UK Commercial Insurance Distribution 2024: Brokers Held an 82.8% Share of the UK Commercial Insurance Market in 2023, Highlighting their Dominance of the Distribution Landscape

Dublin, June 17, 2024 (GLOBE NEWSWIRE) — The “UK Commercial Insurance Distribution 2024” report has been added to ResearchAndMarkets.com’s offering.

This report discusses the distribution landscape of UK commercial insurance. Each channel is discussed in turn, with a particular focus on the broker channel, which dominates the space. Analysis of responses to the 2024 UK Commercial Insurance Broker Survey offers insight into brokers’ growth and digital transformation strategies going forward. The SME market is also discussed, with due consideration given to smaller businesses and their comparatively simple insurance needs.

The report finishes by providing an outlook on the future of the distribution landscape, mentioning areas for brokers to develop, growth opportunities, and upcoming insurtech companies operating in the space.

Brokers held an 82.8% share of the UK commercial insurance market in 2023, highlighting their dominance of the distribution landscape. Nonetheless, this is a slight decrease from the 83.1% market share they commanded in 2022. Additionally, we expect the direct channel to have increased its share of commercial insurance distribution from 7.5% in 2022 to 7.9% in 2023, in part driven by technological advancements that enhance the online purchasing experience.

The report forecasts that brokers will continue to dominate the commercial insurance landscape, while the direct channel will increase its share of distribution over the forecast period. As businesses show increasing openness to utilizing apps and artificial intelligence (AI) for insurance management, commercial insurance providers should capitalize on this trend by incorporating such digital solutions into their service offerings.

Key Highlights

• In 2023, brokers wrote 82.8% of commercial insurance premiums, down 0.3 percentage points (pp) from 83.1% in 2022. Meanwhile, the direct channel accounted for 7.9% of commercial insurance in 2023-up 0.4pp compared to 2022.
• The SME space is more competitive, with many micro and small-sized businesses utilizing the direct channel as well as price comparison websites (PCWs).
• Marsh remains the leading broker in the UK commercial insurance market, increasing its revenue by 15% from 2022 to 2023.

Report Scope

• Identify the most frequently used channels to purchase commercial insurance
• Adapt your distribution strategy to cater to the changing needs of clients and intermediaries
• Learn how market leaders have strategized to achieve their success
• Understand the trends and themes set to transform the market in the future

Key Topics Covered:

1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success factors

2. Commercial Insurance Distribution Overview
2.1 Brokers dominated the commercial space in 2023e

3. The Broker Channel
3.1 The broker landscape is dominated by global firms
3.2 National brokers are more likely to employ a wide range of growth strategies compared to their smaller counterparts
3.3 National brokers are more likely to adopt extra services
3.4 National brokers are most concerned about tough macroeconomic conditions

4. Other Commercial Distribution Channels
4.1 The direct channel is an important distribution channel for commercial insurance
4.2 The banking channel is more popular among SMEs

5. The Distribution Landscape Going Forward
5.1 Brokers will continue to dominate commercial insurance
5.2 Commercial insurance distribution going forward

Company Coverage:

• Marsh
• Aon
• Ardonagh Group
• Howden
• WTW
• Arthur J. Gallagher
• JLT
• Cyberwrite
• Aston Lark
• A-Plan
• Hencilla Canworth
• SIB Insurance
• Mediass
• Hoxton Risk Services
• Makerstudy Group
• Stanhope Cooper
• Renovation Underwriting
• The Nature Conservancy
• MCMM
• Lifesure Group
• Lloyds Bank
• HSBC
• Barclays
• Santander
• NatWest
• RBS
• Halifax
• Metro Bank
• Starling
• Dinghy
• Equipsme
• Nimbla
• SO-SURE
• Superscript
• Churchill
• Allianz
• Simply Business
• Churchill
• Aviva

For more information about this report visit https://www.researchandmarkets.com/r/6rawb7

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