Small business insurance has been one of the most talked about areas of insurance over the past five years. While talk has been high, action has been low from most incumbent insurers. Small businesses are changing their business models (e.g., ghost kitchens, digitally enabled operations, etc.) to align with evolving consumer behaviors and heightened risk awareness caused by the pandemic. This report from Deloitte Global was developed from a global survey which found that the need has never been greater for insurers to invest and differentiate in the market for small-to-medium enterprise (SME) insurance.
To help answer how insurers can explore the small business insurance market, Deloitte surveyed 5,300 SMEs from 14 countries to understand their views about insurance.
The survey revealed six key findings:
As the SME segment has so far been largely untapped in a meaningful way, we believe a significant opportunity exists for profitable growth through a targeted investment and sharpened focus on the segment.