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시장보고서
Commercial Non-Life Insurance Brokers in Northern and Central Europe
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Abstract
Finaccord' s report titled Commercial Non-Life Insurance Brokers in Northern
and Central Europe investigates the impact and position of brokers in the
distribution of non-life insurance for businesses in Northern and Central
Europe. 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
and Central Europe are worth about € 2.4 billion a year. Moreover,
brokers are increasing their share of this market, often at the expense of
tied agents, and are expected to emerge from the recession even stronger than
before. This report first provides unique data for the size, segmentation and
growth of the commercial non-life insurance market itself in ten countries in
Northern and Central Europe (Austria, the Czech Republic, Denmark, Germany,
Hungary, Norway, Poland, Slovakia, Sweden and Switzerland). 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 375 brokers across the region, making
it by far the most detailed and comprehensive study of this market ever
published. You may be able to use this report in one or more of the following
ways: quantify the size and dynamism of the broker market for commercial
non-life insurance in Northern and Central Europe; compare ten countries in a
single comprehensive source of information that uses a uniform methodology to
size the underlying commercial non-life insurance market and to quantify
brokers' share of distribution; assess a range of potential business
opportunities: from selecting the territory that offers the best prospect for
expansion, to targets for acquisition, to niche product development and ideas
for distribution partnerships; understand the competitive landscape in each
country through its market concentration, the importance of international
brokers, and the presence or absence of bank-owned brokers; identify the
leading brokers in each country or across Northern and Central Europe as a
whole, with coverage of competitors such as Aon, Funk Gruppe, GrECo, Marsh,
RESPECT and Willis.
Table of Contents
0.0 EXECUTIVE SUMMARY
- Commercial non-life insurance premiums were worth an estimated € 40.4
billion across the region
- Less than half of commercial non-life insurance premiums are distributed
by brokers in the region
- The experience of Denmark indicates that ' net quoting' does not reduce
brokers' market share
- Market concentration is high in the Nordic countries
- Three quarters of brokers' revenue growth are forecast to come from
increased market share
- National and international alliances are alternative ways to gain scale
- Recessions can create opportunities for well-capitalized small and
medium-sized brokers
- while underwriters also need to adjust their approach to suit new
circumstances
- Should banks develop their own bancassurance channel or buy their way into
broking?
1.0 INTRODUCTION
- Research rationale
- The reports offer the first comprehensive studies of a market worth €
10.4 billion a year
- Research methodology
- The reports are based on extensive use of both primary and secondary
research sources
- Around 375 brokers have been researched across Northern and Central Europe
- Research definitions
- Acquisitions, groups and alliances
- Scope of commercial non-life insurance and brokers
- Finaccord
2.0 REGIONAL OVERVIEW
- Introduction
- Regulatory environment
- Registers of intermediaries have been created following the EU' s directive
of 2002
- Nordic countries are moving to replace commission by fees
- Commercial non-life insurance in Northern and Central Europe
- Germany makes up more than half of the regional market for commercial
non-life insurance
- The Czech market has reached maturity compared to the size of its economy
- The importance of property, motor and legal expenses insurance varies by
sub-region
- Commercial non-life insurance brokers in Northern and Central Europe
- Brokers distribute at least a third of commercial non-life insurance
premiums in all countries
- with the greatest success coming from the new economies of central Europe
- Austria is exceptional for the strength of bank-owned brokers
- Germany constitutes two-thirds of the region' s commercial non-life
insurance broking market
- Market concentration is a balance between the global giants, national
champions and a long ' tail'
- The recession is likely to accelerate market concentration, especially in
central Europe
- The three global brokers hold a quarter of the commercial non-life
insurance market between them
Broker alliances and networks Alliances are growing rapidly in Sweden, where
there is a surfeit of insurance brokers while international networks serve a
similar function by creating cross-border scale Future outlook and market
opportunities Could the recession cut supply even faster than demand? Fewer,
larger brokers are forecast to distribute a larger share of the market after
the recession and increased market share is forecast to be responsible for 75%
of growth in brokers' revenue
3.0 AUSTRIA
- Introduction
- Brokers could increase market share among SMEs if insurance policies cover
a shorter period
