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commercial insurance_Commercial Non-Life Insurance Brokers in Northern and Central

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Commercial Non-Life Insurance Brokers in Northern and Central
Europe
Published on April 2009

                                                                                                               Report Summary

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 Content

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


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   * 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




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   * 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


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   * 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


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   * 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


   * Sources




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