Commercial Non-Life Insurance Brokers in Southern and Western Europe
NEW YORK, July 24, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Commercial Non-Life Insurance Brokers in Southern and Western Europehttp://www.reportlinker.com/p0170748/Commercial-Non-Life-Insurance-Brokers-in-Southern-and-Western-Europe.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Life_Insurance
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.
Table of ContentsIntroduction
Regional Overview
• Belgium
• France
• Ireland
• Italy
• Netherlands
• Portugal
• Spain
• UK
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARYThe region's commercial non-life insurance market was worth nearly EUR 70 billion in premiums in 2011... ...but declined between 2007 and 2011 in real terms Brokers are by far the most important single distribution channel in this region... ...and distributed more than half of commercial non-life premiums in seven countries Nearly half of the EUR 7.12 billion commercial non-life insurance broking market is derived from the UKBetween 2007 and 2011 brokers' revenues fared better in France than in any other country Towergate's many acquisitions in the UK have propelled it to fifth place in the regional ranking Brokers' revenues in Spain are expected to decline most precipitously
1.0 INTRODUCTIONThe focus is uniquely on commercial non-life insurance, excluding other types of business...
...and on brokerage, even where intermediaries can act as both agents and brokers.
Rationale
Methodology
Research program
Market data analysis
Forecasting methodology
Definitions
Premiums
Exchange rates
Abbreviations
BrokerBASE
Finaccord
2.0 REGIONAL OVERVIEWThe European Commission is due to unveil Insurance Mediation Directive 2...
...in order to improve transparency and reduce conflicts of interest
Commercial non-life insurance market
Premium income rose in 2011 after three years of decline
Ireland and Spain registered the sharpest drops in nominal terms...
...while Belgium and France experienced moderate growth
France and the UK account for more than half of all commercial non-life premiums in this region
Market maturity: high GDP per head means high premiums per head...
...so growth prospects in Spain and Portugal depend on when the underlying economy can recover
Property, motor and liability insurance account for almost three quarters of all commercial non-life business
Legal expenses insurance grew fastest between 2007 and 2011...
...while the UK registered the highest growth in MAT insurance
Commercial non-life insurance brokers
Brokers' share of commercial non-life insurance distribution
Brokers' distribute about three quarters of premiums in this region...
...although their distribution share fell in four of the eight countries between 2007 and 2011
Brokers are most important in Ireland and the UK
Brokers' revenue from commercial non-life insurance intermediation
The UK, France and Italy are the largest markets for brokers by revenue
Brokers' revenues have dropped most sharply in Spain and Ireland...
...while they fared better in France and Belgium than in any other market
Market concentration and the top five brokers in Southern and Western Europe
The Irish market has the highest level of concentration
The three global brokers occupy the top three positions in three countries
Gras Savoye enters the top five due to its strong presence in France and Belgium
The JLT International Network is strongest in France, Ireland, Italy, Spain and the UK
Aon was the leading broker in four out of eight countries in 2011
Brokers' distribution strategies and specialisms
More than a quarter of brokers belong to a broker network...
...led by EOS RISQ, JLT International, UNiBA Partners and Wells Fargo Global Broker Network
Italian brokers often have a regional focus...
...though in most countries many more have particular expertise by product line or client sector
The UK is leading online distribution of commercial non-life insurance
Future outlook
The UK is forecast to see the best growth in commercial non-life premiums...
...and it should see brokers increase their share of the market most...
...while the largest decline in revenues measured in absolute value will come from Spain
3.0 BELGIUMRegulatory information
Belgian insurance intermediaries have had a new regulator since 2011
Commercial non-life insurance market
Premiums in commercial non-life insurance increased between 2008 and 2011...
...with legal expenses insurance registering the highest growth rate
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits
Future outlook
Commercial non-life insurance brokers are expected to experience moderate growth to 2015
Competitor trends and specialisms
The top ten commercial non-life insurance brokers control less than two thirds of the market
A domestic broker is one of the top three in the country
Brokers' distribution strategies
Several brokers can be classified as specialists for particular client segments
Face-to-face transactions remain the norm in the Belgian commercial non-life insurance market
Almost half of the 20 largest commercial non-life insurance brokers have joined an international network
Most associations offering professional indemnity insurance do so in collaboration with a broker
4.0 FRANCERegulatory information
There are currently 43,700 insurance intermediaries registered with ORIAS
Commercial non-life insurance market
Apart from a tiny setback in 2010, France's commercial non-life market has continued to grow…
…although virtually all of this growth is attributable to just one category of business
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
In France, brokers distribute more than three quarters of all commercial non-life insurance
Future outlook
Underlying growth in the market will outweigh brokers' marginally declining share of this sector
Competitor trends and specialisms
In recent years, the top three brokers have ceded market share to the chasing pack
The majority of the French market is held by indigenous brokers rather than foreign groups
Brokers' distribution strategies
One broker has developed a strong overseas presence in French-owned territories
Common product specialisms for French brokers include MAT and trade credit…
…and several brokers target clients operating in the property sector
A handful of brokers offer their clients the ability to conduct transactions online
Around a fifth of brokers belong to one or more international or domestic broker networks
Aon Auto combines insurance broking and fleet management
5.0 IRELANDRegulatory information
The Central Bank of Ireland is supervisor of the insurance industry including intermediaries
Commercial non-life insurance market
Premiums in commercial non-life insurance dropped between 2007 and 2011...
