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Commercial Non-Life Insurance Brokers in Spain

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

Commercial Non-Life Insurance Brokers in Spain, 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 Spain. This study first provides unique data concerning the size, segmentation and growth of the Spanish 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 30 brokers in Spain 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 Spain;

- 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 30 brokers in Spain;

- also for the top 30 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 Spain;

- 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 Spain as defined by market concentration, the presence of international brokers and the business mix of the top 30 competitors;

- to identify the leading brokers in Spain, with coverage of competitors such as Aon, March-JLT, Marsh & McLennan Companies, Volkswagen Insurance Services and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Spain
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 3,000 registered insurance brokerages in Spain… . 8
… and the number has not fallen in spite of a declining commercial lines market 8
Commercial non-life insurance market . 9
The Spanish market for commercial non-life insurance reached a five-year low in 2014… . 9
… before picking up somewhat in 2015 . 9
The micro segment generates a significant proportion of total commercial lines premiums in Spain 10
Commercial non-life insurance brokers 12
Overview of brokers' presence in the distribution of commercial non-life insurance 12
The value of commercial non-life insurance broking revenues has fallen back in recent years . 12
One segment (as measured by client size) accounts for just under 30% of these revenues . 14
Competitor trends . 15
The structure of the Spanish commercial lines broking market has changed little since 2011… 15
… as it remains quite fragmented, especially beyond the top three competitors 16
Commercial non-life insurance broking is the most important source of revenue for the top 30 brokers. . 17
. although some derive significant income from other activities . 17
International broker networks . 19
A number of brokers outside of the top 30 in Spain are members of international networks . 19
Future outlook . 19
A modest improvement in the market for commercial lines broking is expected by 2019 19

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Spain, 2011, 2015 and 2019 (forecast) 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS . 8
Segmentation of commercial non-life insurance gross written premiums by line of business in Spain, 2015 . 9
Growth in commercial non-life insurance gross written premiums in Spain segmented by line of business, 2011 to 2015 . 10
Gross written premiums for commercial non-life insurance in Spain by line of business, 2011 to 2015 (table) 10
Segmentation of commercial non-life insurance gross written premiums in Spain between micro, small, medium, large and very large entities, 2015 . 11
Segmentation of commercial non-life insurance gross written premiums in Spain 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 Spain, 2011 and 2015 13
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2011 and 2015 (table) 13
Segmentation of commercial non-life insurance broking revenues in Spain between micro, small, medium, large and very large entities, 2015 14
Segmentation of commercial non-life insurance broking revenues in Spain between micro, small, medium, large and very large entities, 2015 (table) . 15
Market concentration for commercial non-life insurance broking in Spain, 2011 and 2015 16
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Spain, 2015 . 17
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in Spain, 2015 . 18
Partners of international broker networks in Spain, 2016 19
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2019 (forecast) 20
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2019 (forecast) (table) 20

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