Marktanalyse - Commercial Non-Life Insurance Brokers in Southern and Western Europe
Finaccord
7 / 2012
117 Seiten
| Typ: | Marktanalyse |
| Sprache: | Englisch |
| Regionen: | Europa |
| Verfügbarkeit: | verfügbar |
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Commercial Non-Life Insurance Brokers in Southern and Western Europe and the BrokerBASE™ that accompanies it investigate the importance of brokers in the distribution of non-life insurance for businesses in eight countries of this European region. Brokers are the most important single distribution channel for this industry in the region, and Finaccord’s research indicates that fees and commissions earned by brokers from commercial non-life insurance in Southern and Western Europe were worth about EUR 7.12 billion in 2011. Moreover, brokers are increasing their share of this market in some countries and are expected to maintain their overall share in future, in spite of the challenging economic circumstances.
This report first provides unique data for the size, segmentation and growth of the commercial non-life insurance market itself in Belgium, France, Ireland, Italy, the Netherlands, Spain and the UK. It then quantifies the share of this market that is intermediated by brokers and ranks the leading brokers in each country, with coverage of between 15 and 60 depending upon the country, according to their revenues from commercial non-life insurance, excluding income from other activities. This analysis is based on an investigation covering some 285 brokers across the region, making it by far the most detailed and comprehensive study of this market ever published and building upon Finaccord's original report on the subject published in 2009.
Key features of this research include:
- analysis of market size, growth, segmentation and trends for commercial non-life insurance premiums: how much is the underlying insurance market worth in this region?
- quantification and forecast of the share of commercial non-life insurance premiums distributed by brokers, the revenues they earn from commercial lines, and the importance of this sector to brokers;
- identification of the top 15 to 60 brokers in each country specifically for commercial non-life insurance business, with estimates for the revenue they generate from this sector alone and their total employee numbers;
- detailed information concerning the structure of the broker market, including market concentration for the top three and top ten brokers, the position of Aon, Marsh, JLT, Towergate and Willis, and the role of networks or alliances;
- availability of an accompanying BrokerBASE™ which provides key financial and other metrics for the brokers included in each country, plus a convenient, supporting market data file, both in Excel format.
This report first provides unique data for the size, segmentation and growth of the commercial non-life insurance market itself in Belgium, France, Ireland, Italy, the Netherlands, Spain and the UK. It then quantifies the share of this market that is intermediated by brokers and ranks the leading brokers in each country, with coverage of between 15 and 60 depending upon the country, according to their revenues from commercial non-life insurance, excluding income from other activities. This analysis is based on an investigation covering some 285 brokers across the region, making it by far the most detailed and comprehensive study of this market ever published and building upon Finaccord's original report on the subject published in 2009.
Key features of this research include:
- analysis of market size, growth, segmentation and trends for commercial non-life insurance premiums: how much is the underlying insurance market worth in this region?
- quantification and forecast of the share of commercial non-life insurance premiums distributed by brokers, the revenues they earn from commercial lines, and the importance of this sector to brokers;
- identification of the top 15 to 60 brokers in each country specifically for commercial non-life insurance business, with estimates for the revenue they generate from this sector alone and their total employee numbers;
- detailed information concerning the structure of the broker market, including market concentration for the top three and top ten brokers, the position of Aon, Marsh, JLT, Towergate and Willis, and the role of networks or alliances;
- availability of an accompanying BrokerBASE™ which provides key financial and other metrics for the brokers included in each country, plus a convenient, supporting market data file, both in Excel format.
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ... 1
The region's commercial non-life insurance market was worth nearly EUR 70 billion in premiums in 2011... .. 2
...but declined between 2007 and 2011 in real terms .. 2
Brokers are by far the most important single distribution channel in this region... .. 3
...and distributed more than half of commercial non-life premiums in seven countries .. 3
Nearly half of the EUR 7.12 billion commercial non-life insurance broking market is derived from the UK ... 4
Between 2007 and 2011 brokers' revenues fared better in France than in any other country ... 5
Towergate's many acquisitions in the UK have propelled it to fifth place in the regional ranking ... 5
Brokers' revenues in Spain are expected to decline most precipitously .. 6
1.0 INTRODUCTION ... 8
What is this report about? . 8
The focus is uniquely on commercial non-life insurance, excluding other types of business... .. 8
...and on brokerage, even where intermediaries can act as both agents and brokers. .. 8
Rationale 8
Methodology .. 9
Research program . 9
Market data analysis 10
Forecasting methodology . 10
Definitions 10
Premiums . 10
Exchange rates 10
Abbreviations ... 11
BrokerBASE 11
Finaccord . 11
2.0 REGIONAL OVERVIEW .. 13
Regulatory information 13
The European Commission is due to unveil Insurance Mediation Directive 2... ... 13
...in order to improve transparency and reduce conflicts of interest .. 13
Commercial non-life insurance market ... 14
Premium income rose in 2011 after three years of decline 14