- Regulatory information
- Commercial non-life insurance in Austria
- Legal expenses form a major part of commercial non-life insurance in
Austria
- Commercial non-life insurance brokers in Austria
- Brokers overtake company salesforces in the distribution of commercial
non-life insurance
- Raiffeisen group brokers would be ranked second in Austria if they
combined into one firm
- and VMG - Erste Bank also owns a leading commercial non-life insurance
broker
- Broker alliances
- VERO Management has created a top ten broker
- Future outlook
- Brokers' income will rise from a gain in market share, not from an
increase in premium volumes
4.0 CZECH REPUBLIC
- Introduction
- Commercial non-life insurance is as large as Austria and Germany when
compared to GDP
- Regulatory information
- Commercial non-life insurance in the Czech Republic
- Unbroken growth in premiums since 1996 is likely to come to a halt in 2009
- Commercial non-life insurance brokers in the Czech Republic
- Brokers have very limited activity in life and personal lines insurance
- Acquisitions take Aon Stach to the top of the table, but RENOMIA is close
behind by organic growth
External staff are used by several brokers as their field sales force Future
outlook Expectations for the broker channel remain positive
5.0 DENMARK
- Introduction
- Denmark' s ban on commission does not look likely to stop the rise of
brokers
- Regulatory information
- Commission payments must be replaced by fees from 2011
- Commercial non-life insurance in Denmark
- Premium volumes are expected to fall in 2009
- Commercial non-life insurance brokers in Denmark
- Company salesforces are losing ground to brokers rapidly
- The ' big three' global brokers control half the market between them
- Broker alliances
- Broker alliances help to bridge the gap between local service and national
scale
- Future outlook
- Brokers' gain in market share should outweigh the impact of the recession
6.0 GERMANY
- Introduction
- The sheer size of Germany' s commercial non-life insurance market
compensates for brokers' low share of it
- Regulatory information
- Commercial non-life insurance in Germany
- Germany' s commercial non-life insurance market is the largest in Europe,
but growth is weak
- Commercial non-life insurance brokers in Germany
- Brokers have made little headway in personal lines or life insurance
- Family-owned, regional brokers dilute market concentration in Germany
- International capabilities, business specialities and distribution
partnerships are important tools
- Broker alliances
- Artus unites many local brokers with their own specialities into a ' top
ten' broker
- Future outlook
- Brokers can increase their revenue from greater market share better than
from premium growth
7.0 HUNGARY
- Introduction
- Brokers have gained a dominant position since their entry to the market in
1990
- Regulatory information
- Commercial non-life insurance in Hungary
- Commercial non-life insurance has not yet developed substantially beyond
motor and property
- Commercial non-life insurance brokers in Hungary
- Brokers have a strong position in both commercial and personal non-life
insurance
- Hungary has the lowest market concentration for commercial non-life
insurance brokers in Europe
Most of the top ten brokers are subsidiaries of international brokers or banks
Future outlook The recession and falling rates combine to prevent any increase
in premium volumes, 2007 to 2012
8.0 NORWAY
- Introduction
- Brokers operate in two distinct markets: domestic insurance, and
international marine and energy
Regulatory information Commercial non-life insurance in Norway A large
proportion of MAT insurance is placed in London, not with domestic
underwriters Commercial non-life insurance brokers in Norway so brokers' share
of commercial non-life insurance falls when international MAT is added in
Acquisitions in 2008 give the top three brokers two-thirds of the market
Shipping companies replace banks as the owners of insurance brokers Future
outlook Brokers stand to gain from a rise in volumes and market share
9.0 POLAND
- Introduction
- Poland' s commercial non-life insurance market grew fastest in Europe, 2004
to 2008
- Regulatory information
- Commercial non-life insurance in Poland
- Liability insurance was the fastest-growing major line of insurance over
2004 to 2007
- Commercial non-life insurance brokers in Poland
- Brokers distribute less than half of commercial non-life insurance .
- Competition exists inside segments rather than between them
- Mentor has the most foreign links of the national brokers
- Future outlook
- Premium volumes are expected to recover in 2010, with an increase in rates
from 2011
10.0 SLOVAKIA
- Introduction
- Brokers' revenue from commercial non-life insurance could rise by a third
by 2012
- Regulatory information
- Commercial non-life insurance in Slovakia
- Slovakia' s commercial non-life market is under-developed compared to the
overall economy
- Commercial non-life insurance brokers in Slovakia
- Brokers distribute less than half of all commercial non-life insurance
- Regional brokers outweigh the global ' big three'
- UniCredit Leasing aside, banks do not own any significant brokers in
Slovakia
- Future outlook .
