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  4. > Home Emergency Insurance and Assistance in Europe

Home Emergency Insurance and Assistance in Europe

  • June 2014
  • -
  • Finaccord
  • -
  • 271 pages

Home Emergency Insurance and Assistance in Europe is a report plus an associated PartnerBASE™ dataset and market data file about the market for this type of cover in ten countries: Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Switzerland and the UK.

In essence, the term ‘home emergency insurance and assistance’ encompasses policies that are sold on a stand-alone basis, or bundled with utility services, household insurance or banking products, that cover one or more of the following home-related problems:

- malfunctioning of gas boilers, gas supply pipes or gas central heating;
- problems with plumbing, drainage or water supply pipes;
- electrical emergencies or breakdowns.

Key features of this report include:

- quantification of the market size for home emergency insurance and assistance: how much is the market worth across the ten countries considered in Europe, how does it break down by policy type and by country, and how is it likely to have grown by 2017?

- identification of providers of home emergency insurance and assistance that have established relationships with energy firms, water companies and household insurers and calculation of their share of partnerships in both unweighted and weighted terms;

- analysis of the degree to which home emergency cover is provided automatically or cross-sold as an optional extra - this has a very significant impact on household penetration rates and market values in each country;

- assessment of the potential for marketing home emergency insurance and assistance through alternative channels including online aggregators and brokers, other online brands and banking products as well as gas boiler manufacturers, direct sales and automotive clubs.

You may be able to use this report plus the PartnerBASE™ dataset and market data file that accompanies it in one or more of the following ways:

- appreciate the size of the opportunity in the market for home emergency insurance and assistance in Europe: in aggregate, this is a substantial market;

- understand how dynamic competitors are helping the sector to grow at a rate in excess of the underlying markets for utilities services and household insurance in a number of countries;

- assess the position of significant national and international competitors such as Allianz Global Assistance, Asitur Asistencia, AXA Assistance, British Gas Home Services, Deutsche Assistance, Eurocross Assistance, Europ Assistance, FIDELIA Assistance, HomeServe, Home Energy Services, Inter Mutuelles Assistance, MAPFRE Asistencia, Mutuaide Assistance, ROLAND Assistance and Servihogar24;

- evaluate the potential for marketing home emergency cover to cover via means other than the core distribution channels in each country.