Ireland and Spain registered the sharpest drops in nominal terms... 15
...while Belgium and France experienced moderate growth .. 16
France and the UK account for more than half of all commercial non-life premiums in this region . 17
Market maturity: high GDP per head means high premiums per head... .. 18
...so growth prospects in Spain and Portugal depend on when the underlying economy can recover 18
Property, motor and liability insurance account for almost three quarters of all commercial non-life business ... 20
Legal expenses insurance grew fastest between 2007 and 2011. 21
...while the UK registered the highest growth in MAT insurance ... 21
Commercial non-life insurance brokers .. 23
Brokers' share of commercial non-life insurance distribution . 23
Brokers' distribute about three quarters of premiums in this region... 23
...although their distribution share fell in four of the eight countries between 2007 and 2011 .. 23
Brokers are most important in Ireland and the UK . 23
Brokers' revenue from commercial non-life insurance intermediation ... 25
The UK, France and Italy are the largest markets for brokers by revenue 25
Brokers' revenues have dropped most sharply in Spain and Ireland... . 26
...while they fared better in France and Belgium than in any other market ... 26
Market concentration and the top five brokers in Southern and Western Europe 28
The Irish market has the highest level of concentration . 28
The three global brokers occupy the top three positions in three countries .. 30
Gras Savoye enters the top five due to its strong presence in France and Belgium 30
The JLT International Network is strongest in France, Ireland, Italy, Spain and the UK ... 31
Aon was the leading broker in four out of eight countries in 2011 . 32
Brokers’ distribution strategies and specialisms . 33
More than a quarter of brokers belong to a broker network... 33
...led by EOS RISQ, JLT International, UNiBA Partners and Wells Fargo Global Broker Network . 34
Italian brokers often have a regional focus... .. 35
...though in most countries many more have particular expertise by product line or client sector ... 35
The UK is leading online distribution of commercial non-life insurance. 36
Future outlook .. 36
The UK is forecast to see the best growth in commercial non-life premiums... 36
...and it should see brokers increase their share of the market most... . 36
...while the largest decline in revenues measured in absolute value will come from Spain .. 39
3.0 BELGIUM . 41
Introduction .. 41
Regulatory information 42
Belgian insurance intermediaries have had a new regulator since 2011 .. 42
Commercial non-life insurance market ... 42
Premiums in commercial non-life insurance increased between 2008 and 2011... .. 42
...with legal expenses insurance registering the highest growth rate 43
Commercial non-life insurance brokers .. 45
Overview of brokers’ presence in the distribution of commercial non-life insurance 45
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits ... 45
Future outlook .. 45
Commercial non-life insurance brokers are expected to experience moderate growth to 2015 .. 45
Competitor trends and specialisms .. 47
The top ten commercial non-life insurance brokers control less than two thirds of the market 47
A domestic broker is one of the top three in the country 47
Brokers’ distribution strategies . 49
Several brokers can be classified as specialists for particular client segments 49
Face-to-face transactions remain the norm in the Belgian commercial non-life insurance market .. 49
Almost half of the 20 largest commercial non-life insurance brokers have joined an international network 49
Most associations offering professional indemnity insurance do so in collaboration with a broker .. 49
4.0 FRANCE ... 50
Introduction .. 50
Regulatory information 51
There are currently 43,700 insurance intermediaries registered with ORIAS ... 51
Commercial non-life insurance market ... 51
Apart from a tiny setback in 2010, France's commercial non-life market has continued to grow… . 51
…although virtually all of this growth is attributable to just one category of business ... 52
Commercial non-life insurance brokers .. 54
Overview of brokers’ presence in the distribution of commercial non-life insurance 54
In France, brokers distribute more than three quarters of all commercial non-life insurance ... 54
Future outlook .. 54
Underlying growth in the market will outweigh brokers' marginally declining share of this sector 54
Competitor trends and specialisms .. 56
In recent years, the top three brokers have ceded market share to the chasing pack . 56
The majority of the French market is held by indigenous brokers rather than foreign groups .. 57
Brokers’ distribution strategies . 58
One broker has developed a strong overseas presence in French-owned territories .. 58
Common product specialisms for French brokers include MAT and trade credit… . 58
…and several brokers target clients operating in the property sector ... 58
A handful of brokers offer their clients the ability to conduct transactions online .. 58
Around a fifth of brokers belong to one or more international or domestic broker networks 59
Aon Auto combines insurance broking and fleet management . 59
5.0 IRELAND .. 60
Introduction .. 60
Regulatory information 61
The Central Bank of Ireland is supervisor of the insurance industry including intermediaries .. 61
Commercial non-life insurance market ... 61
Premiums in commercial non-life insurance dropped between 2007 and 2011... 61
...with MAT insurance recording the sharpest decline ... 62
Commercial non-life insurance brokers .. 64
Overview of brokers’ presence in the distribution of commercial non-life insurance 64
Brokers remain the most important distribution channel for commercial non-life insurance in Ireland 64
Future outlook .. 64
Commercial non-life insurance brokers are expected to experience a recovery over the next few years ... 64
Competitor trends and specialisms .. 66
The Irish market is characterised by a high degree of concentration 66
Aon and Jardine Lloyd Thompson have made important acquisitions in recent years 66
