AXA continues to lead the majority of key product lines in the SME insurance market but Aviva remains a strong challenger, especially in non-motor lines.
AXA was market leader in just seven of the 16 product lines in GlobalData’s 2018 UK SME Insurance Survey – three fewer than in 2017. It lost leadership of property and key man to Aviva, and single van insurance to The AA in 2018.
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Even beyond AXA losing its place as market leader in three lines, a key trend in the survey was AXA losing market shares in other categories as Aviva continues to apply pressure.
In four of the seven lines AXA leads in, its nearest competitor is within 1.0pp in 2018, which represents a sizeable shift from 2016, when it held leads of over 5pp in six products.
Aviva and AXA remain the standout brands in SME insurance and hold a strong lead over their nearest competitors. Our survey highlighted the reason the two are so strong in SME insurance: they hold diverse portfolios and are strong across all 16 products – featuring in the top five players for each line.
Overall, AXA’s strength as market leader continues to ebb, as 2018 marks the second consecutive year Aviva has closed the gap. GlobalData’s upcoming SME Insurance: Competitor Dynamic 2018 report analyses the product lines and market shares in further detail. It also details and analyses Aviva’s impressive Net Promoter Scores across key products, which will help it apply further pressure to AXA’s position at the head of this market.
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By GlobalData
AXA is also making other plans as Brexit gets ever nearer.
AXA is planning to transfer some of its employees from the UK and France to its new base in Ireland as part of its Brexit preparation.
AXA chief executive Thomas Buberl said that the company’s newly-acquired XL division had begun planning to move few employees to Ireland.
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AXA SA