Ripe for expansion?
It seems that small is the new big as the small and medium-sized enterprise market comes into fruition. Insurers are determined to stick with the sector, despite its current difficulties, says Diane Smyth.
There are an estimated 3.8 million small to medium-sized enterprisesin the UK, equivalent to more than 99% of UK business. SMEs spend £6bn on
insurance premiums a year, a fact not lost on insurers in the market.
All the composites now target this sector, from new entrants like Groupama
to SME old-timers such as Axa. Many feel the abundance of SMEs means they
cannot avoid them. As Keith Byrne, head of knowledge and customer
development, Norwich Union, says: "If you're committed to the commercial
ma
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