Brokers’ distribution strategies . 67
Only a minority of Irish brokers can be classified as specialists for particular product or client segments ... 67
A minority of Irish brokers distribute commercial non-life insurance online ... 68
Arachas Corporate Brokers is part of the Assurex network ... 68
6.0 ITALY 69
Introduction .. 69
Regulatory information 70
Italian intermediaries have been affected by various regulatory changes in recent years... 70
...although the effect of the second Bersani degree was partly withdrawn in 2009 .. 70
Commercial non-life insurance market ... 70
Premiums in commercial non-life insurance weakened between 2007 and 2011... . 70
...with liability insurance registering the strongest decline .. 71
Commercial non-life insurance brokers .. 73
Overview of brokers’ presence in the distribution of commercial non-life insurance 73
Brokers are much more significant in commercial non-life insurance than in personal lines ... 73
Future outlook .. 73
Brokers will do better than other distribution channels in a difficult market ... 73
Competitor trends and specialisms .. 75
The market is characterised by a relatively high degree of concentration... .. 75
...as the three largest brokers control half of the market 75
...but foreign ownership of brokers outside the top three is not especially high 76
Brokers’ distribution strategies . 77
A relatively high proportion of brokers can be considered regional specialists . 77
Face-to-face transactions remain the norm in the Italian non-life commercial insurance market 77
Ital Brokers is a member of two major international networks ... 78
There are two significant domestic broker networks in Italy ... 78
The three largest brokers have struck several partnerships with professional associations 79
7.0 NETHERLANDS .. 80
Introduction .. 80
Regulatory information 81
Intermediaries in the Netherlands can act both as agents and brokers depending on the line of business 81
New regulations on commission payments and disclosure requirements came into force in 2012 . 81
Commercial non-life insurance market ... 81
Premiums in commercial non-life insurance weakened between 2007 and 2011... . 81
...with liability insurance registering the strongest decline .. 82
Commercial non-life insurance brokers .. 84
Overview of brokers’ presence in the distribution of commercial non-life insurance 84
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits ... 84
Future outlook .. 84
Brokers will face regulatory headwinds in the years to 2015 impacting their outlook in commercial lines ... 84
Competitor trends and specialisms .. 86
The top three brokers control more than 70% of the market for commercial non-life insurance .. 86
Zicht has moved towards merging the previously separate brands of ING Assurantiekantoren . 86
Brokers’ distribution strategies . 88
Several brokers can be classified as specialists for particular client segments 88
Face-to-face transactions remain the norm in the Dutch non-life commercial insurance market 88
Meeùs is a member of the Assurex network .. 88
Associations offering professional indemnity insurance often work with brokers .. 88
8.0 PORTUGAL . 89
Introduction .. 89
Regulatory information 90
The number of insurance brokers in Portugal is comparatively small ... 90
Commercial non-life insurance market ... 90
The market is affected by the ongoing economic crisis . 90
MAT and motor insurance premiums contracted between 2007 and 2011 .. 91
Commercial non-life insurance brokers .. 93
Overview of brokers’ presence in the distribution of commercial non-life insurance 93
Brokers' share of the market decreased between 2007 and 2011 93
Future outlook .. 93
Brokers are expected to lose further share in a contracting market .. 93
Competitor trends and specialisms .. 95
The top ten brokers account for more than half of the total market ... 95
The market is led by MDS .. 95
The number of active brokers is decreasing as a result of mergers and acquisitions .. 96
Brokers’ distribution strategies . 97
The majority of brokers have no particular specialities... 97
Online distribution is not a feature of the Portuguese market 97
Several brokers are part of international networks . 97
Broker alliances are not common in Portugal . 97
9.0 SPAIN ... 98
Introduction .. 98
Regulatory information 99
Single-tied agents remain the largest segment of intermediaries in Spain by a significant margin .. 99
Commercial non-life insurance market ... 99
Spain's ongoing economic difficulties are reflected in a declining market . 99
Motor and property insurance account for nearly two thirds of the market . 100
All named categories of cover declined between 2007 and 2011 ... 101
Commercial non-life insurance brokers 102
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 102
Brokers have seen a slight decrease in market share for commercial non-life insurance .. 102
Future outlook 102
Further losses of market share are expected amidst difficult economic conditions 102
Competitor trends and specialisms 104
The Spanish market has shown increased concentration since 2007 104
Multinational brokers are joined by an automotive captive broker at the top of the market 105
March-Unipsa drops out of the top three brokers . 105
The majority of brokers have no particular areas of specialism ... 106
Brokers’ distribution strategies ... 106
Spanish distribution is entirely through traditional channels . 106
Several brokers are part of international networks ... 107
Broker alliances are not common in Spain ... 107
Several brokers have partnerships with professional and trade associations to provide insurance .. 107
10.0 UK . 108
Introduction 108
Regulatory information .. 109
Insurance intermediaries will be supervised by a new regulator by the end of 2012 .. 109
Brokers’ business conducted for foreign clients has been excluded from this report . 109
Commercial non-life insurance market . 109
Premiums dropped sharply in 2008 and 2009 before starting a modest recovery... .. 109
...with MAT insurance recording the fastest growth between 2007 and 2011 110
Commercial non-life insurance brokers 112
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 112
