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Commercial Non-Life Insurance Brokers in Italy

  • June 2014
  • -
  • Finaccord
  • -
  • 21 pages

The report titled Commercial Non-Life Insurance Brokers in Italy, plus the BrokerBASE™ and market data file that accompany it, investigate the importance of brokers in the distribution of non-life insurance for businesses in Italy. This study first provides unique data for the size, segmentation and growth of the Italian 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 of all significant broking entities, it ranks the leading 50 brokers in Italy 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 2009 to 2013;

- the share of this market distributed by brokers in 2009 and 2013;

- the revenues generated by commercial non-life insurance business for brokers in 2009 and 2013;

- the concentration of the market for commercial non-life insurance broking;

- forecasts for 2017 for the value of commercial non-life insurance premiums, brokers' share of this market and their revenues from commercial non-life insurance business.

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

- to quantify the size and dynamism of the broker market for commercial non-life insurance in Italy;

- 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 brokers’ share of distribution;

- 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 Italy through its market concentration, the importance of international brokers, and brokers' distribution strategies;

- to identify the leading brokers in Italy, with coverage of competitors such as Marsh, Aon, Willis, Ital Brokers and Gruppo Assiteca.

Table Of Contents

Commercial Non-Life Insurance Brokers in Italy
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The focus is uniquely on commercial non-life insurance, excluding other types of business...

...and on brokerage, even where intermediaries can act as both agents and brokers.

Rationale

Methodology

Research program

Market data analysis

Forecasting methodology

Definitions

Premiums

Abbreviations

BrokerBASE

Finaccord



2.0 MARKET ANALYSIS

Introduction

Regulatory information

Italian intermediaries have been affected by various regulatory changes in recent years

AIBA has amassed over 1,000 brokers as members...

... and has reached an agreement with SNA concerning collaboration between brokers and agents

Commercial non-life insurance market

Commercial lines gross written premiums contracted at a nominal 2.5% per annum from 2009 to 2013...

... with all five main lines of business falling back in value

Commercial non-life insurance brokers

Overview of brokers' presence in the distribution of commercial non-life insurance

A substantial amount of business originated by brokers arrives with underwriters via insurance agents...

... although it seems clear that brokers are the dominant distribution channel for commercial lines...

... and that their distribution share of a declining market has increased in recent years

Competitor trends and specialisms

The top three brokers account for more than half of commercial non-life insurance broking revenues...

... with both Aon and Willis having made acquisitions in recent years

Through its own acquisition Gruppo Assisteca is poised to overtake Ital Brokers in the ranking

Beyond the top ten, the competitive structure becomes more fragmented with many smaller brokers

Activities other than commercial non-life insurance account for about 20% of brokers' revenue on average

Brokers' distribution strategies

Six of the top 50 brokers are primarily active in marine insurance...

... but only one has a regional focus on southern Italy

14 international broker networks lay claim to Italian members

Future outlook

In real terms, Italy's market for commercial non-life insurance broking may continue to shrink




LIST OF GRAPHICS / TABLES


0.0 EXECUTIVE SUMMARY

Key market data for commercial non-life insurance brokers in Italy

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Segmentation of commercial non-life insurance gross written premiums in Italy, 2013

Growth in commercial non-life insurance gross written premiums in Italy by segment, 2009 to 2013

Gross written premiums for commercial non-life insurance in Italy by segment, 2009 to 2013 (table)

Brokers' share of the commercial non-life insurance market and revenues earned from it in Italy, 2009 and 2013

Brokers' share of the commercial non-life insurance market and revenues earned from it in Italy, 2009 and 2013 (table)

Market concentration for commercial non-life insurance broking in Italy, 2011 and 2013

Market shares of commercial non-life insurance broking revenues of the top ten brokers in Italy, 2013

Importance of different types of insurance broking for the top 50 commercial non-life insurance brokers in Italy

Importance of different types of insurance broking for the top 50 commercial non-life insurance brokers in Italy (continued)

Partners of broker networks in Italy, 2014

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Italy, 2017

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Italy, 2017 (table)

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