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Commercial Non-Life Insurance Brokers in Austria

  • July 2016
  • -
  • Finaccord
  • -
  • 21 pages

Commercial Non-Life Insurance Brokers in Austria, plus the BrokerBASE™ and market data file that accompany it, investigates the importance of brokers in the distribution of non-life (P&C) insurance for business, public sector and not-for-profit customers in Austria. This study first provides unique data concerning the size, segmentation and growth of the Austrian commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research covering all significant broking entities, it ranks the leading 30 brokers in Austria according to their approximate revenues derived from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits consulting.

This study provides unique data in the following areas:

- the value of commercial non-life insurance markets from 2011 to 2015 with a segmentation between commercial liability, motor, property, MAT and other premiums and with a split for 2015 alone by size of insured entity (i.e. micro, small, medium, large and very large customers);

- the distribution share of brokers in this market in both 2011 and 2015 and the revenues consequently generated by them in each year that represent the value of the market for commercial lines broking in Austria;

- the approximate segmentation of commercial lines broking revenues by size of insured entity (i.e. again with a split across micro, small, medium, large and very large customers);

- the combined share of commercial lines broking revenues of the top three and top ten brokers in 2015 with this data broken out in the BrokerBASE™ for each of the top 30 brokers in Austria;

- also for the top 30 brokers, the approximate segmentation of their total broking revenues in 2015 (expressed as a percentage range) between commercial lines, personal lines, employee benefits plus life / health insurance, and wholesale insurance / reinsurance;

- forecasts for 2019 for the value of commercial non-life insurance premiums, brokers' distribution share of this market and the revenues predicted to be generated by brokers in that year from commercial lines.

Moreover, the study can be used in one or more of the following ways:

- to quantify the size and structure of both the underlying commercial non-life insurance sector and the associated commercial lines broking market in Austria;

- to understand how the value of both of these is likely to segment by size of insured customer;

- to understand the competitive landscape for commercial lines broking in Austria as defined by market concentration, the presence of international brokers and the business mix of the top 30 competitors;

- to identify the leading commercial lines brokers in Austria, with coverage of competitors such as Aon, GrECo International, Koban Südvers, RVM Raiffeisen-Versicherungsmakler and VERO Management.

Table Of Contents

Commercial Non-Life Insurance Brokers in Austria
0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life (PandC) insurance, excluding other types of business. . 3
.and on brokerage, even where intermediaries can act as both agents and brokers . 3
Rationale . 3
In many countries, brokers constitute the most important distribution channel for commercial lines . 3
Methodology . 4
Research program 4
Market data analysis . 4
Definitions . 4
Premiums 4
Size of insured entity. 5
Abbreviations 5
BrokerBASE . 5
Finaccord 5
2.0 MARKET ANALYSIS . 8
Introduction . 8
Regulatory information . 8
Several professional associations exist for insurance brokers and agents in Austria… . 8
… the largest of which has around 1,000 members 8
Commercial non-life insurance market . 9
Commercial non-life insurance premiums in Austria have risen consistently in recent years… 9
… both in terms of year-on-year progress and growth across each of the main segments . 10
Medium-sized customers account for the highest proportion of commercial lines premiums 12
Commercial non-life insurance brokers 13
Overview of brokers' presence in the distribution of commercial non-life insurance 13
Brokers' distribution share in commercial non-life insurance has edged up since 2011 13
More than a quarter of commercial lines broking revenues are attributable to one customer segment 15
Competitor trends . 16
The top ten competitors account for over a half of commercial lines broking revenues. 16
. with GrECo International retaining its leading position in this market 16
Aon is ranked second but other international brokers are less prominent 16
The increasing concentration in this market has been caused in part by merger and acquisition activity . 17
If counted together, brokerages owned by Raiffeisen banks would be ranked third 17
Commercial lines broking is the principal income generator for all of the top 30 brokers… . 18
… with several deriving over 95% of their revenues from this activity . 18
International broker networks . 20
A number of brokers ranked outside of the top 30 are members of international networks . 20
Future outlook . 20
Modest growth is forecast for the Austrian commercial lines broking market up to 2019 . 20

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Austria, 2011, 2015 and 2019 (forecast) 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS . 8
Segmentation of commercial non-life insurance gross written premiums in Austria by line of business, 2015 9
Growth in commercial non-life insurance gross written premiums in Austria segmented by line of business, 2011 to 2015 . 10
Segmentation of commercial non-life insurance gross written premiums in Austria by line of business, 2011 to 2015 (table) . 11
Segmentation of commercial non-life insurance gross written premiums in Austria between micro, small, medium, large and very large entities, 2015 . 12
Segmentation of commercial non-life insurance gross written premiums in Austria between micro, small, medium, large and very large entities, 2015 (table) . 13
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2011 and 2015 14
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2011 and 2015 (table) 14
Segmentation of commercial non-life insurance broking revenues in Austria between micro, small, medium, large and very large entities, 2015 . 15
Segmentation of commercial non-life insurance broking revenues in Austria between micro, small, medium, large and very large entities, 2015 (table) . 16
Share of the top three and the top ten brokers in commercial non-life insurance broking in Austria, 2011 and 2015 . 17
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Austria, 2015 . 18
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in Austria, 2015 . 19
Partners of international broker networks in Austria, 2016 20
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2019 (forecast) 21
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2019 (forecast) (table) 21

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