Brokers are still expanding their presence in the commercial non-life market 112
Future outlook 112
Commercial non-life insurance brokers are likely to experience strong growth until 2015 . 112
Competitor trends and specialisms 114
The level of market concentration among the top brokers is increasing . 114
Separating revenue from UK-based and foreign clients makes a big difference for the largest brokers ... 114
Brokers’ distribution strategies ... 116
Five of the top 60 brokers can be classified as regional specialists 116
...while nine can be viewed as focussing on a particular product segment . 116
Several commercial non-life brokers have embraced the internet as a distribution interface. 117
More than a quarter of the 60 largest commercial non-life insurance brokers have joined a broker network ... 117
Associations offering fleet insurance to their members usually do so in association with a broker 117
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION ... 8
2.0 REGIONAL OVERVIEW .. 13
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011 .. 14
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011 (table) ... 15
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in nominal values segmented by country, 2007 to 2011 ... 16
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in real values segmented by country, 2007 to 2011 .. 17
Commercial non-life insurance premiums in Southern and Western Europe segmented by country, 2011 .. 18
GDP per capita compared to commercial non-life premiums per capita in Southern and Western Europe, by country, 2011 .. 19
GDP per capita compared to commercial non-life gross written premiums per capita in Southern and Western Europe, by country, 2011 (table) .. 20
Commercial non-life insurance gross written premiums in Southern and Western Europe segmented by line of business, 2011 . 21
Compound annual growth rates in commercial non-life insurance premiums in Southern and Western Europe, in nominal values segmented by line of business, 2007 to 2011 22
Commercial non-life insurance premiums segmented by line of business and by country, 2011 (table) ... 23
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011 24
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011 (table) . 25
Brokers' revenues from commercial non-life insurance premiums in Southern and Western Europe by country, 2011 ... 26
Compound annual growth rates for brokers' revenues from commercial non-life insurance in Southern and Western Europe, in real terms by country, 2007 to 2011 .. 27
Brokers' revenues from commercial non-life insurance in Southern and Western Europe by country, 2007 and 2011 (table) .. 28
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011... 29
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011 (table) ... 30
Top five commercial non-life brokers' share of revenues for Southern and Western Europe, 2011 ... 31
Top five commercial non-life broker groups' share of revenues for Southern and Western Europe, 2011 .. 32
Top five commercial non-life broker groups' revenues, number of first-place rankings and top ten rankings in Southern and Western Europe, 2011 (table) .. 33
Distribution strategies of commercial non-life brokers in Southern and Western Europe, 2012 . 34
International broker networks ranked by number of members in Southern and Western Europe, 2012 35
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Southern and Western Europe in real terms by country, 2011 to 2015 . 38
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Southern and Western Europe in real terms, by country, 2011 to 2015 (table) ... 39
Comparison of growth in brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 to 2015 40
Brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 and 2015 (table) .. 40
3.0 BELGIUM . 41
Segmentation of the commercial non-life insurance market in Belgium, 2011 . 43
Growth in the commercial non-life insurance market in Belgium by segment, 2007 to 2011 .. 44
Size and growth of the commercial non-life insurance market in Belgium by segment, 2007 to 2011 (table) .. 44
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015 46
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015 (table) . 46
Market concentration for commercial non-life insurance broking in Belgium, 2007 and 2011 47
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Belgium, 2011 .. 48
4.0 FRANCE ... 50
Segmentation of the commercial non-life insurance market in France, 2011 .. 52
Growth in the commercial non-life insurance market in France by segment, 2007 to 2011 53
Size and growth of the commercial non-life insurance market in France by segment, 2007 to 2011 (table) .. 53
Brokers’ share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015 55
Brokers’ share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015 (table) . 55
Market concentration for commercial non-life insurance broking in France, 2007 and 2011 .. 56
Market shares of commercial non-life insurance broking revenues of the top ten brokers in France, 2011 .. 57
5.0 IRELAND .. 60
Segmentation of the commercial non-life insurance market in Ireland, 2011 ... 62
Growth in the commercial non-life insurance market in Ireland by segment, 2007 to 2011 63
Size and growth of the commercial non-life insurance market in Ireland by segment, 2007 to 2011 (table) .. 63
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015 65
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015 (table) . 65
Market concentration for commercial non-life insurance broking in the Ireland, 2007 and 2011 66
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Ireland, 2011 .. 67
6.0 ITALY 69
Segmentation of the commercial non-life insurance market in Italy, 2011 ... 71
Growth in the commercial non-life insurance market in Italy by segment, 2007 to 2011 . 72
Size and growth of the commercial non-life insurance market in Italy by segment, 2007 to 2011 (table) .. 72
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015 74
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015 (table) . 74
Market concentration for commercial non-life insurance broking in Italy, 2007 and 2011 ... 75
