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The public sector insurance market has grown every year since 2015, with nearly £700m worth of contracts awarded in 2018. With 266 contracts worth £129m due to expire in 2019 there are also many more opportunities to be seized in the coming year. We've deep-dived into the public sector insurance market landscape, looking at the top suppliers, biggest contracts and where you should be targeting your sales in 2019. Read on for the highlights, or provide your details to get the full report emailed straight to your inbox.
Key findings:
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Year-on-year growth in the public sector insurance market continues into 2018 - the £695m in contracts awarded was 24% higher than 2017
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Trend towards procuring insurance in larger contracts, with fewer contracts awarded in 2018 despite the growth in value
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Public sector insurance market is dominated by the top suppliers, who won four fifths of the total value of contracts awarded in 2018
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Little sign that this market will slow down in 2019, with £129m worth of insurance contracts expiring, including £60m in Central Government contracts alone
Public sector insurance procurement is a booming market, with an average of 33% growth p.a. in the last two years. 2018 saw the largest public sector insurance contract in the last four years, a £180m award to US insurance broker Marsh from the Northern Housing Consortium to develop a wide-ranging insurance product for housing organisations in the North.
The top 10 public sector insurance suppliers won nearly £550m in 2018 - four fifths of the total value of contracts awarded. This shows a market strongly dominated by the top suppliers, and reinforces the finding that the sector is moving towards awarding fewer, large contracts. Smaller insurance providers might do well to focus on identifying sub-contracting opportunities in 2019.
