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Commercial Non-Life Insurance Brokers in India

  • August 2016
  • -
  • Finaccord
  • -
  • 22 pages

Commercial Non-Life Insurance Brokers in India, 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 India. This study first provides unique data concerning the size, segmentation and growth of the Indian 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 25 brokers in India 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 India;

- 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 25 brokers in India;

- also for the top 25 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 India;

- 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 India as defined by market concentration, the presence of international brokers and the business mix of the top 25 competitors;

- to identify the leading commercial lines brokers in India, with coverage of competitors such as Aon Global, Bharat Re-Insurance Brokers, Mahindra Insurance Brokers, Marsh & McLennan Companies and Maruti Insurance Broking.

Table Of Contents

Commercial Non-Life Insurance Brokers in India
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
Insurance broking has been a licensed activity in India since January 2003… 7
… and the cap on foreign investment was increased from 26% to 49% in December 2014 . 8
Commercial non-life insurance market . 8
Commercial non-life insurance premiums in India have grown substantially in recent years. 8
… with those in the commercial property category having risen most rapidly 9
Over 40% of premiums are attributable to one client segment, as defined by size 11
Commercial non-life insurance brokers 12
Overview of brokers' presence in the distribution of commercial non-life insurance 12
Brokers have increased their distribution share of the commercial lines insurance market… . 12
. with revenues from this sector skewed to medium-sized, large and very large customers 14
Competitor trends . 15
Between 2012 and 2015, India's commercial lines broking market became more concentrated 15
… with Marsh and McLennan Companies and Aon Global the frontrunners… . 16
… comfortably ahead of the third-ranked competitor . 17
Willis acquired a 49% stake in Almondz Insurance in February 2015 . 17
Two ‘captive' brokers actually derive a majority of their revenues from external clients . 18
Commercial non-life insurance is the principal source of income for a majority of the top 25 brokers . 18
International broker networks . 20
J.B. Boda belongs to the most international networks . 20
Future outlook . 21
The value of India's commercial lines broking market will rise by more than 55% between 2015 and 2019 21

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in India, 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 India by line of business, 2015 9
Growth in commercial non-life insurance gross written premiums in India segmented by line of business, 2011 to 2015 . 10
Segmentation of commercial non-life insurance gross written premiums in India by line of business, 2011 to 2015 (table) 10
Segmentation of commercial non-life insurance gross written premiums in India between micro, small, medium, large and very large entities, 2015 . 11
Segmentation of commercial non-life insurance gross written premiums in India 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 India, 2011 and 2015 . 13
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in India, 2011 and 2015 (table) 13
Segmentation of commercial non-life insurance broking revenues in India between micro, small, medium, large and very large entities, 2015 14
Segmentation of commercial non-life insurance broking revenues in India 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 India, 2012 and 2015 16
Market shares of commercial non-life insurance broking revenues of the top ten brokers in India, 2015 17
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 25 commercial non-life insurance brokers in India, 2015 . 19
Partners of international broker networks in India, 2016 20
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in India, 2019 (forecast) . 21
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in India, 2019 (forecast) (table) 22

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