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Italy, 2011 ... 77
7.0 NETHERLANDS .. 80
Segmentation of the commercial non-life insurance market in the Netherlands, 2007 to 2011 .. 82
Growth in the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011 . 83
Size and growth of the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011 (table) .. 83
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015 . 85
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015 (table) . 85
Market concentration for commercial non-life insurance broking in the Netherlands, 2007 and 2011 ... 86
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Netherlands, 2011 ... 87
8.0 PORTUGAL . 89
Segmentation of the commercial non-life insurance market in Portugal, 2011 91
Growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011 . 92
Size and growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011 (table) .. 92
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015 94
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015 (table) . 94
Market concentration for commercial non-life insurance broking in Portugal, 2007 and 2011 95
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Portugal, 2011 .. 96
9.0 SPAIN ... 98
Segmentation of the commercial non-life insurance market in Spain, 2011 ... 100
Growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011 101
Size and growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011 (table) 102
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015 .. 103
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015 (table) ... 104
Market concentration for commercial non-life insurance broking in Spain, 2007 and 2011 .. 105
10.0 UK . 108
Segmentation of the commercial non-life insurance market in the UK, 2007 to 2011 ... 110
Growth in the commercial non-life insurance market in the UK by segment, 2007 to 2011 .. 111
Size and growth of the commercial non-life insurance market in the UK by segment, 2007 to 2011 (table) 111
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015 .. 113
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015 (table) ... 113
Market concentration for commercial non-life insurance broking in the UK, 2007 and 2011 114
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the UK, 2011 116
0.0 EXECUTIVE SUMMARY ... 1
The region's commercial non-life insurance market was worth nearly EUR 70 billion in premiums in 2011... .. 2
...but declined between 2007 and 2011 in real terms .. 2
Brokers are by far the most important single distribution channel in this region... .. 3
...and distributed more than half of commercial non-life premiums in seven countries .. 3
Nearly half of the EUR 7.12 billion commercial non-life insurance broking market is derived from the UK ... 4
Between 2007 and 2011 brokers' revenues fared better in France than in any other country ... 5
Towergate's many acquisitions in the UK have propelled it to fifth place in the regional ranking ... 5
Brokers' revenues in Spain are expected to decline most precipitously .. 6
1.0 INTRODUCTION ... 8
What is this report about? . 8
The focus is uniquely on commercial non-life insurance, excluding other types of business... .. 8
...and on brokerage, even where intermediaries can act as both agents and brokers. .. 8
Rationale 8
Methodology .. 9
Research program . 9
Market data analysis 10
Forecasting methodology . 10
Definitions 10
Premiums . 10
Exchange rates 10
Abbreviations ... 11
BrokerBASE 11
Finaccord . 11
2.0 REGIONAL OVERVIEW .. 13
Regulatory information 13
The European Commission is due to unveil Insurance Mediation Directive 2... ... 13
...in order to improve transparency and reduce conflicts of interest .. 13
Commercial non-life insurance market ... 14
Premium income rose in 2011 after three years of decline 14
Ireland and Spain registered the sharpest drops in nominal terms... 15
...while Belgium and France experienced moderate growth .. 16
France and the UK account for more than half of all commercial non-life premiums in this region . 17
Market maturity: high GDP per head means high premiums per head... .. 18
...so growth prospects in Spain and Portugal depend on when the underlying economy can recover 18
Property, motor and liability insurance account for almost three quarters of all commercial non-life business ... 20
Legal expenses insurance grew fastest between 2007 and 2011. 21
...while the UK registered the highest growth in MAT insurance ... 21
Commercial non-life insurance brokers .. 23
Brokers' share of commercial non-life insurance distribution . 23
Brokers' distribute about three quarters of premiums in this region... 23
...although their distribution share fell in four of the eight countries between 2007 and 2011 .. 23
Brokers are most important in Ireland and the UK . 23
Brokers' revenue from commercial non-life insurance intermediation ... 25
The UK, France and Italy are the largest markets for brokers by revenue 25
Brokers' revenues have dropped most sharply in Spain and Ireland... . 26
...while they fared better in France and Belgium than in any other market ... 26
Market concentration and the top five brokers in Southern and Western Europe 28
The Irish market has the highest level of concentration . 28
The three global brokers occupy the top three positions in three countries .. 30
Gras Savoye enters the top five due to its strong presence in France and Belgium 30
The JLT International Network is strongest in France, Ireland, Italy, Spain and the UK ... 31
Aon was the leading broker in four out of eight countries in 2011 . 32
Brokers’ distribution strategies and specialisms . 33
More than a quarter of brokers belong to a broker network... 33
...led by EOS RISQ, JLT International, UNiBA Partners and Wells Fargo Global Broker Network . 34
Italian brokers often have a regional focus... .. 35
...though in most countries many more have particular expertise by product line or client sector ... 35
The UK is leading online distribution of commercial non-life insurance. 36
Future outlook .. 36
The UK is forecast to see the best growth in commercial non-life premiums... 36