...with MAT insurance recording the sharpest decline
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Brokers remain the most important distribution channel for commercial non-life insurance in Ireland
Future outlook
Commercial non-life insurance brokers are expected to experience a recovery over the next few years
Competitor trends and specialisms
The Irish market is characterised by a high degree of concentration
Aon and Jardine Lloyd Thompson have made important acquisitions in recent years
Brokers' distribution strategies
Only a minority of Irish brokers can be classified as specialists for particular product or client segments
A minority of Irish brokers distribute commercial non-life insurance online
Arachas Corporate Brokers is part of the Assurex network
6.0 ITALYRegulatory information
Italian intermediaries have been affected by various regulatory changes in recent years...
...although the effect of the second Bersani degree was partly withdrawn in 2009
Commercial non-life insurance market
Premiums in commercial non-life insurance weakened between 2007 and 2011...
...with liability insurance registering the strongest decline
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Brokers are much more significant in commercial non-life insurance than in personal lines
Future outlook
Brokers will do better than other distribution channels in a difficult market
Competitor trends and specialisms
The market is characterised by a relatively high degree of concentration...
...as the three largest brokers control half of the market....
...but foreign ownership of brokers outside the top three is not especially high
Brokers' distribution strategies
A relatively high proportion of brokers can be considered regional specialists
Face-to-face transactions remain the norm in the Italian non-life commercial insurance market
Ital Brokers is a member of two major international networks
There are two significant domestic broker networks in Italy
The three largest brokers have struck several partnerships with professional associations
7.0 NETHERLANDSRegulatory information
Intermediaries in the Netherlands can act both as agents and brokers depending on the line of business
New regulations on commission payments and disclosure requirements came into force in 2012
Commercial non-life insurance market
Premiums in commercial non-life insurance weakened between 2007 and 2011...
...with liability insurance registering the strongest decline
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Commercial non-life insurance is a much bigger line of business for brokers than employee benefits
Future outlook
Brokers will face regulatory headwinds in the years to 2015 impacting their outlook in commercial lines
Competitor trends and specialisms
The top three brokers control more than 70% of the market for commercial non-life insurance
Zicht has moved towards merging the previously separate brands of ING Assurantiekantoren
Brokers' distribution strategies
Several brokers can be classified as specialists for particular client segments
Face-to-face transactions remain the norm in the Dutch non-life commercial insurance market
Meeùs is a member of the Assurex network
Associations offering professional indemnity insurance often work with brokers
8.0 PORTUGALRegulatory information
The number of insurance brokers in Portugal is comparatively small
Commercial non-life insurance market
The market is affected by the ongoing economic crisis
MAT and motor insurance premiums contracted between 2007 and 2011
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Brokers' share of the market decreased between 2007 and 2011
Future outlook
Brokers are expected to lose further share in a contracting market
Competitor trends and specialisms
The top ten brokers account for more than half of the total market
The market is led by MDS
The number of active brokers is decreasing as a result of mergers and acquisitions
Brokers' distribution strategies
The majority of brokers have no particular specialities
Online distribution is not a feature of the Portuguese market
Several brokers are part of international networks
Broker alliances are not common in Portugal
9.0 SPAINRegulatory information
Single-tied agents remain the largest segment of intermediaries in Spain by a significant margin
Commercial non-life insurance market
Spain's ongoing economic difficulties are reflected in a declining market
Motor and property insurance account for nearly two thirds of the market
All named categories of cover declined between 2007 and 2011
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Brokers have seen a slight decrease in market share for commercial non-life insurance
Future outlook
Further losses of market share are expected amidst difficult economic conditions
Competitor trends and specialisms
The Spanish market has shown increased concentration since 2007
Multinational brokers are joined by an automotive captive broker at the top of the market
March-Unipsa drops out of the top three brokers
The majority of brokers have no particular areas of specialism
Brokers' distribution strategies
Spanish distribution is entirely through traditional channels
Several brokers are part of international networks
Broker alliances are not common in Spain
Several brokers have partnerships with professional and trade associations to provide insurance
10.0 UKRegulatory information
Insurance intermediaries will be supervised by a new regulator by the end of 2012
Brokers' business conducted for foreign clients has been excluded from this report
Commercial non-life insurance market
Premiums dropped sharply in 2008 and 2009 before starting a modest recovery...
