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Commercial Non-Life Insurance Brokers in Portugal

  • June 2016
  • -
  • Finaccord
  • -
  • 19 pages

Commercial Non-Life Insurance Brokers in Portugal, 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 Portugal. This study first provides unique data concerning the size, segmentation and growth of the Portuguese 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 Portugal 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 Portugal;

- 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 Portugal;

- 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 Portugal;

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

- to identify the leading brokers in Portugal, with coverage of competitors such as Aon, Luso-Atlantica, Marsh & McLennan Companies, MDS and Villas-Boas.

Table Of Contents

Commercial Non-Life Insurance Brokers in Portugal
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. 4
Abbreviations 5
BrokerBASE . 5
Finaccord 5
2.0 MARKET ANALYSIS . 7
Introduction . 7
Regulatory information . 7
Agents and tied intermediaries continue to limit growth prospects for brokers… . 7
Commercial non-life insurance market . 8
… and it is also the case that the underlying commercial lines insurance market has been contracting… . 8
… most notably for the main liability, motor and property segments . 9
Micro entities generate around 30% of commercial non-life insurance premiums in Portugal . 10
Commercial non-life insurance brokers 12
Overview of brokers' presence in the distribution of commercial non-life insurance 12
The distribution share of brokers in commercial lines has declined slightly since 2011 . 12
Almost 30% of commercial lines broking revenues are attributable to the largest client segment . 13
Competitor trends . 15
The growth of MDS is one factor that is causing the broking market to become more concentrated… 15
. as it successfully diversifies away from its captive broking origins 15
For a majority of the top 15 competitors, commercial lines broking is their most important activity . 16
International broker networks . 18
Costa Duarte, F. Rego and Villas-Boas each belong to three international broker networks. 18
Future outlook . 18
The commercial lines broking market is unlikely to have expanded much by 2019 . 18

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Portugal, 2011, 2015 and 2019 (forecast) 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS . 7
Segmentation of commercial non-life insurance gross written premiums in Portugal by line of business, 2015 8
Growth in commercial non-life insurance gross written premiums in Portugal segmented by line of business, 2011 to 2015 9
Segmentation of commercial non-life insurance gross written premiums in Portugal by line of business, 2011 to 2015 (table) . 10
Segmentation of commercial non-life insurance gross written premiums in Portugal between micro, small, medium, large and very large entities, 2015 . 11
Segmentation of commercial non-life insurance gross written premiums in Portugal between micro, small, medium, large and very large entities, 2015 (table) . 11
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2011 and 2015 . 12
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2011 and 2015 (table) 13
Segmentation of commercial non-life insurance broking revenues in Portugal between micro, small, medium, large and very large entities, 2015 . 14
Segmentation of commercial non-life insurance broking revenues in Portugal between micro, small, medium, large and very large entities, 2015 (table) . 14
Share of the top three and the top ten brokers in commercial non-life insurance broking in Portugal, 2011 and 2015 . 15
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Portugal, 2015 . 16
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 Portugal, 2015 . 17
Partners of international broker networks in Portugal, 2016 18
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2019 (forecast) . 19
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2019 (forecast) (table) 19

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