobalData. “While Aviva’s share also fell, the margin in market shares between the two has reduced in the vast majority of the nine lines that AXA and Aviva place first and second respectively.”
The report added: “AXA remains dominant across the 16 product lines, but Aviva is closing the gap.”
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