Commercial Non-Life Insurance Brokers

PR Newswire

NEW YORK, Aug. 20, 2013 /PRNewswire/ -- announces that a new market research report is available in its catalogue:

Commercial Non-Life Insurance Brokers

What is the research?

Finaccord's series of country-specific reports about commercial non-life insurance brokers plus the BrokerBASE™ datasets and market data annexes that accompany them investigate the size, growth and structure of the market for broking of non-life insurance for businesses in 30 countries. Brokers are the most important single distribution channel for commercial non-life insurance in a number of territories; moreover, they are increasing their share of this market in many countries, often at the expense of tied agents, and are often expected to continue growing their overall share in future, in spite of the challenging economic circumstances.The reports first provide unique data for the size, segmentation and growth of the commercial non-life insurance market itself in each country. They then quantify the share of this market that is intermediated by brokers and rank the leading brokers according to their revenues from commercial non-life insurance, excluding income from other activities. These analyses are based on an investigation covering over 1,000 brokers around the world, with a total ranging from ten to 60 in any given country, depending upon the number and importance of brokers in that country. This makes them by far the most detailed and comprehensive studies of this market ever published.

What methodology has been used?

Finaccord's investigation into commercial non-life insurance brokers is being carried out on an on-going basis with the most recent cycle of research beginning in March 2012. The core of this research is an analysis of leading brokers in each country that combines telephone interviews with senior executives with published information and company accounts. Reliable statistics concerning the market share of brokers do not exist in most countries, and in no cases are revenues from commercial non-life insurance shown separately from personal lines, life insurance and pensions, and employee benefits. Therefore, these studies provide genuinely unique data to answer the following questions:• how large is the commercial non-life insurance market in each country and how does it segment?• what are the key regulatory issues in each country?• what proportion of business is handled by brokers and how has this changed over the last five years?• who are the leading brokers in each market, by revenues and employee numbers?- the BrokerBASE™ datasets rank the top ten to 60 commercial non-life brokers per country, depending on the size of the broker industry in each case;• what are the main strengths and areas of specialisation of these leading brokers?• how concentrated or fragmented are commercial non-life insurance broking markets?• how can commercial non-life insurance broking markets be expected to develop in future years?

What is the structure of the reports?

0. Executive Summary: providing a concise evaluation of the principal findings of the report.1. Introduction: offering rationale, description of methodology and some definitions.2. Market Analysis: an in-depth analysis of the market for commercial non-life insurance broking in each country including: key regulatory developments; quantification and segmentation of commercial non-life insurance over a five-year period (either 2007-2011 or 2008-2012 depending upon the date of publication); brokers' share of this market and quantification of broker fees and commissions from commercial lines; analysis of broker market concentration; ranking of the leading commercial non-life insurance brokers in each country by revenues; additional comments concerning broker distribution strategies and specialisation; and forecasts for commercial non-life insurance premiums, brokers' market share and brokers' revenues up to either 2015 or 2016 (again depending upon the date of publication).

What are the key features of the research?

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 each country?• 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 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 leading international brokers such as Aon, 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.

How can the research be used?

You may be able to use these reports in one or more of the following ways:• quantify the size and dynamism of the broker market for commercial non-life insurance in each of 20 European countries and five major non-European markets;• utilise a single comprehensive source of information that deploys 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 brokers' distribution strategies;• identify leading brokers in each country, with coverage of competitors such as Arthur J. Gallagher, Cabinet Bessé, GrECo International, Grupa MAK, Gruppo GPA, HUB International, Indwe Risk Services, JLT, Lockton, Malakut, Meeùs, OAMPS Insurance Brokers, Renomia, Söderberg & Partners, and Verspieren.

Who can use the research?

