According to QBE survey, the low premium rate is the major key for buying insurance as the insurer and broker advice is undervalued.
According to QBEs third survey of small and medium sized enterprises, 75 percent of UK SMEs see a competitive price is the most vital factor for buying insurance. It is felt that UK business decision making is being impacted by recession-related cost constraints. This was shown by the survey’s findings that 71 percent of SMEs in the United Kingdom trust that they would face difficulty if the current economic conditions do not persist.
As per 75 percent of SMEs in UK feel that the competitive price is the key factor for buying business insurance. Except Midlands and Wales, other UK regions including London, 68 percent felt that insurer was the second most important factor after competitive price.
As per the survey, just 16 percent of UK SMEs are tending to have an advice from the insurance industry in 2010. About 11 percent are looking for insurance brokers and only 5 percent are trying to find insurers.