![]() |
The small and medium-sized enterprises (SME) insurance market in the UK could exceed GBP8.0 billion gross written premiums in 2018, provided insurers embrace the digital era, finds a new report by Timetric UK FS Intelligence Center. |
According to the report, the SME non-life insurance market was worth approximately GBP7.0 billion and is expected to rise further on the back of increasing numbers of SMEs and help from UK government initiatives along with the general upswing in the UK economy.
“With a lot of SMEs in the UK still not insured or underinsured, insurers can hope to deepen SME insurance penetration in the next four years, especially if they develop a truly digital mindset,” says Steffen Mueller, financial services analyst at Timetric. “In a mobile society, user-friendly solutions for mobile devices to boost sales, customer service and data collection have become almost obligatory. However, it is engagement in cyber insurance that can actually provide a competitive edge,” Mueller continues. The UK government recently highlighted the lack of cyber insurance in UK firms, first and foremost in smaller businesses, where there is lack of awareness and budget for non-physical perils. A security breach, for instance, can cause enormous damage by destroying data, hardware and causing business interruption altogether. Following the example of the US insurance market, cyber insurance cover is expected to become a key business tool helping to protect against cyber-crime in the UK as well, according to the report. “Cyber insurance is definitely a growth market. Insurance providers need to increase in-house expertise in this field, as there is evidence that many providers are still not comfortable with actively advising existing or potential clients on this topic,” Mueller concludes. |
|
|
|
Calling all BPA analysts! | ||
North West / hybrid 50/50 - Negotiable |
Principal Actuary - Bermuda | ||
Bermuda - Negotiable |
Financial Planning & Analysis Actuary | ||
London/Hybrid - Negotiable |
Apply Your Doctorate to Technical Pri... | ||
Fully remote / nationwide / hybrid working options all available - Negotiable |
Senior Investment Manager | ||
London / hybrid - Negotiable |
P&C Consultant | ||
London / hybrid 3dpw office-based - Negotiable |
Senior Pricing Actuary | ||
London - £140,000 Per Annum |
Actuarial Pensions Manager | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
Financial Reporting in beautiful Bermuda | ||
Bermuda - Negotiable |
Principal Risk Analyst - island adven... | ||
Bermuda - Negotiable |
Make a difference within BPA Administ... | ||
North West / hybrid 50/50 - Negotiable |
GI Provisioning in the Public Sector | ||
London or Edinburgh / hybrid 3 dpw office-based - Negotiable |
Associate Actuary - Risk Transfer Con... | ||
Flex / hybrid 50/50 - Negotiable |
Assumptions Actuary | ||
London/Hybrid - Negotiable |
Senior Actuary | ||
London/Hybrid - Negotiable |
Senior Investment Trainee | ||
London or Edinburgh / hybrid 50/50 - Negotiable |
Pensions Manager | ||
Any UK office / hybrid 2 dpw office-based - Negotiable |
Actuarial Reserving Senior Manager | ||
London / hybrid - Negotiable |
Senior Actuarial Consultant – GMPe | ||
Any UK Office location / Hybrid working - Negotiable |
Senior Life Actuarial Consultant | ||
London / hybrid 3 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.