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Commercial Non-Life Insurance Brokers in Japan

  • January 2013
  • -
  • Finaccord
  • -
  • 30 pages

Commercial Non-Life Insurance Brokers in Japan and the BrokerBASE that accompanies it investigate the importance of both brokers and multi-tied agencies in the distribution of non-life insurance for businesses in Japan. This report first provides unique data for the size, segmentation and growth of the Japanese commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and multi-tied agencies, and, based on extensive primary research covering around 70 such entities in total, it ranks the leading 20 brokers and 15 multi-tied agencies in Japan according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

This report provides unique data in the following areas:

- the value of commercial non-life insurance markets for 2008 to 2012;

- the share of this market distributed by brokers and multi-tied agencies in 2008 and 2012;

- the revenues generated by commercial non-life insurance business for brokers and multi-tied agencies in 2008 and 2012;

- the concentration of the markets for commercial non-life insurance broking and multi-tied agency activities;

- forecasts for 2016 for the value of commercial non-life insurance premiums, brokers' and multi-tied agencies' share of this market, and the revenues of both types of intermediary from commercial non-life insurance business.

Moreover, the report and the BrokerBASE that accompanies it can be used in one or more of the following ways:

- to quantify the size and dynamism of the broker and multi-tied agency markets for commercial non-life insurance in Japan;

- to utilise a single comprehensive source of information that uses a uniform methodology to size the underlying commercial non-life insurance market and to quantify the share of distribution of brokers and multi-tied agencies;

- to assess a range of potential business opportunities: from selecting targets for acquisition to niche product development and ideas for distribution partnerships;

- to understand the competitive landscape in Japan through its market concentration, the importance of international brokers, and the distribution strategies of both brokers and multi-tied agencies;

- to identify the leading brokers and multi-tied agencies in Japan, with coverage of competitors such as Hitachi Insurance Services, Kyoritsu Insurance Brokers, Marsh, MST Insurance Service, MST Risk Consulting and Sojitz Insurance.

Table Of Contents

Commercial Non-Life Insurance Brokers in Japan
Table of Contents

0 0 EXECUTIVE SUMMARY 1
1 0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life insurance, excluding other types of business 3
and on both genuine broking and the activities of multi-tied agencies 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 5
Premiums 5
Abbreviations 5
BrokerBASE 5
Finaccord 5
2 0 MARKET ANALYSIS 8
Introduction 8
Regulatory information 9
The concept of insurance broking in Japan was only recognised in 1996 9
and the overall number of brokers remains low 9
Just under a quarter of all general insurance agencies in Japan are multi-tied 9
Commercial non-life insurance market 10
Premiums registered steady growth in real terms between 2008 and 2012 10
with commercial liability insurance outperforming other segments 10
Commercial non-life insurance brokers and multi-tied agencies 12
Overview of the distribution of commercial non-life insurance 12
Japanese brokers find it difficult to compete with corporations' in-house agents 12
although they have carved out niches in some product segments 12
Multi-tied agencies generated about USD 4 2 billion in revenues in 2011 through commercial lines 13
Competitor trends and specialisms - brokers 15
The ten largest brokers control nearly three quarters of commercial non-life broking revenues 15
Aon is currently not active in Japan as a retail broker for commercial non-life insurance 16
Kyoritsu specialises in representing foreign clients and international networks 16
while Ginsen and MST Risk Consulting have connections to major Japanese financial groups 17
Bluewell Insurance Brokers doubled its insurance broking revenues between 2004 and 2011 17
Commercial non-life insurance is the largest source of income for most of the larger brokers 18
although reinsurance is important to some brokers 18
Distribution strategies - brokers 20
Five of the top 20 brokers can be classified as regional specialists 20
and several specialise in particular product segments 20
or particular client sectors, such as Tokai Hoken which primarily works for public sector organisations 20
As a result of their focus on complex risks, no brokers distribute policies online 20
although a number have joined international networks 20
Competitor trends and specialisms - multi-tied agencies 21
The involvement of multi-tied agencies in commercial lines is highly fragmented 21
with the top ten accounting for no more than 12 7% of revenues generated by this type of intermediary 21
Major corporations such as Hitachi, Mitsubishi and Sojitz generally own the largest multi-tied agencies 22
Marsh's multi-tied agency business co-operates with about 30 different non-life underwriters 23
Other leading multi-tied agencies secure most of their business from their parent companies 23
Distribution strategies - multi-tied agencies 23
Several multi-tied agencies sell insurance online to personal customers but not to business clients 23
Future outlook 24
The commercial non-life insurance broking market will continue to edge up between 2012 and 2016 24
and Finaccord believes that multi-tied agents will remain dominant as a distribution channel 24


LIST OF GRAPHICS / TABLES
0 0 EXECUTIVE SUMMARY 1
Key market data for commercial non-life insurance brokers and multi-tied agencies in Japan 2
1 0 INTRODUCTION 3
2 0 MARKET ANALYSIS 8
Segmentation of the commercial non-life insurance market in Japan, 2012 10
Growth in the commercial non-life insurance market in Japan by segment, 2008 to 2012 11
Size and growth of the commercial non-life insurance market in Japan by segment, 2008 to 2012 (table) 11
Brokers' share of the commercial non-life insurance market and revenues earned from it in Japan, 2008 and 2012 13
Multi-tied agencies' share of the commercial non-life insurance market and revenues earned from it in Japan, 2008 and 2012 14
Brokers' and multi-tied agencies' share of the commercial non-life insurance market and revenues earned from it in Japan, 2008 and 2012 (table) 15
Market concentration for commercial non-life insurance broking in Japan, 2011 16
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Japan, 2011 17
Importance of different types of insurance broking for 19
top 20 commercial non-life insurance brokers in Japan 19
Market concentration for commercial non-life insurance multi-tied agencies in Japan, 2011 21
Market shares of commercial non-life insurance revenues earned by multi-tied agencies of the top ten multi-tied agencies in Japan, 2011 22
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Japan, 2016 24
Multi-tied agencies' forecast share of the commercial non-life insurance market and revenues earned from it in Japan, 2016 25
Brokers' and multi-tied agencies' forecast share of the commercial non-life insurance market and revenues earned from it in Japan, 2016 (table) 25

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