It is possible you have heard about consolidating trends affecting the insurance brokers in the UK and it seems there will be future consolidation of brokers, in the years ahead. While some types of business insurance markets have seen a decrease in market share, others have seen their market share increase. What does this mean to those that need to insure their business assets? First of all, it means you may want to consider a larger carrier that is pursuing an ambitious growth plan because those will be the ones that are more apt to be competitive in pricing.
It is important to note that 99% of UK companies are small businesses, with almost 5 million businesses operating in the UK. While accident and health premiums have declined more than 7% in the past couple of years, due to the job market, the general liability and business property insurance markets have increased. This means small businesses agree it is important to protect your commercial building, contents and assets from all kinds of losses, especially during tougher economic times. Your business livelihood is your most important asset to protect, whether the economy and job markets are doing well, or not.
CHARLOTTE
According to recent research statistics, increasing the amounts of premium income is the primary reason behind some of the consolidation that is happening among the insurance carriers or brokers. This combining of smaller business insurers means that the larger agencies will be the most competitive with premium rates. They are the 'consolidators' that are after this growth in market share, causing the formation of larger agencies.
One of the most interesting facts for small businesses to consider about the growing trends in the insurance carrier market is the addition of online insurance shopping because of the Internet. It was estimated in 2008 that one third of the businesses were willing to purchase their insurance protection online and that number has been growing steadily. While it is more common for the less complex insurance products to be purchased online, such as motor or liability policies, it is becoming clear that online business protection products offer an advantage, due to pricing.
In other words, business owners that are searching for the most affordable commercial insurance policies may be purchasing them online and will be shopping around for the best premium rates more often. These larger carriers are familiar with this type of purchasing arrangement, making it more affordable and easier to complete online. This saves the necessity of personal sales marketing and those that do not consider the Internet will consider purchasing over the telephone, at least. This is an important trend for every small business owner to consider.
Making important, informed decisions is possible with the information that is available on the Internet. If you are budget-conscious, yet want adequate cover for your business assets, the larger consolidators in the commercial insurance market understand that online purchasers are price-sensitive, so they are willing to offer lower rates. If you understand the trends in the UK business insurance market, you will see that carriers are becoming larger because they offer online ease and convenience, besides the best affordability.
Changing Trends of the Insurance Business Market
For further information regarding commercial insurance visit Swinton one of the UK's leading insurance companies.
CHARLOTTE
No comments:
Post a Comment