Marktanalyse - Commercial Non-Life Insurance Brokers in Northern, Central and Eastern Europe
Finaccord
7 / 2012
152 Seiten
| Typ: | Marktanalyse |
| Sprache: | Englisch |
| Regionen: | Europa |
| Verfügbarkeit: | verfügbar |
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Commercial Non-Life Insurance Brokers in Northern, Central and Eastern Europe and the BrokerBASE™ that accompanies it investigate the importance of brokers in the distribution of non-life insurance for businesses in 12 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 Northern, Central and Eastern Europe were worth about EUR 2.76 billion in 2011. Moreover, brokers are increasing their share of this market in most countries, often at the expense of tied agents, and are expected to continue growing 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 Austria, the Czech Republic, Denmark, Finland, Germany, Norway, Poland, Romania, Russia, Sweden, Switzerland and Turkey. It then quantifies the share of this market that is intermediated by brokers and ranks the leading brokers in each country according to their revenues from commercial non-life insurance, excluding income from other activities. This analysis is based on an investigation covering some 230 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 ten to 40 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, Ecclesia, Funk International, Marsh 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 Austria, the Czech Republic, Denmark, Finland, Germany, Norway, Poland, Romania, Russia, Sweden, Switzerland and Turkey. It then quantifies the share of this market that is intermediated by brokers and ranks the leading brokers in each country according to their revenues from commercial non-life insurance, excluding income from other activities. This analysis is based on an investigation covering some 230 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 ten to 40 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, Ecclesia, Funk International, Marsh 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 over EUR 50 billion in premiums in 2011... . 2
...but declined between 2007 and 2011 in real terms .. 2
Brokers are the most important single distribution channel in this region... . 3
...and distributed more than half of commercial non-life premiums in three countries 4
Over half of the EUR 2.76 billion commercial non-life insurance broking market is derived from Germany.. 4
Brokers' revenues rose in Poland due to increases in premiums, their share of premiums and commissions . 5
Five strategic alliances account for more than a third of commercial non-life broking revenues ... 5
Brokers' revenues are expected to rise fastest in the region's four smallest markets . 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 11
Premiums . 11
Exchange rates 11
Abbreviations ... 11
BrokerBASE 11
Finaccord . 12
2.0 REGIONAL OVERVIEW .. 14
Regulatory information 14
The European Commission is due to unveil Insurance Mediation Directive 2... ... 14
...in order to improve transparency and reduce conflicts of interest .. 14
...while new regulations are required in Russia to separate brokers from agents . 15
Commercial non-life insurance market ... 15
The financial crisis dragged growth in commercial non-life insurance below the rate of inflation . 15
Premiums rose fastest in Turkey in nominal values... 17
...while the Russian market shrank fastest in real terms 17
Germany accounts for nearly half of all commercial non-life insurance premiums in this region . 18
Market maturity: high GDP per head means high premiums per head... .. 19
...so the long-term prospects for the developing countries in this region are good ... 19
MAT insurance ranges from below 2% to more than 25% of the total by country 21
Property insurance grew fastest between 2007 and 2011... .. 22
... while MAT was the only line to experience a decline in nominal terms . 23
Commercial non-life insurance brokers .. 24
Brokers' share of commercial non-life insurance distribution . 24
Brokers distribute 40% of premiums in this region... .. 24
...and their share rose in every country between 2007 and 2011 except for Denmark 24
Brokers are most important in the Czech Republic and Switzerland. 25
Brokers' revenue from commercial non-life insurance intermediation ... 27
Germany, Switzerland and Austria are the largest markets for brokers by revenue... . 27
...though brokers' revenues fell fastest in Germany over 2007 to 2011... . 28
...compared to an increase in Poland in excess of 10% per annum . 28
Market concentration and the top five brokers in Northern, Central and Eastern Europe 30
Finland's small broker market means that it can only support a few major brokers .. 30
JLT International Network forms a rival to Aon, Marsh and Willis.. 32
Funk International operates in the three largest broker markets ... 32
Aon was the leading broker in seven out of 12 countries in 2011 . 34
Brokers’ distribution strategies and specialisms . 35
A third of brokers belong to an international network... .. 35
...led by Unison, UNiBA Partners and JLT International 37
Leading brokers rarely have a regional focus... .. 37
...though many more have particular expertise by product line or client sector 38
Very few brokers were found that could transact online 38
Future outlook .. 38
Romania and Russia are forecast to see the best growth in commercial non-life premiums... 39
...while Austria and Romania should see brokers increase their share of the market most... .. 39
...and the largest increase in revenues measured in absolute value should come from Germany .. 41
3.0 AUSTRIA .. 44
Introduction .. 44
Regulatory information 45
There are two voluntary associations for brokers in Austria .. 45
Commercial non-life insurance market ... 45
The commercial non-life insurance market has shown resilience throughout the global economic crisis ... 45
Legal expenses insurance was the fastest growing segment between 2007 and 2011 .. 46
Commercial non-life insurance brokers .. 48
Overview of brokers’ presence in the distribution of commercial non-life insurance 48
Brokers have overtaken company sales forces in the distribution of commercial non-life insurance .. 48
Future outlook .. 48
Brokers’ income will benefit from both a rise in premiums and a gain in market share 48
Competitor trends and specialisms .. 50
The concentration of the broker market in commercial non-life insurance has slightly increased ... 50
JLT bought a stake in GrECo International in 2010 while Südvers made an investment in Koban . 50
VMG-Erste BankVersicherungsmakler is a significant player in commercial non-life insurance . 51
Brokers’ distribution strategies . 52
While most brokers operate nationwide, a few are regional specialists 52
Face-to-face transactions remain the norm in the Austrian commercial non-life insurance market . 52
Several large brokers are members of international broker networks ... 53
Domestic broker networks are not common in Austria .. 53
4.0 CZECH REPUBLIC . 54
Introduction .. 54
Regulatory information 55
Aon, Marsh and Willis set up an additional broker association in 2011 . 55
Commercial non-life insurance market ... 55
The market is still affected by the economic slowdown . 55
Motor and MAT insurance contracted over 2007 to 2011 .. 56
Commercial non-life insurance brokers .. 58
Overview of brokers’ presence in the distribution of commercial non-life insurance 58
Brokers gained market share between 2007 and 2011 . 58
Future outlook .. 58
Brokers' growing share of the market should offset a decline in premiums in real terms . 58
