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Commercial Non-Life Insurance Brokers in Belgium

  • June 2016
  • -
  • Finaccord
  • -
  • 20 pages

Commercial Non-Life Insurance Brokers in Belgium, 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 Belgium. This study first provides unique data concerning the size, segmentation and growth of the Belgian 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 25 brokers in Belgium 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 Belgium;

- 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 25 brokers in Belgium;

- also for the top 25 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 Belgium;

- 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 Belgium as defined by market concentration, the presence of international brokers and the business mix of the top 25 competitors;

- to identify the leading commercial lines brokers in Belgium, with coverage of competitors such as Allia, Aon, Concordia, Marsh & McLennan Companies and Vanbreda Risk & Benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Belgium
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
The number of registered insurance intermediaries has more than halved in recent years… . 8
… although brokers continue to play a key role in commercial lines distribution 8
Commercial non-life insurance market . 9
Commercial non-life insurance premiums in Belgium have been growing at a consistent rate… . 9
… with those for the residual category of other commercial insurance having risen most rapidly . 10
Customers in the micro segment account for over 30% of total commercial lines premiums 11
Commercial non-life insurance brokers 13
Overview of brokers' presence in the distribution of commercial non-life insurance 13
The distribution share of brokers in commercial lines may have reduced very slightly since 2011 . 13
Customers in the micro segment also generate a significant proportion of broking revenues . 14
Competitor trends . 16
The three leading commercial lines brokers in Belgium are far ahead of the fourth-ranked competitor 16
… with Marsh having boosted its position through the acquisition of Trade Insure in 2015 . 16
Van Dessel has relinquished control of Bokiau to Alliance Participations . 16
For only one broker in the top 25 is commercial non-life insurance not the principal source of income… 17
… and for two of them it is the only activity from which they generate revenues 17
International broker networks . 19
Belgibo, Induver, Van Dessel and Vanbreda Risk and Benefits each belong to more than one network . 19
Future outlook . 19
The commercial lines broking market will deliver further steady growth up to 2019 . 19

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Belgium, 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 Belgium by line of business, 2015 9
Growth in commercial non-life insurance gross written premiums in Belgium segmented by line of business, 2011 to 2015 10
Segmentation of commercial non-life insurance gross written premiums in Belgium by line of business, 2011 to 2015 (table) . 11
Segmentation of commercial non-life insurance gross written premiums in Belgium between micro, small, medium, large and very large entities, 2015 . 12
Segmentation of commercial non-life insurance gross written premiums in Belgium between micro, small, medium, large and very large entities, 2015 (table) . 12
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2011 and 2015 13
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2011 and 2015 (table) 14
Segmentation of commercial non-life insurance broking revenues in Belgium between micro, small, medium, large and very large entities, 2015 . 15
Segmentation of commercial non-life insurance broking revenues in Belgium between micro, small, medium, large and very large entities, 2015 (table) . 15
Share of the top three and the top ten brokers in commercial non-life insurance broking in Belgium, 2011 and 2015 . 16
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Belgium, 2015 . 17
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 25 commercial non-life insurance brokers in Belgium, 2015 . 18
Partners of international broker networks in Belgium, 2016 19
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2019 (forecast) 20
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2019 (forecast) (table) 20

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