- Regulatory reform would benefit brokers by distinguishing them more
clearly from agents
11.0 SWEDEN
- Introduction
- Brokers focus on wealth management more than commercial non-life insurance
in Sweden
- Regulatory information
- Commercial non-life insurance in Sweden
- Premium volumes began to decline before the recession began
- Commercial non-life insurance brokers in Sweden
- Swedish brokers have the lowest market share of commercial non-life
insurance in Europe
- and a handful of brokers dominates this channel
- Wealth management is the prime focus of four of the top ten brokers
- Broker alliances
- Three of the top ten brokers are formed by mergers or partnerships between
smaller companies
- Future outlook
- Pressure to increase prices is forecast to push up premium volumes from
2010
12.0 SWITZERLAND
- Introduction
- The top ten firms dominate commercial non-life insurance broking
- Regulatory information
- Commercial non-life insurance in Switzerland
- The commercial non-life insurance market peaked in 2006
- Commercial non-life insurance brokers in Switzerland
- Brokers distribute over half of the commercial non-life insurance market
- There is a strong group of ' second tier' brokers in Switzerland
- Brokers are gaining scale through acquisitions
- Future outlook
- Brokers are forecast to gain a bigger slice of a growing pie by 2012
13.0 APPENDIX
GRAPHICS / TABLES
- Size and growth of commercial non-life insurance market by country in
Northern and Central Europe, 2004-8 (data) 15
- Comparison of size and growth of commercial non-life insurance premiums by
country in Northern and Central Europe, 2004 and 2008 16
- Commercial non-life insurance premiums by country in Northern and Central
Europe compared to total non-life premiums and GDP 17
- Commercial non-life insurance premiums in Northern and Central Europe
compared to total non-life premiums and GDP (data) 18
- Segmentation of commercial non-life insurance market by class of business
in Northern and Central Europe 19
- Segmentation of commercial non-life insurance market by class of business
in Northern and Central Europe (data) 20
- Share of brokers of the commercial non-life insurance market by country in
Northern and Central Europe 21
- Revenues from commercial non-life insurance broking by country in Northern
and Central Europe 23
- Revenues from commercial non-life insurance broking by country in Northern
and Central Europe (data) 23
- Market concentration of commercial non-life insurance broking by country
in Northern and Central Europe 24
- Market concentration of commercial non-life insurance broking by country
in Northern and Central Europe (data) 25
- Market shares of Aon, Marsh and Willis for commercial non-life broking
revenues in Northern and Central Europe 26
- Market shares of Aon, Marsh and Willis for commercial non-life broking
revenues by country in Northern and Central Europe (data) 27
- market shares of Aon, Marsh and Willis for commercial non-life broking
revenues in Northern and Central Europe 27
- Forecasts for growth in brokers' revenue from commercial non-life
insurance by country in Northern and Central Europe to 2012 31
- Forecasts for commercial non-life insurance premiums by country in
Northern and Central Europe to 2012 (data) 32
- Size and growth of commercial non-life insurance market in Austria, 2004-8
35
- Size and growth of commercial non-life insurance market in Austria, 2004-8
(data) 36
- Segmentation of commercial non-life insurance market by class of business
in Austria 36
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Austria 37
- Market concentration for commercial non-life insurance broking in Austria
(data) 38
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Austria 39
- Top 20 commercial non-life insurance brokers in Austria: number of
employees and turnover 40
- Top 20 commercial non-life insurance brokers in Austria: ownership,
international partners and businessspecialities 41
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Austria to 2012
(data) 43
- Size and growth of commercial non-life insurance market in the Czech
Republic, 2004-8 46
- Size and growth of commercial non-life insurance market in the Czech
Republic, 2004-8 (data) 47
- Segmentation of commercial non-life insurance market by class of business
in the Czech Republic 47
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in the Czech
Republic 48
- Market concentration for commercial non-life insurance broking in the
Czech Republic (data) 49
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in the Czech Republic 50
- Top 20 commercial non-life insurance brokers in the Czech Republic: number
of employees and turnover 51
- Top 20 commercial non-life insurance brokers in the Czech Republic:
ownership, international partners and business specialities 52
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in the Czech Republic
to 2012 (data) 53
- Size and growth of commercial non-life insurance market in Denmark, 2004-8
56
- Size and growth of commercial non-life insurance market in Denmark, 2004-8
(data) 57
- Segmentation of commercial non-life insurance market by class of business
in Denmark 57
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Denmark 58
- Market concentration for commercial non-life insurance broking in Denmark
(data) 59
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Denmark 60
- Top ten commercial non-life insurance brokers in Denmark: number of
employees and turnover 61
- Top ten commercial non-life insurance brokers in Denmark: ownership,
international partners and business specialities 62