Competitor trends and specialisms .. 60
Market concentration has increased since 2007 60
Whilst multinational broker Aon Central and Eastern Europe leads the market... 60
...domestically-owned Renomia and Insia also have strong positions .. 61
Brokers’ distribution strategies . 62
Brokers operate mostly nationwide and without any particular specialism ... 62
Two brokers use online distribution in addition to face-to-face sales . 62
Several large brokers are members of international broker networks ... 62
5.0 DENMARK ... 63
Introduction .. 63
Regulatory information 64
Commission payments were replaced by fees in 2011 . 64
Commercial non-life insurance market ... 64
After a slowdown in 2010 the market returned to growth in 2011 . 64
MAT insurance decreased significantly .. 65
Commercial non-life insurance brokers .. 67
Overview of brokers’ presence in the distribution of commercial non-life insurance 67
Brokers’ share of commercial non-life insurance shrank between 2007 and 2011 .. 67
Future outlook .. 67
Brokers’ revenues will rise modestly due to an increased market share ... 67
Competitor trends and specialisms .. 69
The top three brokers account for 50% of the total market 69
Two big global brokers lead the market for commercial non-life insurance in Denmark... ... 69
...though Danish-owned Dahlberg holds third place .. 70
Brokers’ distribution strategies . 70
Danish brokers operate nationwide and mostly have no particular specialism . 70
Offline distribution remains the norm in the Danish commercial non-life insurance market . 70
Several large brokers are members of international broker networks ... 71
Broker alliances are an important feature of the Danish market 71
6.0 FINLAND .. 72
Introduction .. 72
Regulatory information 73
The Finnish supervisory authorities banned insurance brokers' commissions in 2005 73
Commercial non-life insurance market ... 73
The market experienced slow growth between 2007 and 2011 in real terms ... 73
Legal expenses experienced the fastest growth of all major lines of insurance over 2007 to 2011 74
Commercial non-life insurance brokers .. 76
Overview of brokers’ presence in the distribution of commercial non-life insurance 76
Brokers have only a very small share of the total market .. 76
Future outlook .. 76
Brokers' income is set to rise swiftly but from a low base .. 76
Competitor trends and specialisms .. 78
The top ten brokers account for nearly 94% of the total market 78
International brokers are predominant 78
Most brokers have no particular specialities ... 79
Brokers’ distribution strategies . 79
Finnish brokers only distribute offline .. 79
Just one broker is part of an international network . 79
Broker alliances are not a feature of the Finnish market 79
7.0 GERMANY ... 80
Introduction .. 80
Regulatory information 81
The ban to pass on broker commissions to clients may be dropped in the near future ... 81
Commercial non-life insurance market ... 82
Premium volumes in commercial non-life insurance grew slowly between 2007 and 2011. 82
...with property insurance registering the highest growth rate 82
Commercial non-life insurance brokers .. 84
Overview of brokers’ presence in the distribution of commercial non-life insurance 84
Brokers are much more significant in commercial lines than in personal lines . 84
Future outlook .. 84
Brokers’ income will rise as they gain market share in a slowly growing market .. 84
Competitor trends and specialisms .. 86
The market is not characterised by a high degree of concentration .. 86
Aon Jauch & Hübener took over TUI Insurance Services in 2010... . 86
... while Gossler, Gobert & Wolters expanded through the acquisition of Büttner & Richter 87
Brokers’ distribution strategies . 88
Brokers commonly operate on a nationwide basis although some can be said to have a regional focus ... 88
The establishment of inex24 and BrokingX might transform the distribution of commercial non-life insurance .. 88
Most of the largest 40 commercial non-life brokers are part of an international broker network .. 89
Artus and Martens & Prahl are classified as companies rather than broker networks . 89
Brokers often work with professional associations to sell professional indemnity insurance ... 89
8.0 NORWAY . 90
Introduction .. 90
Regulatory information 91
Norway's authorities have banned commissions for most lines of business . 91
Commercial non-life insurance market ... 91
Property and MAT insurance account for over half of the total market . 91
Motor insurance was the fastest growing business line between 2007 and 2011 92
Commercial non-life insurance brokers .. 94
Overview of brokers’ presence in the distribution of commercial non-life insurance 94
Norway's brokers have gained market share in recent years 94
Future outlook .. 94
Brokers' income is set to rise only slowly in real terms ... 94
Competitor trends and specialisms .. 96
The commercial non-life insurance market is controlled by a few large brokers ... 96
Global brokers lead the Norwegian market 96
A number of acquisitions have taken place in recent years ... 97
Brokers’ distribution strategies . 97
Marine and energy-related insurance are the most important sources of brokers' income .. 97
Offline distribution remains the norm .. 98
A number of brokers are members of international broker networks. 98
Domestic broker networks are not a feature of the Norwegian market . 98
9.0 POLAND ... 99
Introduction .. 99
Regulatory information .. 100
Over 1,800 brokers were active in Poland at the end of 2010 . 100
Commercial non-life insurance market . 100
The market for commercial non-life insurance was not strongly affected by the financial crisis . 100
Legal expenses insurance was the fastest-growing line of insurance over 2007 to 2011 .. 101
Commercial non-life insurance brokers 103
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 103
Tied agents dominate the market for non-life insurance .. 103
Future outlook 103
Brokers’ income will rise primarily from a gain in market share ... 103
Competitor trends and specialisms 105
Market concentration is comparatively low ... 105
Mentor is the largest Polish-owned broker in the market . 105
Aon acquired Dom Brokerski Progres in 2009 . 106
Brokers’ distribution strategies ... 106
Polish brokers operate nationwide 106
Face-to-face business remains the norm for Polish brokers 106
A small number of brokers are part of international broker networks .. 107
Domestic broker networks are not a feature of the Polish market ... 107
Nord Partner works with trade associations in the logistics sector .. 107
10.0 ROMANIA 108
Introduction 108
Regulatory information .. 109
The number of active brokers has increased rapidly in recent years .. 109
Commercial non-life insurance market . 109
The market was strongly hit by the financial crisis but recovered in 2011 ... 109
Liability insurance was the fastest growing segment 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 the most important distribution channel for non-life insurance . 112
Future outlook 112
Brokers are expected to distribute more than half of commercial non-life insurance premiums by 2015 .. 112
Competitor trends and specialisms 114
The top ten brokers hold 50% of the total commercial non-life insurance market .. 114
Foreign penetration is very substantial in the Romanian market... .. 114
...with brokers owned by banks and car manufacturers playing an important role . 114
Brokers’ distribution strategies ... 115
Several brokers specialise in commercial motor and fleet insurance .. 115
Online distribution is not used by Romanian insurance brokers .. 115