...and it should see brokers increase their share of the market most... . 36
...while the largest decline in revenues measured in absolute value will come from Spain .. 39
3.0 BELGIUM . 41
Introduction .. 41
Regulatory information 42
Belgian insurance intermediaries have had a new regulator since 2011 .. 42
Commercial non-life insurance market ... 42
Premiums in commercial non-life insurance increased between 2008 and 2011... .. 42
...with legal expenses insurance registering the highest growth rate 43
Commercial non-life insurance brokers .. 45
Overview of brokers’ presence in the distribution of commercial non-life insurance 45
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits ... 45
Future outlook .. 45
Commercial non-life insurance brokers are expected to experience moderate growth to 2015 .. 45
Competitor trends and specialisms .. 47
The top ten commercial non-life insurance brokers control less than two thirds of the market 47
A domestic broker is one of the top three in the country 47
Brokers’ distribution strategies . 49
Several brokers can be classified as specialists for particular client segments 49
Face-to-face transactions remain the norm in the Belgian commercial non-life insurance market .. 49
Almost half of the 20 largest commercial non-life insurance brokers have joined an international network 49
Most associations offering professional indemnity insurance do so in collaboration with a broker .. 49
4.0 FRANCE ... 50
Introduction .. 50
Regulatory information 51
There are currently 43,700 insurance intermediaries registered with ORIAS ... 51
Commercial non-life insurance market ... 51
Apart from a tiny setback in 2010, France's commercial non-life market has continued to grow… . 51
…although virtually all of this growth is attributable to just one category of business ... 52
Commercial non-life insurance brokers .. 54
Overview of brokers’ presence in the distribution of commercial non-life insurance 54
In France, brokers distribute more than three quarters of all commercial non-life insurance ... 54
Future outlook .. 54
Underlying growth in the market will outweigh brokers' marginally declining share of this sector 54
Competitor trends and specialisms .. 56
In recent years, the top three brokers have ceded market share to the chasing pack . 56
The majority of the French market is held by indigenous brokers rather than foreign groups .. 57
Brokers’ distribution strategies . 58
One broker has developed a strong overseas presence in French-owned territories .. 58
Common product specialisms for French brokers include MAT and trade credit… . 58
…and several brokers target clients operating in the property sector ... 58
A handful of brokers offer their clients the ability to conduct transactions online .. 58
Around a fifth of brokers belong to one or more international or domestic broker networks 59
Aon Auto combines insurance broking and fleet management . 59
5.0 IRELAND .. 60
Introduction .. 60
Regulatory information 61
The Central Bank of Ireland is supervisor of the insurance industry including intermediaries .. 61
Commercial non-life insurance market ... 61
Premiums in commercial non-life insurance dropped between 2007 and 2011... 61
...with MAT insurance recording the sharpest decline ... 62
Commercial non-life insurance brokers .. 64
Overview of brokers’ presence in the distribution of commercial non-life insurance 64
Brokers remain the most important distribution channel for commercial non-life insurance in Ireland 64
Future outlook .. 64
Commercial non-life insurance brokers are expected to experience a recovery over the next few years ... 64
Competitor trends and specialisms .. 66
The Irish market is characterised by a high degree of concentration 66
Aon and Jardine Lloyd Thompson have made important acquisitions in recent years 66
Brokers’ distribution strategies . 67
Only a minority of Irish brokers can be classified as specialists for particular product or client segments ... 67
A minority of Irish brokers distribute commercial non-life insurance online ... 68
Arachas Corporate Brokers is part of the Assurex network ... 68
6.0 ITALY 69
Introduction .. 69
Regulatory information 70
Italian intermediaries have been affected by various regulatory changes in recent years... 70
...although the effect of the second Bersani degree was partly withdrawn in 2009 .. 70
Commercial non-life insurance market ... 70
Premiums in commercial non-life insurance weakened between 2007 and 2011... . 70
...with liability insurance registering the strongest decline .. 71
Commercial non-life insurance brokers .. 73
Overview of brokers’ presence in the distribution of commercial non-life insurance 73
Brokers are much more significant in commercial non-life insurance than in personal lines ... 73
Future outlook .. 73
Brokers will do better than other distribution channels in a difficult market ... 73
Competitor trends and specialisms .. 75
The market is characterised by a relatively high degree of concentration... .. 75
...as the three largest brokers control half of the market 75
...but foreign ownership of brokers outside the top three is not especially high 76
Brokers’ distribution strategies . 77
A relatively high proportion of brokers can be considered regional specialists . 77
Face-to-face transactions remain the norm in the Italian non-life commercial insurance market 77
Ital Brokers is a member of two major international networks ... 78
There are two significant domestic broker networks in Italy ... 78
The three largest brokers have struck several partnerships with professional associations 79
7.0 NETHERLANDS .. 80
Introduction .. 80
Regulatory information 81
Intermediaries in the Netherlands can act both as agents and brokers depending on the line of business 81
New regulations on commission payments and disclosure requirements came into force in 2012 . 81
Commercial non-life insurance market ... 81
Premiums in commercial non-life insurance weakened between 2007 and 2011... . 81
...with liability insurance registering the strongest decline .. 82
Commercial non-life insurance brokers .. 84
Overview of brokers’ presence in the distribution of commercial non-life insurance 84
