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Commercial Non-Life Insurance Brokers in Ireland

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

Commercial Non-Life Insurance Brokers in Ireland, 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 Ireland. This study first provides unique data concerning the size, segmentation and growth of the Irish 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 20 brokers in Ireland 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 Ireland;

- 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 20 brokers in Ireland;

- also for the top 20 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 Ireland;

- 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 Ireland as defined by market concentration, the presence of international brokers and the business mix of the top 20 competitors;

- to identify the leading brokers in Ireland, with coverage of competitors such as Aon, Arachas, JLT, Marsh & McLennan Companies and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Ireland
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
Over 450 companies belong to the main association of insurance brokers in Ireland… 8
… collectively providing employment to over 5,500 individuals . 9
Commercial non-life insurance market . 9
Three main segments account for close to 95% of the Irish commercial lines market… . 9
… and these are also the areas of the market that have delivered growth in recent years 10
Premiums distribute quite evenly across five categories as defined by client size . 11
Commercial non-life insurance brokers 13
Overview of brokers' presence in the distribution of commercial non-life insurance 13
Brokers remain almost entirely dominant as a distribution channel for commercial non-life insurance… . 13
… helping to generate a commercial lines broking market worth more than EUR 150 million in 2015 . 14
Competitor trends . 16
The combined share of the top three brokers dropped back slightly between 2011 and 2015… 16
… as several of their competitors ranked from fourth to tenth have been growing more rapidly . 16
Among indigenous brokers, Arachas and Campion are the most significant in commercial lines . 17
For a majority of the top 20 competitors, commercial lines broking is their most important activity . 17
International broker networks . 19
Several brokers belong to more than one international broker network 19
Future outlook . 19
Stronger growth is forecast for the broking market from 2015 to 2019 than occurred from 2011 to 2015 19

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

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