Only a minority of brokers belongs to an international network... 116
...and domestic networks are not significant . 116
11.0 RUSSIA 117
Introduction 117
Regulatory information .. 118
Russian legislation regarding the status of intermediaries is undergoing major changes .. 118
Commercial non-life insurance market . 118
The market for commercial non-life insurance fell in real terms between 2007 and 2011 . 118
Motor insurance grew faster than property insurance between 2007 and 2011 . 119
Commercial non-life insurance brokers 121
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 121
Brokers have only a small share of the commercial non-life insurance market .. 121
Future outlook 121
Brokers’ revenues will rise due to an increase in market share and in the underlying insurance market .. 121
Competitor trends and specialisms 123
The Russian market is clearly divided between a few big and many small brokers ... 123
Malakut is the largest Russian-owned broker in the commercial non-life insurance market .. 123
Distribution strategies 124
Russia’s top ten brokers focus entirely on large companies 124
Atom Broker deals exclusively with nuclear risks . 124
Online distribution is not used by Russian brokers ... 125
Only two brokers are members of international broker networks 125
Domestic broker networks are not active in Russia . 125
12.0 SWEDEN .. 126
Introduction 126
Regulatory information .. 127
The number of insurance intermediaries has increased significantly since 2006 ... 127
The Swedish insurance intermediary market is under scrutiny by the authorities .. 127
Commercial non-life insurance market . 127
Property insurance accounted for over half of all premiums in 2011 ... 127
Motor insurance was the fastest growing business category between 2007 and 2011 . 128
Commercial non-life insurance brokers 130
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 130
Brokers gained market share between 2007 and 2011 ... 130
Future outlook 130
Both the commercial non-life insurance market and brokers’ share of it are expected to rise ... 130
Competitor trends and specialisms 132
The top ten brokers have gained market share in recent years .. 132
Three international brokers lead the market... .. 132
...though Söderberg & Partners is rapidly gaining market share . 133
Brokers’ distribution strategies ... 133
Swedish brokers operate without any particular specialism 133
Online distribution is not yet a feature of the Swedish commercial non-life insurance market ... 134
Many brokers are members of international broker networks .. 134
Domestic broker networks are not common in Sweden .. 134
Aon, Marsh and Willis all hold significant partnerships for professional indemnity and fleet insurance . 134
13.0 SWITZERLAND ... 135
Introduction 135
Regulatory information .. 136
Registration with FINMA is compulsory for intermediaries... 136
Commercial non-life insurance market . 137
Premiums in commercial non-life insurance registered continuous growth between 2007 and 2011 ... 137
Legal expenses insurance grew faster than property insurance between 2007 and 2011 137
Commercial non-life insurance brokers 139
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 139
Brokers are much more significant in commercial lines than in personal lines ... 139
Future outlook 139
Brokers’ income will rise more from a gain in market share than from an increase in premiums .. 139
Competitor trends and specialisms 141
The top three brokers have extended their market share in recent years ... 141
Kessler & Co maintains its leading position in the commercial non-life segment ... 141
ARISCO was formed in 2011 through the merger of two other brokers.. 142
Brokers’ distribution strategies ... 143
While most brokers operate nationwide, a few are regional specialists .. 143
One broker can accept online transactions for commercial non-life insurance ... 143
Several large brokers are members of international broker networks . 143
Domestic broker networks are not common in Switzerland . 143
Several brokers have struck up partnerships with professional or trade associations 143
14.0 TURKEY ... 145
Introduction 145
Regulatory information .. 146
In 2011 there were 81 insurance brokers active in Turkey .. 146
Commercial non-life insurance market . 146
Property insurance accounts for over 50% of the total market 146
All lines experienced strong growth between 2007 and 2011 . 147
Commercial non-life insurance brokers 149
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 149
Agents dominate the non-life insurance market in Turkey ... 149
Future outlook 149
Brokers’ revenues will rise primarily due to an increase in market share 149
Competitor trends and specialisms 151
The top ten brokers control over 80% of the broker market . 151
Marsh and Aon are the leading brokers in Turkey ... 151
Brokers’ distribution strategies ... 152
In Turkey brokers operate nationwide and are generalists .. 152
None of the top ten brokers have an online transaction capability .. 152
Many Turkish brokers are members of international broker networks 152
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION ... 8
2.0 REGIONAL OVERVIEW .. 14
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe, 2007 to 2011 . 16
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe, 2007 to 2011 (table) .. 16
Compound annual growth rates for commercial non-life insurance in Northern, Central and Eastern Europe, in nominal values segmented by country, 2007 to 2011 . 17
Compound annual growth rates for commercial non-life insurance in Northern, Central and Eastern Europe, in real values segmented by country, 2007 to 2011 18
Commercial non-life insurance premiums in Northern, Central and Eastern Europe segmented by country, 2011 . 19
GDP per capita compared to commercial non-life premiums per capita in Northern, Central and Eastern Europe, by country, 2011 20
GDP per capita compared to commercial non-life gross written premiums per capita in Northern, Central and Eastern Europe, by country, 2011 (table) 21
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe segmented by line of business, 2011 .. 22
Compound annual growth rates in commercial non-life insurance premiums in Northern, Central and Eastern Europe, in nominal values segmented by line of business, 2007 to 2011 .. 23
Commercial non-life insurance premiums segmented by line of business and by country, 2011 (table) ... 24
Brokers' share of commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2007 and 2011 .. 26
Brokers' share of commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2007 and 2011 (table) ... 27
Brokers' revenues from commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2011 .. 28
Compound annual growth rates for brokers' revenues from commercial non-life insurance in Northern, Central and Eastern Europe, in real terms by country, 2007 to 2011 ... 29
Brokers' revenues from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2007 and 2011 (table) ... 30
Market concentration for top three and top ten commercial non-life insurance brokers in Northern, Central and Eastern Europe by country, 2011 31
Market concentration for top three and top ten commercial non-life insurance brokers in Northern, Central and Eastern Europe by country, 2011 (table) . 32
Top five commercial non-life brokers' share of revenues for Northern, Central and Eastern Europe, 2011 .. 33
Top five commercial non-life broker groups' share of revenues for Northern, Central and Eastern Europe, 2011 . 34
Top five commercial non-life broker groups' revenues, number of first-place rankings and top ten rankings in Northern, Central and Eastern Europe, 2011 (table) . 35