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits ... 84
Future outlook .. 84
Brokers will face regulatory headwinds in the years to 2015 impacting their outlook in commercial lines ... 84
Competitor trends and specialisms .. 86
The top three brokers control more than 70% of the market for commercial non-life insurance .. 86
Zicht has moved towards merging the previously separate brands of ING Assurantiekantoren . 86
Brokers’ distribution strategies . 88
Several brokers can be classified as specialists for particular client segments 88
Face-to-face transactions remain the norm in the Dutch non-life commercial insurance market 88
Meeùs is a member of the Assurex network .. 88
Associations offering professional indemnity insurance often work with brokers .. 88
8.0 PORTUGAL . 89
Introduction .. 89
Regulatory information 90
The number of insurance brokers in Portugal is comparatively small ... 90
Commercial non-life insurance market ... 90
The market is affected by the ongoing economic crisis . 90
MAT and motor insurance premiums contracted between 2007 and 2011 .. 91
Commercial non-life insurance brokers .. 93
Overview of brokers’ presence in the distribution of commercial non-life insurance 93
Brokers' share of the market decreased between 2007 and 2011 93
Future outlook .. 93
Brokers are expected to lose further share in a contracting market .. 93
Competitor trends and specialisms .. 95
The top ten brokers account for more than half of the total market ... 95
The market is led by MDS .. 95
The number of active brokers is decreasing as a result of mergers and acquisitions .. 96
Brokers’ distribution strategies . 97
The majority of brokers have no particular specialities... 97
Online distribution is not a feature of the Portuguese market 97
Several brokers are part of international networks . 97
Broker alliances are not common in Portugal . 97
9.0 SPAIN ... 98
Introduction .. 98
Regulatory information 99
Single-tied agents remain the largest segment of intermediaries in Spain by a significant margin .. 99
Commercial non-life insurance market ... 99
Spain's ongoing economic difficulties are reflected in a declining market . 99
Motor and property insurance account for nearly two thirds of the market . 100
All named categories of cover declined between 2007 and 2011 ... 101
Commercial non-life insurance brokers 102
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 102
Brokers have seen a slight decrease in market share for commercial non-life insurance .. 102
Future outlook 102
Further losses of market share are expected amidst difficult economic conditions 102
Competitor trends and specialisms 104
The Spanish market has shown increased concentration since 2007 104
Multinational brokers are joined by an automotive captive broker at the top of the market 105
March-Unipsa drops out of the top three brokers . 105
The majority of brokers have no particular areas of specialism ... 106
Brokers’ distribution strategies ... 106
Spanish distribution is entirely through traditional channels . 106
Several brokers are part of international networks ... 107
Broker alliances are not common in Spain ... 107
Several brokers have partnerships with professional and trade associations to provide insurance .. 107
10.0 UK . 108
Introduction 108
Regulatory information .. 109
Insurance intermediaries will be supervised by a new regulator by the end of 2012 .. 109
Brokers’ business conducted for foreign clients has been excluded from this report . 109
Commercial non-life insurance market . 109
Premiums dropped sharply in 2008 and 2009 before starting a modest recovery... .. 109
...with MAT insurance recording the fastest growth between 2007 and 2011 110
Commercial non-life insurance brokers 112
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 112
Brokers are still expanding their presence in the commercial non-life market 112
Future outlook 112
Commercial non-life insurance brokers are likely to experience strong growth until 2015 . 112
Competitor trends and specialisms 114
The level of market concentration among the top brokers is increasing . 114
Separating revenue from UK-based and foreign clients makes a big difference for the largest brokers ... 114
Brokers’ distribution strategies ... 116
Five of the top 60 brokers can be classified as regional specialists 116
...while nine can be viewed as focussing on a particular product segment . 116
Several commercial non-life brokers have embraced the internet as a distribution interface. 117
More than a quarter of the 60 largest commercial non-life insurance brokers have joined a broker network ... 117
Associations offering fleet insurance to their members usually do so in association with a broker 117
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION ... 8
2.0 REGIONAL OVERVIEW .. 13
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011 .. 14
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011 (table) ... 15
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in nominal values segmented by country, 2007 to 2011 ... 16
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in real values segmented by country, 2007 to 2011 .. 17
Commercial non-life insurance premiums in Southern and Western Europe segmented by country, 2011 .. 18
GDP per capita compared to commercial non-life premiums per capita in Southern and Western Europe, by country, 2011 .. 19
GDP per capita compared to commercial non-life gross written premiums per capita in Southern and Western Europe, by country, 2011 (table) .. 20
Commercial non-life insurance gross written premiums in Southern and Western Europe segmented by line of business, 2011 . 21
Compound annual growth rates in commercial non-life insurance premiums in Southern and Western Europe, in nominal values segmented by line of business, 2007 to 2011 22
Commercial non-life insurance premiums segmented by line of business and by country, 2011 (table) ... 23
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011 24
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011 (table) . 25
Brokers' revenues from commercial non-life insurance premiums in Southern and Western Europe by country, 2011 ... 26