...with MAT insurance recording the fastest growth between 2007 and 2011
Commercial non-life insurance brokers
Overview of brokers' presence in the distribution of commercial non-life insurance
Brokers are still expanding their presence in the commercial non-life market
Future outlook
Commercial non-life insurance brokers are likely to experience strong growth until 2015
Competitor trends and specialisms
The level of market concentration among the top brokers is increasing
Separating revenue from UK-based and foreign clients makes a big difference for the largest brokers
Brokers' distribution strategies
Five of the top 60 brokers can be classified as regional specialists
...while nine can be viewed as focussing on a particular product segment
Several commercial non-life brokers have embraced the internet as a distribution interface
More than a quarter of the 60 largest commercial non-life insurance brokers have joined a broker network
Associations offering fleet insurance to their members usually do so in association with a broker
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY 1.0 INTRODUCTION2.0 REGIONAL OVERVIEW
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011
Commercial non-life insurance gross written premiums in Southern and Western Europe, 2007 to 2011 (table)
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in nominal values segmented by country, 2007 to 2011
Compound annual growth rates for commercial non-life insurance in Southern and Western Europe, in real values segmented by country, 2007 to 2011
Commercial non-life insurance premiums in Southern and Western Europe segmented by country, 2011
GDP per capita compared to commercial non-life premiums per capita in Southern and Western Europe, by country, 2011
GDP per capita compared to commercial non-life gross written premiums per capita in Southern and Western Europe, by country, 2011 (table)
Commercial non-life insurance gross written premiums in Southern and Western Europe segmented by line of business, 2011
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
Commercial non-life insurance premiums segmented by line of business and by country, 2011 (table)
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011
Brokers' share of commercial non-life insurance premiums in Southern and Western Europe by country, 2007 and 2011 (table)
Brokers' revenues from commercial non-life insurance premiums in Southern and Western Europe by country, 2011
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
Brokers' revenues from commercial non-life insurance in Southern and Western Europe by country, 2007 and 2011 (table)
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011
Market concentration for top three and top ten commercial non-life insurance brokers in Southern and Western Europe by country, 2011 (table)
Top five commercial non-life brokers' share of revenues for Southern and Western Europe, 2011
Top five commercial non-life broker groups' share of revenues for Southern and Western Europe, 2011
Top five commercial non-life broker groups' revenues, number of first-place rankings and top ten rankings in Southern and Western Europe, 2011 (table)
Distribution strategies of commercial non-life brokers in Southern and Western Europe, 2012
International broker networks ranked by number of members in Southern and Western Europe, 2012
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
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)
Comparison of growth in brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 to 2015
Brokers' revenue from commercial non-life insurance in Southern and Western Europe by country, 2011 and 2015 (table)
3.0 BELGIUM
Segmentation of the commercial non-life insurance market in Belgium, 2011
Growth in the commercial non-life insurance market in Belgium by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in Belgium by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in Belgium, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in Belgium, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Belgium, 2011
4.0 FRANCE
Segmentation of the commercial non-life insurance market in France, 2011
Growth in the commercial non-life insurance market in France by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in France by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in France, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in France, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in France, 2011
5.0 IRELAND
Segmentation of the commercial non-life insurance market in Ireland, 2011
Growth in the commercial non-life insurance market in Ireland by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in Ireland by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in Ireland, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in the Ireland, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Ireland, 2011
6.0 ITALY
Segmentation of the commercial non-life insurance market in Italy, 2011
Growth in the commercial non-life insurance market in Italy by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in Italy by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in Italy, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in Italy, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Italy, 2011
7.0 NETHERLANDS
Segmentation of the commercial non-life insurance market in the Netherlands, 2007 to 2011
Growth in the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in the Netherlands by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in the Netherlands, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Netherlands, 2011
8.0 PORTUGAL
Segmentation of the commercial non-life insurance market in Portugal, 2011
Growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011
Size and growth in the commercial non-life insurance market in Portugal by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in Portugal, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in Portugal, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Portugal, 2011
9.0 SPAIN
Segmentation of the commercial non-life insurance market in Spain, 2011
Growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011
Size and growth in the commercial non-life insurance market in Spain by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in Spain, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in Spain, 2007 and 2011
10.0 UK
Segmentation of the commercial non-life insurance market in the UK, 2007 to 2011
Growth in the commercial non-life insurance market in the UK by segment, 2007 to 2011
Size and growth of the commercial non-life insurance market in the UK by segment, 2007 to 2011 (table)
Brokers' share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015
Brokers' share of the commercial non-life insurance market and revenues earned from it in the UK, 2007, 2011 and 2015 (table)
Market concentration for commercial non-life insurance broking in the UK, 2007 and 2011
Market shares of commercial non-life insurance broking revenues of the top ten brokers in the UK, 2011
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