Distribution strategies of commercial non-life brokers in Northern, Central and Eastern Europe, 2012 . 36
International broker networks ranked by number of members in Northern, Central and Eastern Europe, 2012 . 37
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe in real terms by country, 2011 to 2015 ... 40
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe in real terms, by country, 2011 to 2015 (table) .. 41
Comparison of growth in brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2011 to 2015 .. 42
Brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2011 and 2015 (table) . 43
3.0 AUSTRIA .. 44
Segmentation of the commercial non-life insurance market in Austria, 2011 ... 46
Growth in the commercial non-life insurance market in Austria by segment, 2007 to 2011 47
Size and growth of the commercial non-life insurance market in Austria by segment, 2007 to 2011 (table) .. 47
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Austria, 2007, 2011 and 2015 49
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Austria, 2007, 2011 and 2015 (table) . 49
Market concentration for commercial non-life insurance broking in Austria, 2007 and 2011 .. 50
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Austria, 2011 .. 52
4.0 CZECH REPUBLIC . 54
Segmentation of the commercial non-life insurance market in the Czech Republic, 2011 .. 56
Growth in the commercial non-life insurance market in the Czech Republic by segment, 2007 to 2011 ... 57
Size and growth of the commercial non-life insurance market in the Czech Republic by segment, 2007 to 2011 (table) .. 57
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2007, 2011 and 2015 .. 59
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2007, 2011 and 2015 (table) ... 59
Market concentration for commercial non-life insurance broking in the Czech Republic, 2007 and 2011 . 60
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Czech Republic, 2011 61
5.0 DENMARK ... 63
Segmentation of the commercial non-life insurance market in Denmark, 2011 ... 65
Growth in the commercial non-life insurance market in Denmark by segment, 2007 to 2011 66
Size and growth of the commercial non-life insurance market in Denmark by segment, 2007 to 2011 (table) ... 66
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Denmark, 2007, 2011 and 2015 .. 68
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Denmark, 2007, 2011 and 2015 (table) ... 68
Market concentration for commercial non-life insurance broking in Denmark, 2007 and 2011... 69
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Denmark, 2011 .. 70
6.0 FINLAND .. 72
Segmentation of the commercial non-life insurance market in Finland, 2011 .. 74
Growth in the commercial non-life insurance market in Finland by segment, 2007 to 2011 ... 75
Size and growth of the commercial non-life insurance market in Finland by segment, 2007 to 2011 (table) .. 75
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Finland, 2007, 2011 and 2015 77
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Finland, 2007, 2011 and 2015 (table) . 77
Market concentration for commercial non-life insurance broking in Finland, 2011 .. 78
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Finland, 2011 .. 79
7.0 GERMANY ... 80
Segmentation of the commercial non-life insurance market in Germany, 2011 ... 82
Growth in the commercial non-life insurance market in Germany by segment, 2007 to 2011 83
Size and growth of the commercial non-life insurance market in Germany by segment, 2007 to 2011 (table) ... 83
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Germany, 2007, 2011 and 2015 .. 85
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Germany, 2007, 2011 and 2015 (table) ... 85
Market concentration for commercial non-life insurance broking in Germany, 2007 and 2011 .. 86
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Germany, 2011 . 88
8.0 NORWAY . 90
Segmentation of the commercial non-life insurance market in Norway, 2011 . 92
Growth in the commercial non-life insurance market in Norway by segment, 2007 to 2011 ... 93
Size and growth of the commercial non-life insurance market in Norway by segment, 2007 to 2011 (table) .. 93
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Norway, 2007, 2011 and 2015 95
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Norway, 2007, 2011 and 2015 (table) . 95
Market concentration for commercial non-life insurance broking in Norway, 2007 and 2011 . 96
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Norway, 2011 .. 97
9.0 POLAND ... 99
Segmentation of the commercial non-life insurance market in Poland, 2011 101
Growth in the commercial non-life insurance market in Poland by segment, 2007 to 2011 .. 102
Size and growth of the commercial non-life insurance market in Poland by segment, 2007 to 2011 (table) 102
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Poland, 2007, 2011 and 2015 .. 104
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Poland, 2007, 2011 and 2015 (table) ... 104
Market concentration for commercial non-life insurance broking in Poland, 2007 and 2011 105
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Poland, 2011 106
10.0 ROMANIA 108
Segmentation of the commercial non-life insurance market in Romania, 2011 . 110
Growth in the commercial non-life insurance market in Romania by segment, 2007 to 2011 .. 111
Size and growth of the commercial non-life insurance market in Romania by segment, 2007 to 2011 (table) 111
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Romania, 2007, 2011 and 2015 113
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Romania, 2007, 2011 and 2015 (table) . 113
Market concentration for commercial non-life insurance broking in Romania, 2011 . 114
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Romania, 2011 115
11.0 RUSSIA 117
Segmentation of the commercial non-life insurance market in Russia, 2011 . 119
Growth in the commercial non-life insurance market in Russia by segment, 2007 to 2011 .. 120
Size and growth of the commercial non-life insurance market in Russia by segment, 2007 to 2011 (table) 120
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Russia, 2007, 2011 and 2015 .. 122
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Russia, 2007, 2011 and 2015 (table) ... 122
Market concentration for commercial non-life insurance broking in Russia, 2011 . 123
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Russia, 2011 124
12.0 SWEDEN .. 126
Segmentation of the commercial non-life insurance market in Sweden, 2011 .. 128
Growth in the commercial non-life insurance market in Sweden by segment, 2007 to 2011 129
Size and growth of the commercial non-life insurance market in Sweden by segment, 2007 to 2011 (table) 129
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Sweden, 2007, 2011 and 2015 .. 131
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Sweden, 2007, 2011 and 2015 (table) ... 131
Market concentration for commercial non-life insurance broking in Sweden, 2007 and 2011 .. 132
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Sweden, 2011 133
13.0 SWITZERLAND ... 135
Segmentation of the commercial non-life insurance market in Switzerland, 2011 . 137
Growth in the commercial non-life insurance market in Switzerland by segment, 2007 to 2011 .. 138
Size and growth of the commercial non-life insurance market in Switzerland by segment, 2007 to 2011 (table) . 138
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2007, 2011 and 2015 140
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2007, 2011 and 2015 (table) . 140
