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Commercial Non-Life Insurance Brokers in Norway

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

Commercial Non-Life Insurance Brokers in Norway, 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 Norway. This study first provides unique data concerning the size, segmentation and growth of the Norwegian 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 15 brokers in Norway 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 Norway;

- 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 15 brokers in Norway;

- also for the top 15 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 Norway;

- 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 Norway as defined by market concentration, the presence of international brokers and the business mix of the top 15 competitors;

- to identify the leading commercial lines brokers in Norway, with coverage of competitors such as Aon, Marsh & McLennan Companies, NorthEdge, Parisco and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Norway
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
There are over 60 registered insurance brokerages active in Norway 8
In most cases, brokers are remunerated through fees rather than commissions . 8
Commercial non-life insurance market . 9
Commercial lines premiums in Norway grew in each year from 2011 to 2015… . 9
… although growth was weakest in the largest segment, namely MAT insurance . 9
One segment accounts for over a quarter of commercial non-life insurance premiums 11
Commercial non-life insurance brokers 12
Overview of brokers' presence in the distribution of commercial non-life insurance 12
The value of the commercial lines broking market moved up at a modest rate from 2011 to 2015 . 12
… with over 60% of this sector due to two client segments, as defined by their size . 14
Competitor trends . 16
Between 2011 and 2015, Norway's broking market became more concentrated… 16
… and it is led by Aon and Willis Towers Watson 16
For only one of the top 15 brokers is commercial lines broking not the main source of revenues… . 17
… and for two of them it is their only activity . 17
International broker networks . 18
Norwegian Broker and Quality Broker both belong to more than one international network 18
Future outlook . 19
The distribution share of Norwegian brokers is likely to have edged up further by 2019 19

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

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