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시장보고서
Commercial Non-Life Insurance Brokers in Southern and Western Europe
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Abstract
Finaccord' s report titled Commercial Non-Life Insurance Brokers in Southern
and Western Europe investigates the impact and position of brokers in the
distribution of non-life insurance for businesses in Southern and Western
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 Southern
and Western Europe are worth about € 8.0 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 eight countries
in Southern and Western Europe (Belgium, France, Ireland, Italy, the
Netherlands, Portugal, 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 according to their revenues from commercial non-life insurance,
excluding income from other activities. This analysis is based on an
investigation covering some 400 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 Southern and Western Europe; compare eight 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 Southern and Western Europe as a
whole, with coverage of competitors such as Aon, Gras Savoye, Jardine Lloyd
Thompson, Marsh, Vanbreda and Willis.
Table of Contents
0.0 EXECUTIVE SUMMARY
- Commercial non-life insurance premiums were worth an estimated € 78.3
billion across the region
- Brokers distribute over half of all commercial non-life insurance premiums
everywhere except Spain
- Regulatory reforms may work against independent brokers in Spain and
Portugal but help those in Italy while a move towards ' net quoting' is not
expected to reduce brokers' market share
- Market concentration rises with brokers' share of commercial non-life
insurance
- The recession is likely to mean that fewer, larger brokers control more of
the market
- Market concentration is occurring through alliances, networks,
acquisitions and consolidation
- 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 400 brokers have been researched across Southern and Western 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 Southern and Western Europe
- Over a third of the growth in premiums between 2004 and 2008 came from
France alone
- Portugal' s commercial non-life insurance market has most scope for
long-term development
- The importance of property, motor and legal expenses insurance varies by
sub-region
- Commercial non-life insurance brokers in Southern and Western Europe
- Brokers distribute over half of all commercial non-life insurance premiums
in every country bar one
- The Netherlands overtakes Spain as the fourth-largest market in Southern
and Western Europe
- Brokers in Belgium, Ireland and the UK are strong in personal lines as
well, in contrast to Italy
- Independent brokers may suffer from legal changes in Spain and Portugal
- Market concentration rises with brokers' share of commercial non-life
insurance
- Aon, Marsh and Willis make up two of the top three everywhere except
Portugal
- Broker alliances and networks
- Brokerbility and COBRA use alliances to fuel growth
- International networks create 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 with weak growth in revenues encouraging further
mergers and acquisitions
3.0 BELGIUM
- Introduction
- Marine and transport insurance help brokers to dominate commercial
non-life distribution
- Regulatory information
- Commercial non-life insurance in Belgium
- Legal expenses insurance is an important line of business in Belgium
- Commercial non-life insurance brokers in Belgium
- Brokers are well-established as the main distribution channel for non-life
insurance
- Two brokers hold 40% of the market between them
- International capabilities are important in a country with many
multi-national businesses
- Future outlook
- The underwriting cycle is forecast to run in the opposite direction to the
economy
4.0 FRANCE
- Introduction
- The French commercial non-life market grew faster than Germany and the UK
- Regulatory information
- Commercial non-life insurance in France
- The rapid growth of construction insurance since 1998 is likely to go into
reverse
- Commercial non-life insurance brokers in France
- The leading brokers generate over a quarter of their income from other
lines of business
- The top three brokers control 40% of the market
- Brokers have differentiated themselves through specialisation
- Broker alliances
- Independent brokers have created substantial alliances
- Future outlook
- The downturn in the economy is co-inciding with a downturn in the
underwriting cycle
5.0 IRELAND
- Introduction
- Shrinking revenues will force mergers between brokers
- Regulatory information
- Commercial non-life insurance in Ireland
- Premium income has been falling since 2004
- Commercial non-life insurance brokers in Ireland
- Brokers in Ireland have a larger share of this market than anywhere else
in the region
- Almost half the market is controlled by the ' big three'
- Bank-owned brokers are noticeably absent in Ireland
- Future outlook
- Market concentration is likely to increase since broker revenues are
forecast to fall
6.0 ITALY
- Introduction
- Brokers must look beyond commercial non-life insurance for growth
opportunities
- Regulatory information
- Commercial non-life insurance in Italy
- Premium volumes have stagnated since 2004
- Commercial non-life insurance brokers in Italy
- Brokers focus on commercial non-life insurance in Italy, with little
interest in personal lines or life
- The ' big three' hold half of the commercial non-life insurance market in
Italy
- The broker market fragments by geography, client type and sector speciality
- Broker alliances