Market concentration for commercial non-life insurance broking in Switzerland, 2007 and 2011 141
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Switzerland, 2011 ... 142
14.0 TURKEY ... 145
Segmentation of the commercial non-life insurance market in Turkey, 2011 . 147
Growth in the commercial non-life insurance market in Turkey by segment, 2007 to 2011 .. 148
Size and growth of the commercial non-life insurance market in Turkey by segment, 2007 to 2011 (table) 148
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Turkey, 2007, 2011 and 2015 .. 150
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Turkey, 2007, 2011 and 2015 (table) ... 150
Market concentration for commercial non-life insurance broking in Turkey, 2011 . 151
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Turkey, 2011 152
0.0 EXECUTIVE SUMMARY ... 1
The region's commercial non-life insurance market was worth over EUR 50 billion in premiums in 2011... . 2
...but declined between 2007 and 2011 in real terms .. 2
Brokers are the most important single distribution channel in this region... . 3
...and distributed more than half of commercial non-life premiums in three countries 4
Over half of the EUR 2.76 billion commercial non-life insurance broking market is derived from Germany.. 4
Brokers' revenues rose in Poland due to increases in premiums, their share of premiums and commissions . 5
Five strategic alliances account for more than a third of commercial non-life broking revenues ... 5
Brokers' revenues are expected to rise fastest in the region's four smallest markets . 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 11
Premiums . 11
Exchange rates 11
Abbreviations ... 11
BrokerBASE 11
Finaccord . 12
2.0 REGIONAL OVERVIEW .. 14
Regulatory information 14
The European Commission is due to unveil Insurance Mediation Directive 2... ... 14
...in order to improve transparency and reduce conflicts of interest .. 14
...while new regulations are required in Russia to separate brokers from agents . 15
Commercial non-life insurance market ... 15
The financial crisis dragged growth in commercial non-life insurance below the rate of inflation . 15
Premiums rose fastest in Turkey in nominal values... 17
...while the Russian market shrank fastest in real terms 17
Germany accounts for nearly half of all commercial non-life insurance premiums in this region . 18
Market maturity: high GDP per head means high premiums per head... .. 19
...so the long-term prospects for the developing countries in this region are good ... 19
MAT insurance ranges from below 2% to more than 25% of the total by country 21
Property insurance grew fastest between 2007 and 2011... .. 22
... while MAT was the only line to experience a decline in nominal terms . 23
Commercial non-life insurance brokers .. 24
Brokers' share of commercial non-life insurance distribution . 24
Brokers distribute 40% of premiums in this region... .. 24
...and their share rose in every country between 2007 and 2011 except for Denmark 24
Brokers are most important in the Czech Republic and Switzerland. 25
Brokers' revenue from commercial non-life insurance intermediation ... 27
Germany, Switzerland and Austria are the largest markets for brokers by revenue... . 27
...though brokers' revenues fell fastest in Germany over 2007 to 2011... . 28
...compared to an increase in Poland in excess of 10% per annum . 28
Market concentration and the top five brokers in Northern, Central and Eastern Europe 30
Finland's small broker market means that it can only support a few major brokers .. 30
JLT International Network forms a rival to Aon, Marsh and Willis.. 32
Funk International operates in the three largest broker markets ... 32
Aon was the leading broker in seven out of 12 countries in 2011 . 34
Brokers’ distribution strategies and specialisms . 35
A third of brokers belong to an international network... .. 35
...led by Unison, UNiBA Partners and JLT International 37
Leading brokers rarely have a regional focus... .. 37
...though many more have particular expertise by product line or client sector 38
Very few brokers were found that could transact online 38
Future outlook .. 38
Romania and Russia are forecast to see the best growth in commercial non-life premiums... 39
...while Austria and Romania should see brokers increase their share of the market most... .. 39
...and the largest increase in revenues measured in absolute value should come from Germany .. 41
3.0 AUSTRIA .. 44
Introduction .. 44
Regulatory information 45
There are two voluntary associations for brokers in Austria .. 45
Commercial non-life insurance market ... 45
The commercial non-life insurance market has shown resilience throughout the global economic crisis ... 45
Legal expenses insurance was the fastest growing segment between 2007 and 2011 .. 46
Commercial non-life insurance brokers .. 48
Overview of brokers’ presence in the distribution of commercial non-life insurance 48
Brokers have overtaken company sales forces in the distribution of commercial non-life insurance .. 48
Future outlook .. 48
Brokers’ income will benefit from both a rise in premiums and a gain in market share 48
Competitor trends and specialisms .. 50
The concentration of the broker market in commercial non-life insurance has slightly increased ... 50
JLT bought a stake in GrECo International in 2010 while Südvers made an investment in Koban . 50
VMG-Erste BankVersicherungsmakler is a significant player in commercial non-life insurance . 51
Brokers’ distribution strategies . 52
While most brokers operate nationwide, a few are regional specialists 52
Face-to-face transactions remain the norm in the Austrian commercial non-life insurance market . 52
Several large brokers are members of international broker networks ... 53
Domestic broker networks are not common in Austria .. 53
4.0 CZECH REPUBLIC . 54
Introduction .. 54
Regulatory information 55
Aon, Marsh and Willis set up an additional broker association in 2011 . 55
Commercial non-life insurance market ... 55
The market is still affected by the economic slowdown . 55
Motor and MAT insurance contracted over 2007 to 2011 .. 56
Commercial non-life insurance brokers .. 58
Overview of brokers’ presence in the distribution of commercial non-life insurance 58
Brokers gained market share between 2007 and 2011 . 58
Future outlook .. 58
Brokers' growing share of the market should offset a decline in premiums in real terms . 58
Competitor trends and specialisms .. 60
Market concentration has increased since 2007 60
Whilst multinational broker Aon Central and Eastern Europe leads the market... 60
...domestically-owned Renomia and Insia also have strong positions .. 61
Brokers’ distribution strategies . 62
Brokers operate mostly nationwide and without any particular specialism ... 62
Two brokers use online distribution in addition to face-to-face sales . 62
Several large brokers are members of international broker networks ... 62
5.0 DENMARK ... 63
Introduction .. 63
Regulatory information 64
Commission payments were replaced by fees in 2011 . 64
Commercial non-life insurance market ... 64
After a slowdown in 2010 the market returned to growth in 2011 . 64
MAT insurance decreased significantly .. 65
Commercial non-life insurance brokers .. 67
Overview of brokers’ presence in the distribution of commercial non-life insurance 67
Brokers’ share of commercial non-life insurance shrank between 2007 and 2011 .. 67
Future outlook .. 67
Brokers’ revenues will rise modestly due to an increased market share ... 67
Competitor trends and specialisms .. 69