1.Insurers: these reports provide a unique analysis of the importance of brokers specifically for commercial non-life insurance in each country. They will help you to judge if you have the right distribution strategy for your business in each geography, and to identify if you are acquiring an appropriate volume of business with each of the leading brokers.2.Brokers: the reports enable you to quantify your market share specifically for commercial non-life insurance, which cannot be done using any other published sources. Moreover, their coverage of 30 countries helps you to plan international expansion or potential acquisitions, and to identify your main competitors.3.Technology companies: the growing importance of online trading of commercial non-life insurance in certain countries means that there are opportunities for specialised IT service providers to develop and promote systems that improve broker efficiency, service and broker-insurer interaction.4.Management consultancies: are you helping an insurance broker or underwriter with its future strategy in commercial non-life insurance? Understand the current status of commercial non-life insurance broking across 30 countries worldwide, saving time and effort on researching the subject yourself.0.0 EXECUTIVE SUMMARY 11.0 INTRODUCTION 3What is this report about? 3The focus is uniquely on commercial non-life insurance, excluding other types of business 3...and on brokerage, even where intermediaries can act as both agents and brokers. 3Rationale 3Methodology 4Research program 4Market data analysis 4Definitions 5Premiums 5Abbreviations 5BrokerBASE 5Finaccord 52.0 MARKET ANALYSIS 7Introduction 7Regulatory information 7Despite the establishment of the FIO, insurance regulation remains the responsibility of individual states 7In several states there is no formal distinction between agents and brokers 7Around 38,500 independent insurance agencies compete in the US insurance market 8The creation of NARAB could streamline the licensing process across several states 8Commercial non-life insurance market 8The US commercial lines market returned to growth in 2011 and 2012 8...propelled by higher premiums in liability and property insurance 10Commercial non-life insurance brokers 11Overview of brokers' presence in the distribution of commercial non-life insurance 11Brokers and independent agents are the dominant distribution channel for commercial lines 11... although their distribution share has declined slightly as a result of competition from direct sales 11Competitor trends and specialisms 13The top ten brokers account well under half of all commercial non-life insurance broking revenues 13Apart from Aon and Marsh, no other broking group has a market share of more than 5% 13Arthur J. Gallagher has achieved substantial growth through a series of acquisitions 14USI Holdings is strongly focused on customers in the commercial lines middle market 14Brown & Brown has enhanced its position by acquiring Arrowhead General Insurance in 2012 15On average, commercial lines broking accounts for just over 60% of total broker revenues 16Brokers' distribution strategies 21Over a half of the top 80 brokers in the US have a strong regional focus . 21... and a significant number specialise in particular business sectors . 21... with construction and healthcare the most frequently-mentioned in this respect 21None of the leading brokers have yet set up a facility for online sales of commercial insurance 21Among broker networks, Assurex Global has the most US-based members . 21... and almost all international networks lay claim to at least one member from the US 22Future outlook 26Revenues from commercial lines broking will continue to grow at a modest rate . 26... in spite of a further fall in the distribution share of brokers and independent agents 26


0.0 EXECUTIVE SUMMARY 1Key market data for commercial non-life insurance brokers in the US 21.0 INTRODUCTION 32.0 MARKET ANALYSIS 7Segmentation of commercial non-life insurance gross written premiums in the US, 2012 9Growth in commercial non-life insurance gross written premiums in the US by segment, 2008 to 2012 10Gross written premiums for commercial non-life insurance in the US by segment, 2008 to 2012 (table) 10Brokers' share of the commercial non-life insurance market and revenues earned from it in the US, 2008 and 2012 12Brokers' share of the commercial non-life insurance market and revenues earned from it in the US, 2008 and 2012 (table) 12Market concentration for commercial non-life insurance broking in the US, 2012 13Market shares of commercial non-life insurance broking revenues of the top ten brokers in the US, 2012 15Importance of different types of insurance broking for the top 80 commercial non-life insurance brokers in the US 17Importance of different types of insurance broking for the top 80 commercial non-life insurance brokers in the US (cont.) 18Importance of different types of insurance broking for the top 80 commercial non-life insurance brokers in the US (cont.) 19Importance of different types of insurance broking for the top 80 commercial non-life insurance brokers in the US (cont.) 20Partners of Assurex Global in the US 22Partners of RiskProNet International in the US 23Partners of UNISONBrokers in the US 23Partners of WBN Global in the US 24Partners of other broker networks in the US 25Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the US, 2016 26Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the US, 2016 (table) 27

To order this report:Life_Insurance Industry: Commercial Non-Life Insurance Brokers

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