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Commercial Non-Life Insurance Brokers in Russia

  • June 2016
  • -
  • Finaccord
  • -
  • 21 pages

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

- 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 Russia;

- 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 Russia;

- 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 Russia 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 Russia, with coverage of competitors such as Aon, ICM, Malakut, Marsh & McLennan Companies and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Russia
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 Central Bank of Russia assumed supervisory authority over the insurance sector in 2013 . 8
The number of registered brokers has decreased somewhat in recent years… 8
… albeit the distinction between multi-tied agents and brokers has not always been clear . 9
Commercial non-life insurance market . 9
In real terms, the Russian commercial lines market has contracted in recent years… 9
… with the decline having been most acute in the commercial MAT and property segments . 10
Over a half of premiums are due to clients that are defined as large or very large . 12
Commercial non-life insurance brokers 13
Overview of brokers' presence in the distribution of commercial non-life insurance 13
Brokers represent a growing channel for commercial non-life insurance in Russia… . 13
… and they focus mainly on serving larger entities 15
Competitor trends . 16
The broking market is likely to have become slightly less concentrated in recent years 16
ICM and Malakut are identifiable as their most prominent indigenous competitors 16
Four brokers generate around 90% of their total revenues from commercial lines broking . 18
International broker networks . 19
MAI Insurance Brokers and Malakut have signed up as members to the most networks 19
Future outlook . 20
The value of Russia's commercial lines broking market is likely to continue rising up to 2019 20

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Russia, 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 Russia by line of business, 2015 10
Growth in commercial non-life insurance gross written premiums in Russia segmented by line of business, 2011 to 2015 . 11
Segmentation of commercial non-life insurance gross written premiums in Russia by line of business, 2011 to 2015 (table) . 11
Segmentation of commercial non-life insurance gross written premiums in Russia between micro, small, medium, large and very large entities, 2015 . 12
Segmentation of commercial non-life insurance gross written premiums in Russia between micro, small, medium, large and very large entities, 2015 (table) . 13
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2011 and 2015 14
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2011 and 2015 (table) 14
Segmentation of commercial non-life insurance broking revenues in Russia between micro, small, medium, large and very large entities, 2015 . 15
Segmentation of commercial non-life insurance broking revenues in Russia between micro, small, medium, large and very large entities, 2015 (table) . 16
Share of the top three and the top ten brokers in commercial non-life insurance broking in Russia, 2011 and 2015 . 17
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Russia, 2015 . 18
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 Russia, 2015 . 19
Partners of international broker networks in Russia, 2016 20
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2019 (forecast) 21
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2019 (forecast) (table) 21

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