Table Of Contents

Home Emergency Insurance and Assistance in Europe
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
Among these ten countries, Germany and Italy host the largest number of occupied dwellings...2
More than 85% of UK dwellings take the form of houses as opposed to flats2
Energy companies in Italy and France routinely offer home emergency cover..3
In many cases, Europe's regular household insurers play a key role in distributing this product...4
The regional market leaders include both insurer-owned assistance firms and energy companies..4
Gas boiler manufacturers often sell competing extended warranties and annual maintenance contracts5
The percentage of households with home emergency cover is likely to be highest in the Netherlands5
In the UK, it is common for insured households to acquire multiple home assistance contracts...6
Gross written premiums from this product are growing well in Italy and a number of other markets.7
Dedicated gas and boiler cover accounts for a significant proportion of policies in the UK7
At a regional level, premiums will increase by around 3.4% per annum in nominal terms up to 2017 ..7
1.0 INTRODUCTION 9
What is this report about?..9
Rationale.9
This report updates and expands upon Finaccord's previous ground-breaking research..9
Methodology.10
Primary research...10
The survey includes more than 700 utility companies and home insurance brands... .10
...and the report harnesses additional research about consumer behaviour and packaged provision10
Market data ...12
External sources ...12
Definitions .12
Terms and abbreviations..12
Operating models .13
Currencies, exchange rates and inflation 14
PartnerBASE14
Finaccord..15
2.0 REGIONAL OVERVIEW..16
Introduction...16
Dwelling stock data ..16
The ten European countries in scope have a combined occupied dwelling stock of almost 190 million.16
Growth in the number of occupied dwellings has been strongest in Italy but weakest in Spain ..17
The UK has the highest proportion of dwellings that are houses as opposed to flats ..19
In general, owner-occupiers are more likely to purchase cover than people who rent their homes 20
Levels of home-ownership are highest in Spain and Poland, but fairly low in Germany and Switzerland...21
Distribution through key partner organisations ...23
Provision rates ..23
Energy companies: energy suppliers in France and the UK offer the widest range of policy options..23
... while those in Switzerland have yet to develop any proposition in this field..23
Water companies: this channel's potential has not yet been tapped in three of the ten countries...25
Household insurance brands: a majority of insurers offer home emergency cover in one form or another 27
Across all key partner organisations, the level of automatic provision is highest in the Netherlands...29
...but very low in the UK, where the vast majority of schemes are configured as optional extras29
Operating models .31
On average, more than 45% of home emergency schemes involve a single external provider..31
...although the use of captive partners or purely internal provision is also widespread 31HOME EMERGENCY INSURANCE AND ASSISTANCE IN EUROPE
© FINACCORD (05/2014) II
Competitive landscape .33
In terms of distribution partnerships, Spain has the least concentrated market, followed by France...33
At group level, AXA Assistance is the most significant partner for utilities firms and household insurers…35
... followed by Allianz Global Assistance and Centrica, the owner of British Gas Services..35
HomeServe holds partnerships in four countries and is ready to begin competing in another 36
A quartet of other assistance firms active in this field are headquartered in France.36
Distribution linked to payment cards and bank accounts...37
Packaging of home emergency cover with banking products is especially significant in Italy and Poland..37
Distribution by gas boiler manufacturers.39
In five countries, all boiler manufacturers offer cover of one type of another... .40
...and this channel is perceived to be relatively significant in Austria and Switzerland .40
Market metrics..41
The Netherlands has the highest proportion of households covered by one or more policies.41
...and the UK has fewer insured dwellings than the value of its home emergency market implies..42
The number of home emergency policies per insured dwelling varies across Europe from 1.03 to 2.2743
Market size and growth44
In nominal terms, regional premiums have been growing at more than 4% per annum in recent years.44
... with the most rapid advances seen in Italy and Poland .45
Spain's market has stalled in recent years due to well-documented problems in the house-building sector ..45
Market segmentations..47
By volume, comprehensive policies are most significant in Italy and Belgium..47
...although basic comprehensive cover often costs less than more meaningful dedicated policies.47
The UK has a very large number of dedicated gas central heating and boiler breakdown plans 48
Home emergency revenues generated by regular household insurers play a key role in Spain.50
...whereas this distribution channel is relatively minor in Austria and the UK51
Market forecast.53
At a regional level, gross written premiums are expected to exceed EUR 4 billion by 201753
The large UK market may be held back by past and possible future regulatory intervention ..54
3.0 AUSTRIA...57
Introduction...57
Dwelling stock data ..57
The number of occupied dwellings in Austria is likely to have passed 4 million in 2013... ...57
...and over a half of these are lived in by the owner of the property ..57
Distribution through key partner organisations ...59
Summary of organisations researched59
Provision rates ..60
Provision of home emergency cover via energy and water companies is extremely limited60
... albeit the majority of household insurers can arrange home emergency cover for an additional fee ..61
Major underwriters acting in this way include Generali, UNIQA and Wiener Städtische..61
Operating models .64
Three operating models are used by distributors of home emergency cover in Austria...64
... with some simply maintaining their own database of approved tradespersons65
Partnerships with energy companies and water companies..66
Partnerships with household insurance brands ..66
Allianz Global Assistance and Europ Assistance each benefit from both captive and external agreements ..66
Customer Care Solutions and IMA are also active as external providers in this market... ...66
...whilst a number of household insurance brands operate their own home emergency schemes .67
By weighted share of partnerships, Europ Assistance emerges as the likely market leader ...68
Other distribution channels..68