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Denmark to 2012
(data) 64
- Size and growth of commercial non-life insurance market in Germany, 2004-8
67
- Size and growth of commercial non-life insurance market in Germany, 2004-8
(data) 68
- Segmentation of commercial non-life insurance market by class of business
in Germany 68
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Germany 69
- Market concentration for commercial non-life insurance broking in Germany
(data) 70
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Germany 71
- Top 30 commercial non-life insurance brokers in Germany: number of
employees and turnover 72
- Top 30 commercial non-life insurance brokers in Germany: ownership,
international partners and business specialities 73
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Germany to 2012
(data) 75
- Size and growth of commercial non-life insurance market in Hungary, 2004-8
78
- Size and growth of commercial non-life insurance market in Hungary, 2004-8
(data) 79
- Segmentation of commercial non-life insurance market by class of business
in Hungary 79
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Hungary 2007
80
- Market concentration for commercial non-life insurance broking in Hungary
(data) 81
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Hungary 82
- Top ten commercial non-life insurance brokers in Hungary: number of
employees and turnover 83
- Top 10 commercial non-life insurance brokers in Hungary: ownership,
international partners and business specialities 84
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Hungary to 2012
(data) 85
- Size and growth of commercial non-life insurance market in Norway, 2004-8
88
- Size and growth of commercial non-life insurance market in Norway, 2004-8
(data) 89
- Segmentation of commercial non-life insurance market by class of business
in Norway 89
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Norway 90
- Market concentration for commercial non-life insurance broking in Norway
(data) 91
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Norway 92
- Top ten commercial non-life insurance brokers in Norway: number of
employees and turnover 93
- Top ten commercial non-life insurance brokers in Norway: ownership,
international partners and business specialities 94
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Norway to 2012
(data) 95
- Size and growth of commercial non-life insurance market in Poland, 2004-8
98
- Size and growth of commercial non-life insurance market in Poland, 2004-8
(data) 99
- Segmentation of commercial non-life insurance market by class of business
in Poland 99
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Poland 100
- Market concentration for commercial non-life insurance broking in Poland
(data) 101
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Poland 102
- Top ten commercial non-life insurance brokers in Poland: number of
employees and turnover 103
- Top ten commercial non-life insurance brokers in Poland: ownership,
international partners and business specialities 104
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Poland to 2012
(data) 105
- Size and growth of commercial non-life insurance market in Slovakia,
2004-8 108
- Size and growth of commercial non-life insurance market in Slovakia,
2004-8 (data) 109
- Segmentation of commercial non-life insurance market by class of business
in Slovakia 109
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Slovakia 110
- Market concentration for commercial non-life insurance broking in Slovakia
(data) 111
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Slovakia 112
- Top ten commercial non-life insurance brokers in Slovakia: number of
employees and turnover 113
- Top ten commercial non-life insurance brokers in Slovakia: ownership,
international partners and business specialities 114
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Slovakia to 2012
(data) 115
- Size and growth of commercial non-life insurance market in Sweden, 2004-8
118
- Size and growth of commercial non-life insurance market in Sweden, 2004-8
(data) 119
- Segmentation of commercial non-life insurance market by class of business
in Sweden 119
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Sweden 120
- Market concentration for commercial non-life insurance broking in Sweden
(data) 121
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Sweden 121
- Top ten commercial non-life insurance brokers in Sweden: number of
employees and turnover 122
- Top ten commercial non-life insurance brokers in Sweden: ownership,
international partners and business specialities 123
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Sweden to 2012
(data) 125
- Size and growth of commercial non-life insurance market in Switzerland,
2004-8 128
- Size and growth of commercial non-life insurance market in Switzerland,
2004-8 (data) 129
- Segmentation of commercial non-life insurance market by class of business
in Switzerland 129
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Switzerland
130
- Market concentration for commercial non-life insurance broking in
Switzerland (data) 130
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Switzerland 132
- Top 20 commercial non-life insurance brokers in Switzerland: number of
employees and turnover 133
- Top 20 commercial non-life insurance brokers in Switzerland: ownership,
international partners and business specialities 134
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Switzerland to 2012
(data) 135
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