The top three brokers account for 50% of the total market 69
Two big global brokers lead the market for commercial non-life insurance in Denmark... ... 69
...though Danish-owned Dahlberg holds third place .. 70
Brokers’ distribution strategies . 70
Danish brokers operate nationwide and mostly have no particular specialism . 70
Offline distribution remains the norm in the Danish commercial non-life insurance market . 70
Several large brokers are members of international broker networks ... 71
Broker alliances are an important feature of the Danish market 71
6.0 FINLAND .. 72
Introduction .. 72
Regulatory information 73
The Finnish supervisory authorities banned insurance brokers' commissions in 2005 73
Commercial non-life insurance market ... 73
The market experienced slow growth between 2007 and 2011 in real terms ... 73
Legal expenses experienced the fastest growth of all major lines of insurance over 2007 to 2011 74
Commercial non-life insurance brokers .. 76
Overview of brokers’ presence in the distribution of commercial non-life insurance 76
Brokers have only a very small share of the total market .. 76
Future outlook .. 76
Brokers' income is set to rise swiftly but from a low base .. 76
Competitor trends and specialisms .. 78
The top ten brokers account for nearly 94% of the total market 78
International brokers are predominant 78
Most brokers have no particular specialities ... 79
Brokers’ distribution strategies . 79
Finnish brokers only distribute offline .. 79
Just one broker is part of an international network . 79
Broker alliances are not a feature of the Finnish market 79
7.0 GERMANY ... 80
Introduction .. 80
Regulatory information 81
The ban to pass on broker commissions to clients may be dropped in the near future ... 81
Commercial non-life insurance market ... 82
Premium volumes in commercial non-life insurance grew slowly between 2007 and 2011. 82
...with property insurance registering the highest growth rate 82
Commercial non-life insurance brokers .. 84
Overview of brokers’ presence in the distribution of commercial non-life insurance 84
Brokers are much more significant in commercial lines than in personal lines . 84
Future outlook .. 84
Brokers’ income will rise as they gain market share in a slowly growing market .. 84
Competitor trends and specialisms .. 86
The market is not characterised by a high degree of concentration .. 86
Aon Jauch & Hübener took over TUI Insurance Services in 2010... . 86
... while Gossler, Gobert & Wolters expanded through the acquisition of Büttner & Richter 87
Brokers’ distribution strategies . 88
Brokers commonly operate on a nationwide basis although some can be said to have a regional focus ... 88
The establishment of inex24 and BrokingX might transform the distribution of commercial non-life insurance .. 88
Most of the largest 40 commercial non-life brokers are part of an international broker network .. 89
Artus and Martens & Prahl are classified as companies rather than broker networks . 89
Brokers often work with professional associations to sell professional indemnity insurance ... 89
8.0 NORWAY . 90
Introduction .. 90
Regulatory information 91
Norway's authorities have banned commissions for most lines of business . 91
Commercial non-life insurance market ... 91
Property and MAT insurance account for over half of the total market . 91
Motor insurance was the fastest growing business line between 2007 and 2011 92
Commercial non-life insurance brokers .. 94
Overview of brokers’ presence in the distribution of commercial non-life insurance 94
Norway's brokers have gained market share in recent years 94
Future outlook .. 94
Brokers' income is set to rise only slowly in real terms ... 94
Competitor trends and specialisms .. 96
The commercial non-life insurance market is controlled by a few large brokers ... 96
Global brokers lead the Norwegian market 96
A number of acquisitions have taken place in recent years ... 97
Brokers’ distribution strategies . 97
Marine and energy-related insurance are the most important sources of brokers' income .. 97
Offline distribution remains the norm .. 98
A number of brokers are members of international broker networks. 98
Domestic broker networks are not a feature of the Norwegian market . 98
9.0 POLAND ... 99
Introduction .. 99
Regulatory information .. 100
Over 1,800 brokers were active in Poland at the end of 2010 . 100
Commercial non-life insurance market . 100
The market for commercial non-life insurance was not strongly affected by the financial crisis . 100
Legal expenses insurance was the fastest-growing line of insurance over 2007 to 2011 .. 101
Commercial non-life insurance brokers 103
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 103
Tied agents dominate the market for non-life insurance .. 103
Future outlook 103
Brokers’ income will rise primarily from a gain in market share ... 103
Competitor trends and specialisms 105
Market concentration is comparatively low ... 105
Mentor is the largest Polish-owned broker in the market . 105
Aon acquired Dom Brokerski Progres in 2009 . 106
Brokers’ distribution strategies ... 106
Polish brokers operate nationwide 106
Face-to-face business remains the norm for Polish brokers 106
A small number of brokers are part of international broker networks .. 107
Domestic broker networks are not a feature of the Polish market ... 107
Nord Partner works with trade associations in the logistics sector .. 107
10.0 ROMANIA 108
Introduction 108
Regulatory information .. 109
The number of active brokers has increased rapidly in recent years .. 109
Commercial non-life insurance market . 109
The market was strongly hit by the financial crisis but recovered in 2011 ... 109
Liability insurance was the fastest growing segment 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 the most important distribution channel for non-life insurance . 112
Future outlook 112
Brokers are expected to distribute more than half of commercial non-life insurance premiums by 2015 .. 112
Competitor trends and specialisms 114
The top ten brokers hold 50% of the total commercial non-life insurance market .. 114
Foreign penetration is very substantial in the Romanian market... .. 114
...with brokers owned by banks and car manufacturers playing an important role . 114
Brokers’ distribution strategies ... 115
Several brokers specialise in commercial motor and fleet insurance .. 115
Online distribution is not used by Romanian insurance brokers .. 115
Only a minority of brokers belongs to an international network... 116
...and domestic networks are not significant . 116
11.0 RUSSIA 117
Introduction 117
Regulatory information .. 118
Russian legislation regarding the status of intermediaries is undergoing major changes .. 118
Commercial non-life insurance market . 118
The market for commercial non-life insurance fell in real terms between 2007 and 2011 . 118
Motor insurance grew faster than property insurance between 2007 and 2011 . 119
Commercial non-life insurance brokers 121
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 121
Brokers have only a small share of the commercial non-life insurance market .. 121
Future outlook 121
Brokers’ revenues will rise due to an increase in market share and in the underlying insurance market .. 121
Competitor trends and specialisms 123
The Russian market is clearly divided between a few big and many small brokers ... 123
Malakut is the largest Russian-owned broker in the commercial non-life insurance market .. 123
Distribution strategies 124
Russia’s top ten brokers focus entirely on large companies 124
Atom Broker deals exclusively with nuclear risks . 124