- Two major consortia aim to combine personal contact with economies of scale
- Future outlook
- The Bersani decree offers brokers more opportunities in personal than
commercial lines
7.0 NETHERLANDS
- Introduction
- Commercial non-life insurance is only one product amongst many sold by
financial intermediaries
- Regulatory information
- Commercial non-life insurance in the Netherlands
- The Dutch market is the largest in Europe compared to GDP, along with the
UK
- Commercial non-life insurance brokers in the Netherlands
- Independent intermediaries usually distribute commercial non-life
insurance as brokers not agents
- Acquisitions by international and national brokers have concentrated the
market
- Future outlook
- Brokers are forecast to gain share from company salesforces rather than
from agents
8.0 PORTUGAL
- Introduction
- Smaller brokers face a difficult future
- Regulatory information
- Commercial non-life insurance in Portugal
- Commercial non-life insurance is a small and stagnant market by premium
volumes
- Commercial non-life insurance brokers in Portugal
- Brokers have little direct-to-consumer business in Portugal
- No single broker dominates the Portuguese market
- The owners of brokers include banks, industrial companies and automotive
businesses
- Future outlook
- Smaller brokers are forecast to close as the economy falls and tied
intermediaries rise
9.0 SPAIN
- Introduction
- New legislation has split bank-owned brokers apart from bancassurance
agents
- Regulatory information
- Commercial non-life insurance in Spain
- Spain' s commercial non-life insurance market cease to grow in 2008 after
years of expansion
- Commercial non-life insurance brokers in Spain
- Brokers distribute two-thirds of transport and legal expenses insurance
- Aon is the market leader by far, but there is a long ' tail'
- Over half the top 20 commercial non-life insurance brokers are subsidiaries
- Future outlook
- Bank-owned brokers are forecast to be the ' winners' by 2012
10.0 UNITED KINGDOM
- Introduction
- Many brokers are expanding by acquisition rather than by organic growth
- Regulatory information
- Commercial non-life insurance in the UK
- Growth in legal expenses and MAT insurance has been offset by a fall in
liability cover
- Commercial non-life insurance brokers in the UK
- Revenue for brokers in the UK is almost equal to that of France, Germany
and Italy combined
- The UK broker market is already relatively highly concentrated driven by a
higher level of corporate activity in the broker sector than elsewhere in
Europe
- Broker alliances
- Brokerbility and COBRA offer an alternative way to gain scale
- Future outlook
- Stagnation in total commercial non-life insurance revenues masks a dynamic
competitor landscape
11.0 APPENDIX
GRAPHICS / TABLES
- Size and growth of commercial non-life insurance market by country in
Southern and Western Europe, 2004-8 16
- Comparison of size and growth of commercial non-life insurance premiums by
country in Southern and Western Europe, 2004 and 2008 16
- Commercial non-life insurance premiums by country in Southern and Western
Europe compared to total non-life premiums and GDP 18
- Commercial non-life insurance premiums in Southern and Western Europe
compared to total non-life premiums and GDP 18
- Segmentation of commercial non-life insurance market by class of business
in Southern and Western Europe 19
- Segmentation of commercial non-life insurance market by class of business
in Southern and Western Europe 20
- Share of brokers of the commercial non-life insurance market by country in
Southern and Western Europe 21
- Revenues from commercial non-life insurance broking by country in Southern
and Western Europe 22
- Revenues from commercial non-life insurance broking by country in Southern
and Western Europe (data) 23
- Market concentration of commercial non-life insurance broking by country
in Southern and Western Europe 25
- Market concentration of commercial non-life insurance broking by country
in Southern and Western Europe (data) 26
- Market shares of Aon, Marsh and Willis for commercial non-life broking
revenues in Southern and Western Europe 27
- Market shares of Aon, Marsh and Willis for commercial non-life broking
revenues by country in Southern and Western Europe (data) 28
- Forecasts for growth in brokers' revenue from commercial non-life
insurance by country in Southern and Western Europe to 2012 33
- Forecasts for commercial non-life insurance premiums by country in
Southern and Western Europe to 2012 (data) 34
- Size and growth of commercial non-life insurance market in Belgium, 2004-8
38
- Size and growth of commercial non-life insurance market in Belgium, 2004-8
(data) 38
- Segmentation of commercial non-life insurance market by class of business
in Belgium 39
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Belgium 40
- Market concentration for commercial non-life insurance broking in Belgium
(data) 41
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Belgium 42
- Top 20 commercial non-life insurance brokers in Belgium: number of
employees and turnover 43
- Top 20 commercial non-life insurance brokers in Belgium: ownership,
international partners and business specialities 44
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Belgium to 2012
(data) 45
- Size and growth of commercial non-life insurance market in France, 2004-8
48
- Size and growth of commercial non-life insurance market in France, 2004-8
(data) 49
- Segmentation of commercial non-life insurance market by class of business
in France 49
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in France 50