Gas boiler manufacturers.68
Austrian boiler manufacturers typically offer on-going maintenance contracts at a fairly high annual cost .68
Direct sales69HOME EMERGENCY INSURANCE AND ASSISTANCE IN EUROPE
© FINACCORD (05/2014) III
Online aggregators and brokers ..69
Price comparison sites only offer this product as part of regular household insurance policies...69
Other online brands ..69
Payment cards and bank accounts .69
Automotive clubs...69
Other types of distributor ..70
Market size, growth and forecast 70
The Austrian market is relatively small but growing well thanks to increases in the housing stock .70
Cover for gas boilers is likely to represent the largest category of home emergency policies .71
The bulk of the Austrian market value is probably composed of gas boiler maintenance plans..72
Home emergency premiums are likely to exceed EUR 100 million by 2017 74
4.0 BELGIUM ..76
Introduction...76
Dwelling stock data ..76
There are around 5 million occupied dwellings in Belgium76
...and nearly 80% of these are lived in by the owner of the property.76
Distribution through key partner organisations ...78
Summary of organisations researched78
Provision rates ..79
Three of Belgium's energy suppliers offer one or more forms of home emergency cover...80
...whereas water companies register no involvement whatsoever80
The vast majority of household insurers include home emergency cover as a standard policy feature..80
Operating models .83
More than 60% of distributors work with a single external provider for home emergency cover... ..83
...although several household insurance brands make use of their captive assistance firms ..84
Partnerships with energy companies...85
Inter Partner Assistance and Europ Assistance each work with one energy supplier..85
Partnerships with household insurance brands ..86
Allianz Global Assistance claims the highest number of individual partnerships with insurers... .86
... followed by Europ Assistance... ..86
...but Benelux Assist, Inter Partner Assistance and VAB each hold large contracts.86
Weighted competitor share of partnerships with key partner organisations..87
Partnerships with large household insurance brands drive weighted provider share in this market88
Other distribution channels..89
Gas boiler manufacturers.89
Optional cover is only available from a few boiler brands..89
Direct sales89
Some home assistance firms and one energy provider sell directly to the public.89
Online aggregators and brokers ..89
Belgium's aggregators do not offer home emergency cover as a distinct product ...89
Other online brands ..89
Payment cards and bank accounts .89
Automotive clubs...90
VAB is active as a partner of household insurance brands but does not sell directly to consumers90
Other types of distributor ..90
Market size, growth and forecast 90
In nominal terms, Belgium's home emergency market is growing at almost 4% per year...90
Comprehensive cover accounts for the vast majority of the total number of policies in force..92
In terms of premiums, distribution via household insurers accounts for well over a half of the total 92
Between 2013 and 2017, the compound annual growth rate is likely to moderate somewhat 94HOME EMERGENCY INSURANCE AND ASSISTANCE IN EUROPE
© FINACCORD (05/2014) IV
5.0 FRANCE96
Introduction...96
Dwelling stock data ..96
The number of occupied dwellings grew at a compound annual rate of over 1% between 2009 and 2013 ...96
Less than 60% of occupied dwellings are lived in by the owner of the property...96
Distribution through key partner organisations ...98
Summary of organisations researched98
Provision rates ..99
The majority of French energy suppliers offer one or more types of home emergency policy...100
...and Direct Energie promotes a notably wide range of individual and combined policy options..100
Specific water and plumbing cover is available from almost two thirds of water companies..100
...several of which also offer other types of home emergency cover...100
Many of France's largest household insurers also offer comprehensive home emergency cover... .100
...and a third of underwriters offer separate policies for water and plumbing problems..101
Mutual insurers are prominent in the ranking of leading underwriting groups for household cover...101
Operating models ...104
Close to a half of distributors work with a single external provider for home emergency cover.104
...albeit some large household insurance brands make use of captive assistance firms... 105
...and internally-organised schemes are also relatively common105
Partnerships with energy companies.106
AXA Assistance is the most significant home emergency partner for energy companies..106
...although providers such as Domeo and Mondial Assistance are also active in this sector.106
France's largest supplier of natural gas reportedly organises its own assistance schemes...107
Partnerships with water companies...108
Private companies play a significant role in the distribution of water to French consumers...108
Suez Environnement works with AXA Assistance and Veolia with Domeo108
...with the latter company now wholly-owned by HomeServe .108
Veolia also maintains dedicated websites for stand-alone sales of this product.108
Partnerships with household insurance brands 109
Mondial Assistance has accumulated the largest number of distribution partners in this area ..109
Inter Mutuelles Assistance works with several large mutual insurers..109
Captive assistance firms belonging to Covea and Groupama play a significant role here.110
At least three other assistance firms are also active in this sphere... ..110
...albeit a number of household insurance brands reportedly organise assistance on an internal basis ...110
Weighted competitor share of partnerships with key partner organisations111
Across all types of partnerships and on a weighted basis, AXA Assistance is ranked first112
Other distribution channels112
Gas boiler manufacturers...112
Bosch, Frisquet, Saunier Duval and Vaillant all offer gas boiler extended warranties of up to five years..112
Direct sales..113
Two assistance firms market home emergency cover directly to consumers.113
...but most have not yet entered this channel...113
Online aggregators and brokers 113
One aggregator is effectively a tied distributor for Domeo...113
Other online brands 114
Payment cards and bank accounts ...114
A handful of credit cards and packaged accounts feature home assistance..114
Automotive clubs.114
Other types of distributor 114
Market size, growth and forecast ..114
The French market grew at a nominal compound annual rate of almost 4% between 2009 and 2013 114
Domeo has approximately 900,000 customers in France ...115

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