Compound annual growth rates for brokers' revenues from commercial non-life insurance in Southern and Western Europe, in real terms by country, 2007 to 2011 .. 27
Brokers' revenues from commercial non-life insurance in Southern and Western Europe by country, 2007 and 2011 (table) .. 28
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011... 29
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011 (table) ... 30
Top five commercial non-life brokers' share of revenues for Southern and Western Europe, 2011 ... 31
Top five commercial non-life broker groups' share of revenues for Southern and Western Europe, 2011 .. 32
Top five commercial non-life broker groups' revenues, number of first-place rankings and top ten rankings in Southern and Western Europe, 2011 (table) .. 33
Distribution strategies of commercial non-life brokers in Southern and Western Europe, 2012 . 34
International broker networks ranked by number of members in Southern and Western Europe, 2012 35
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Southern and Western Europe in real terms by country, 2011 to 2015 . 38
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Southern and Western Europe in real terms, by country, 2011 to 2015 (table) ... 39
Comparison of growth in brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 to 2015 40
Brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 and 2015 (table) .. 40
3.0 BELGIUM . 41
Segmentation of the commercial non-life insurance market in Belgium, 2011 . 43
Growth in the commercial non-life insurance market in Belgium by segment, 2007 to 2011 .. 44
Size and growth of the commercial non-life insurance market in Belgium by segment, 2007 to 2011 (table) .. 44
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015 46
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015 (table) . 46
Market concentration for commercial non-life insurance broking in Belgium, 2007 and 2011 47
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Belgium, 2011 .. 48
4.0 FRANCE ... 50
Segmentation of the commercial non-life insurance market in France, 2011 .. 52
Growth in the commercial non-life insurance market in France by segment, 2007 to 2011 53
Size and growth of the commercial non-life insurance market in France by segment, 2007 to 2011 (table) .. 53
Brokers’ share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015 55
Brokers’ share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015 (table) . 55
Market concentration for commercial non-life insurance broking in France, 2007 and 2011 .. 56
Market shares of commercial non-life insurance broking revenues of the top ten brokers in France, 2011 .. 57
5.0 IRELAND .. 60
Segmentation of the commercial non-life insurance market in Ireland, 2011 ... 62
Growth in the commercial non-life insurance market in Ireland by segment, 2007 to 2011 63
Size and growth of the commercial non-life insurance market in Ireland by segment, 2007 to 2011 (table) .. 63
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015 65
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015 (table) . 65
Market concentration for commercial non-life insurance broking in the Ireland, 2007 and 2011 66
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Ireland, 2011 .. 67
6.0 ITALY 69
Segmentation of the commercial non-life insurance market in Italy, 2011 ... 71
Growth in the commercial non-life insurance market in Italy by segment, 2007 to 2011 . 72
Size and growth of the commercial non-life insurance market in Italy by segment, 2007 to 2011 (table) .. 72
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015 74
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015 (table) . 74
Market concentration for commercial non-life insurance broking in Italy, 2007 and 2011 ... 75
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Italy, 2011 ... 77
7.0 NETHERLANDS .. 80
Segmentation of the commercial non-life insurance market in the Netherlands, 2007 to 2011 .. 82
Growth in the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011 . 83
Size and growth of the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011 (table) .. 83
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015 . 85
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015 (table) . 85
Market concentration for commercial non-life insurance broking in the Netherlands, 2007 and 2011 ... 86
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Netherlands, 2011 ... 87
8.0 PORTUGAL . 89
Segmentation of the commercial non-life insurance market in Portugal, 2011 91
Growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011 . 92
Size and growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011 (table) .. 92
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015 94
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015 (table) . 94
Market concentration for commercial non-life insurance broking in Portugal, 2007 and 2011 95
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Portugal, 2011 .. 96
9.0 SPAIN ... 98
Segmentation of the commercial non-life insurance market in Spain, 2011 ... 100
Growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011 101
Size and growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011 (table) 102
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015 .. 103
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015 (table) ... 104
Market concentration for commercial non-life insurance broking in Spain, 2007 and 2011 .. 105
10.0 UK . 108
Segmentation of the commercial non-life insurance market in the UK, 2007 to 2011 ... 110
Growth in the commercial non-life insurance market in the UK by segment, 2007 to 2011 .. 111
Size and growth of the commercial non-life insurance market in the UK by segment, 2007 to 2011 (table) 111
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015 .. 113
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015 (table) ... 113
Market concentration for commercial non-life insurance broking in the UK, 2007 and 2011 114
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the UK, 2011 116
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