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Commercial Non-Life Insurance Brokers in Sweden

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

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

- 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 also broken out in the BrokerBASE™ for each of the top ten brokers in Sweden;

- also for the top ten 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 Sweden;

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

- to identify the leading commercial lines brokers in Sweden, with coverage of competitors such as Aon, JLT, Marsh & McLennan Companies, Söderberg & Partners and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Sweden
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 1,000 registered insurance intermediary firms active in Sweden . 8
Commercial non-life insurance market . 9
The Swedish market for commercial non-life insurance grew modestly between 2011 and 2015… 9
…with premiums moving up in value across all classes 9
Around 68.5% of total premiums are paid by entities in the micro, small and medium segments . 11
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 rose quite significantly between 2011 and 2015… 12
… and most of their revenues from this activity derive from entities in the large and very large segments . 14
Competitor trends . 16
Acquisitions made by Söderberg and Partners have caused the market to consolidate somewhat… . 16
… and have also propelled this firm to a market-leading position in commercial lines… . 16
… even though it derives a majority of its revenues from intermediating other types of insurance 17
International broker networks . 18
Söderberg and Partners has affiliated itself to six international networks. 18
Future outlook . 19
In real terms, the broking market is destined to rise at a compound annual rate of 3.0% up to 2019 19

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

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