Online distribution is not used by Russian brokers ... 125
Only two brokers are members of international broker networks 125
Domestic broker networks are not active in Russia . 125
12.0 SWEDEN .. 126
Introduction 126
Regulatory information .. 127
The number of insurance intermediaries has increased significantly since 2006 ... 127
The Swedish insurance intermediary market is under scrutiny by the authorities .. 127
Commercial non-life insurance market . 127
Property insurance accounted for over half of all premiums in 2011 ... 127
Motor insurance was the fastest growing business category between 2007 and 2011 . 128
Commercial non-life insurance brokers 130
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 130
Brokers gained market share between 2007 and 2011 ... 130
Future outlook 130
Both the commercial non-life insurance market and brokers’ share of it are expected to rise ... 130
Competitor trends and specialisms 132
The top ten brokers have gained market share in recent years .. 132
Three international brokers lead the market... .. 132
...though Söderberg & Partners is rapidly gaining market share . 133
Brokers’ distribution strategies ... 133
Swedish brokers operate without any particular specialism 133
Online distribution is not yet a feature of the Swedish commercial non-life insurance market ... 134
Many brokers are members of international broker networks .. 134
Domestic broker networks are not common in Sweden .. 134
Aon, Marsh and Willis all hold significant partnerships for professional indemnity and fleet insurance . 134
13.0 SWITZERLAND ... 135
Introduction 135
Regulatory information .. 136
Registration with FINMA is compulsory for intermediaries... 136
Commercial non-life insurance market . 137
Premiums in commercial non-life insurance registered continuous growth between 2007 and 2011 ... 137
Legal expenses insurance grew faster than property insurance between 2007 and 2011 137
Commercial non-life insurance brokers 139
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 139
Brokers are much more significant in commercial lines than in personal lines ... 139
Future outlook 139
Brokers’ income will rise more from a gain in market share than from an increase in premiums .. 139
Competitor trends and specialisms 141
The top three brokers have extended their market share in recent years ... 141
Kessler & Co maintains its leading position in the commercial non-life segment ... 141
ARISCO was formed in 2011 through the merger of two other brokers.. 142
Brokers’ distribution strategies ... 143
While most brokers operate nationwide, a few are regional specialists .. 143
One broker can accept online transactions for commercial non-life insurance ... 143
Several large brokers are members of international broker networks . 143
Domestic broker networks are not common in Switzerland . 143
Several brokers have struck up partnerships with professional or trade associations 143
14.0 TURKEY ... 145
Introduction 145
Regulatory information .. 146
In 2011 there were 81 insurance brokers active in Turkey .. 146
Commercial non-life insurance market . 146
Property insurance accounts for over 50% of the total market 146
All lines experienced strong growth between 2007 and 2011 . 147
Commercial non-life insurance brokers 149
Overview of brokers’ presence in the distribution of commercial non-life insurance .. 149
Agents dominate the non-life insurance market in Turkey ... 149
Future outlook 149
Brokers’ revenues will rise primarily due to an increase in market share 149
Competitor trends and specialisms 151
The top ten brokers control over 80% of the broker market . 151
Marsh and Aon are the leading brokers in Turkey ... 151
Brokers’ distribution strategies ... 152
In Turkey brokers operate nationwide and are generalists .. 152
None of the top ten brokers have an online transaction capability .. 152
Many Turkish brokers are members of international broker networks 152
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION ... 8
2.0 REGIONAL OVERVIEW .. 14
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe, 2007 to 2011 . 16
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe, 2007 to 2011 (table) .. 16
Compound annual growth rates for commercial non-life insurance in Northern, Central and Eastern Europe, in nominal values segmented by country, 2007 to 2011 . 17
Compound annual growth rates for commercial non-life insurance in Northern, Central and Eastern Europe, in real values segmented by country, 2007 to 2011 18
Commercial non-life insurance premiums in Northern, Central and Eastern Europe segmented by country, 2011 . 19
GDP per capita compared to commercial non-life premiums per capita in Northern, Central and Eastern Europe, by country, 2011 20
GDP per capita compared to commercial non-life gross written premiums per capita in Northern, Central and Eastern Europe, by country, 2011 (table) 21
Commercial non-life insurance gross written premiums in Northern, Central and Eastern Europe segmented by line of business, 2011 .. 22
Compound annual growth rates in commercial non-life insurance premiums in Northern, Central and Eastern Europe, in nominal values segmented by line of business, 2007 to 2011 .. 23
Commercial non-life insurance premiums segmented by line of business and by country, 2011 (table) ... 24
Brokers' share of commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2007 and 2011 .. 26
Brokers' share of commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2007 and 2011 (table) ... 27
Brokers' revenues from commercial non-life insurance premiums in Northern, Central and Eastern Europe by country, 2011 .. 28
Compound annual growth rates for brokers' revenues from commercial non-life insurance in Northern, Central and Eastern Europe, in real terms by country, 2007 to 2011 ... 29
Brokers' revenues from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2007 and 2011 (table) ... 30
Market concentration for top three and top ten commercial non-life insurance brokers in Northern, Central and Eastern Europe by country, 2011 31
Market concentration for top three and top ten commercial non-life insurance brokers in Northern, Central and Eastern Europe by country, 2011 (table) . 32
Top five commercial non-life brokers' share of revenues for Northern, Central and Eastern Europe, 2011 .. 33
Top five commercial non-life broker groups' share of revenues for Northern, Central and Eastern Europe, 2011 . 34
Top five commercial non-life broker groups' revenues, number of first-place rankings and top ten rankings in Northern, Central and Eastern Europe, 2011 (table) . 35
Distribution strategies of commercial non-life brokers in Northern, Central and Eastern Europe, 2012 . 36
International broker networks ranked by number of members in Northern, Central and Eastern Europe, 2012 . 37
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe in real terms by country, 2011 to 2015 ... 40
Forecast change in commercial non-life insurance premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe in real terms, by country, 2011 to 2015 (table) .. 41
Comparison of growth in brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2011 to 2015 .. 42
Brokers' revenue from commercial non-life insurance in Northern, Central and Eastern Europe by country, 2011 and 2015 (table) . 43
3.0 AUSTRIA .. 44
Segmentation of the commercial non-life insurance market in Austria, 2011 ... 46
Growth in the commercial non-life insurance market in Austria by segment, 2007 to 2011 47
Size and growth of the commercial non-life insurance market in Austria by segment, 2007 to 2011 (table) .. 47