- Market concentration for commercial non-life insurance broking in France
(data) 51
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in France 52
- Top 30 commercial non-life insurance brokers in France: number of
employees and turnover 54
- Top 30 commercial non-life insurance brokers in France: ownership,
international partners and business specialities 55
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in France to 2012
(data) 57
- Size and growth of commercial non-life insurance market in Ireland, 2004-8
60
- Size and growth of commercial non-life insurance market in Ireland, 2004-8
(data) 61
- Segmentation of commercial non-life insurance market by class of business
in Ireland 61
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Ireland 62
- Market concentration for commercial non-life insurance broking in Ireland
(data) 63
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Ireland 64
- Top ten commercial non-life insurance brokers in Ireland: number of
employees and turnover 65
- Top ten commercial non-life insurance brokers in Ireland: ownership,
international partners and business specialities 66
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Ireland to 2012
(data) 67
- Size and growth of commercial non-life insurance market in Italy, 2004-8 70
- Size and growth of commercial non-life insurance market in Italy, 2004-8
(data) 71
- Segmentation of commercial non-life insurance market by class of business
in Italy 71
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Italy 73
- Market concentration for commercial non-life insurance broking in Italy
(data) 74
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Italy 74
- Top 30 commercial non-life insurance brokers in Italy: number of employees
and turnover 75
- Top 30 commercial non-life insurance brokers in Italy: ownership,
international partners and business specialities 76
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Italy to 2012 (data)
78
- Size and growth of commercial non-life insurance market in the
Netherlands, 2004-8 82
- Size and growth of commercial non-life insurance market in the
Netherlands, 2004-8 (data) 83
- Segmentation of commercial non-life insurance market by class of business
in the Netherlands 83
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in the
Netherlands 85
- Market concentration for commercial non-life insurance broking in the
Netherlands (data) 86
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in the Netherlands 86
- Top 25 commercial non-life insurance brokers in the Netherlands: number of
employees and turnover 87
- Top 25 commercial non-life insurance brokers in the Netherlands:
ownership, international partners and business specialities 88
- Turnover of broker subsidiaries of ING Assurantiekantoren 89
- Turnover of main broker subsidiaries of Unirobe Meeus 89
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in the Netherlands to
2012 (data) 91
- Size and growth of commercial non-life insurance market in Portugal,
2004-8 94
- Size and growth of commercial non-life insurance market in Portugal,
2004-8 (data) 95
- Segmentation of commercial non-life insurance market by class of business
in Portugal 95
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Portugal 96
- Market concentration for commercial non-life insurance broking in Portugal
(data) 97
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Portugal 98
- Top 20 commercial non-life insurance brokers in Portugal: number of
employees and turnover 99
- Top 20 commercial non-life insurance brokers in Portugal: ownership,
international partners and business specialities 100
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Portugal to 2012
(data) 101
- Size and growth of commercial non-life insurance market in Spain, 2004-8
105
- Size and growth of commercial non-life insurance market in Spain, 2004-8
(data) 106
- Segmentation of commercial non-life insurance market by class of business
in Spain 107
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in Spain 108
- Market concentration for commercial non-life insurance broking in Spain
(data) 109
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in Spain 109
- Top 20 commercial non-life insurance brokers in Spain: number of employees
and turnover 110
- Top 20 commercial non-life insurance brokers in Spain: ownership,
international partners and business specialities 111
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in Spain to 2012 (data)
112
- Size and growth of commercial non-life insurance market in the UK, 2004-8
115
- Size and growth of commercial non-life insurance market in the UK, 2004-8
(data) 116
- Segmentation of commercial non-life insurance market by class of business
in the UK 116
- Share of brokers of the commercial non-life insurance market and
importance of commercial non-life insurance to leading brokers in the UK 117
- Market concentration for commercial non-life insurance broking in the UK
(data) 118
- Market shares of commercial non-life insurance broking revenues of the top
ten brokers in the UK 119
- Top 30 commercial non-life insurance brokers in the UK: number of
employees and turnover 120
- Top 30 commercial non-life insurance brokers in the UK: ownership,
international partners and business specialities 121
- Top 30 commercial non-life insurance brokers in the UK: ownership,
international partners and business specialities (continued) 122
- Forecasts for commercial non-life insurance premiums, broker market share
and broker revenues from commercial non-life insurance in the UK to 2012
(data) 124
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