Tie up the loose ends

Packaged insurance is not new; however, until recently its penetration into the UK market has been limited to commercial, not personal-lines, business. With the small and medium-sized enterprises (SME) commercial insurance market in Britain estimated to be worth around £4bn a year in gross premium income, servicing around 3.7m firms, it is hardly surprising that the UK's insurers and brokers would target this market first.

Commercial buyers are far more price-elastic than personal-lines