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Austria, 2007, 2011 and 2015 49
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Austria, 2007, 2011 and 2015 (table) . 49
Market concentration for commercial non-life insurance broking in Austria, 2007 and 2011 .. 50
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Austria, 2011 .. 52
4.0 CZECH REPUBLIC . 54
Segmentation of the commercial non-life insurance market in the Czech Republic, 2011 .. 56
Growth in the commercial non-life insurance market in the Czech Republic by segment, 2007 to 2011 ... 57
Size and growth of the commercial non-life insurance market in the Czech Republic by segment, 2007 to 2011 (table) .. 57
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2007, 2011 and 2015 .. 59
Brokers’ share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2007, 2011 and 2015 (table) ... 59
Market concentration for commercial non-life insurance broking in the Czech Republic, 2007 and 2011 . 60
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Czech Republic, 2011 61
5.0 DENMARK ... 63
Segmentation of the commercial non-life insurance market in Denmark, 2011 ... 65
Growth in the commercial non-life insurance market in Denmark by segment, 2007 to 2011 66
Size and growth of the commercial non-life insurance market in Denmark by segment, 2007 to 2011 (table) ... 66
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Denmark, 2007, 2011 and 2015 .. 68
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Denmark, 2007, 2011 and 2015 (table) ... 68
Market concentration for commercial non-life insurance broking in Denmark, 2007 and 2011... 69
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Denmark, 2011 .. 70
6.0 FINLAND .. 72
Segmentation of the commercial non-life insurance market in Finland, 2011 .. 74
Growth in the commercial non-life insurance market in Finland by segment, 2007 to 2011 ... 75
Size and growth of the commercial non-life insurance market in Finland by segment, 2007 to 2011 (table) .. 75
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Finland, 2007, 2011 and 2015 77
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Finland, 2007, 2011 and 2015 (table) . 77
Market concentration for commercial non-life insurance broking in Finland, 2011 .. 78
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Finland, 2011 .. 79
7.0 GERMANY ... 80
Segmentation of the commercial non-life insurance market in Germany, 2011 ... 82
Growth in the commercial non-life insurance market in Germany by segment, 2007 to 2011 83
Size and growth of the commercial non-life insurance market in Germany by segment, 2007 to 2011 (table) ... 83
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Germany, 2007, 2011 and 2015 .. 85
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Germany, 2007, 2011 and 2015 (table) ... 85
Market concentration for commercial non-life insurance broking in Germany, 2007 and 2011 .. 86
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Germany, 2011 . 88
8.0 NORWAY . 90
Segmentation of the commercial non-life insurance market in Norway, 2011 . 92
Growth in the commercial non-life insurance market in Norway by segment, 2007 to 2011 ... 93
Size and growth of the commercial non-life insurance market in Norway by segment, 2007 to 2011 (table) .. 93
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Norway, 2007, 2011 and 2015 95
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Norway, 2007, 2011 and 2015 (table) . 95
Market concentration for commercial non-life insurance broking in Norway, 2007 and 2011 . 96
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Norway, 2011 .. 97
9.0 POLAND ... 99
Segmentation of the commercial non-life insurance market in Poland, 2011 101
Growth in the commercial non-life insurance market in Poland by segment, 2007 to 2011 .. 102
Size and growth of the commercial non-life insurance market in Poland by segment, 2007 to 2011 (table) 102
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Poland, 2007, 2011 and 2015 .. 104
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Poland, 2007, 2011 and 2015 (table) ... 104
Market concentration for commercial non-life insurance broking in Poland, 2007 and 2011 105
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Poland, 2011 106
10.0 ROMANIA 108
Segmentation of the commercial non-life insurance market in Romania, 2011 . 110
Growth in the commercial non-life insurance market in Romania by segment, 2007 to 2011 .. 111
Size and growth of the commercial non-life insurance market in Romania by segment, 2007 to 2011 (table) 111
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Romania, 2007, 2011 and 2015 113
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Romania, 2007, 2011 and 2015 (table) . 113
Market concentration for commercial non-life insurance broking in Romania, 2011 . 114
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Romania, 2011 115
11.0 RUSSIA 117
Segmentation of the commercial non-life insurance market in Russia, 2011 . 119
Growth in the commercial non-life insurance market in Russia by segment, 2007 to 2011 .. 120
Size and growth of the commercial non-life insurance market in Russia by segment, 2007 to 2011 (table) 120
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Russia, 2007, 2011 and 2015 .. 122
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Russia, 2007, 2011 and 2015 (table) ... 122
Market concentration for commercial non-life insurance broking in Russia, 2011 . 123
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Russia, 2011 124
12.0 SWEDEN .. 126
Segmentation of the commercial non-life insurance market in Sweden, 2011 .. 128
Growth in the commercial non-life insurance market in Sweden by segment, 2007 to 2011 129
Size and growth of the commercial non-life insurance market in Sweden by segment, 2007 to 2011 (table) 129
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Sweden, 2007, 2011 and 2015 .. 131
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Sweden, 2007, 2011 and 2015 (table) ... 131
Market concentration for commercial non-life insurance broking in Sweden, 2007 and 2011 .. 132
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Sweden, 2011 133
13.0 SWITZERLAND ... 135
Segmentation of the commercial non-life insurance market in Switzerland, 2011 . 137
Growth in the commercial non-life insurance market in Switzerland by segment, 2007 to 2011 .. 138
Size and growth of the commercial non-life insurance market in Switzerland by segment, 2007 to 2011 (table) . 138
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2007, 2011 and 2015 140
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2007, 2011 and 2015 (table) . 140
Market concentration for commercial non-life insurance broking in Switzerland, 2007 and 2011 141
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Switzerland, 2011 ... 142
14.0 TURKEY ... 145
Segmentation of the commercial non-life insurance market in Turkey, 2011 . 147
Growth in the commercial non-life insurance market in Turkey by segment, 2007 to 2011 .. 148
Size and growth of the commercial non-life insurance market in Turkey by segment, 2007 to 2011 (table) 148
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Turkey, 2007, 2011 and 2015 .. 150
Brokers’ share of the commercial non-life insurance market and revenues earned from it in Turkey, 2007, 2011 and 2015 (table) ... 150
Market concentration for commercial non-life insurance broking in Turkey, 2011 . 151
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Turkey, 2011 152
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