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  4. > Home Emergency Insurance and Assistance in Spain

Home Emergency Insurance and Assistance in Spain

  • June 2014
  • -
  • Finaccord
  • -
  • 31 pages

Home Emergency Insurance and Assistance in Spain is a report plus an associated PartnerBASE™ dataset and market data file about the market for this type of cover in Spain. 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 in Spain: how much is the market worth, how does it break down by policy type, 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 can have a very significant impact on household penetration rates and market values in any given country, including Spain;

- 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.

Types of organisation that may be able to use this report, plus the PartnerBASE™ dataset and market data file that accompanies it, include entities in the following categories:

- assistance companies: this study constitutes a unique guide to an under-researched yet significant and continually evolving market - be fully appraised of what growth could mean for your organisation;

- insurance companies: as a concept that can be made distinct from regular household insurance, home emergency insurance and assistance can either be sold stand-alone or packaged within household insurance policies;

- electricity, gas and water companies: growth in the market for home emergency cover, allied to apparently high profit margins, presents a revenue enhancement opportunity for electricity, gas and water companies as well as insurance and assistance firms;

- management consultancies: are you helping an insurance or assistance provider to develop its business in Spain, or are you advising an energy or water firm with regards to how it can improve its profitability? If so, this research will provide you with important insights into the market for home emergency insurance and assistance.

Table Of Contents

Home Emergency Insurance and Assistance in Spain
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
1.0 INTRODUCTION 3
What is this report about?..3
Rationale.3
This report updates and expands upon Finaccord's previous ground-breaking research..3
Methodology...4
Primary research.4
The survey includes close to 90 utility companies and home insurance brands 4
Market data .4
External sources .5
Definitions ...5
Terms and abbreviations5
Operating models ...6
Currencies and inflation..6
PartnerBASE..7
Finaccord7
2.0 MARKET ANALYSIS.8
Introduction.8
Dwelling stock data 8
A comparatively high proportion of Spain's 27 million dwellings are unoccupied... 8
...although more than 80% of occupied dwellings are inhabited by the owner of the property ..8
Distribution through key partner organisations ...10
Summary of organisations researched10
Provision rates ..11
A number of Spain's energy companies offer one or more types of optional home emergency cover11
There are several thousand local water suppliers across Spain... 12
...and, thanks to Agbar's activities in this area, many of these offer home emergency cover... ...12
... by means of Seguragua, which is a joint venture with HomeServe ..12
The vast majority of regular household insurers provide electrical and water cover as standard... .12
...but few underwriters offer comprehensive home emergency coverage 13
All of the major household insurance underwriters are active in distributing this product.13
Operating models .16
Only a fifth of distributors work with a single external provider for home emergency cover.16
There are some captive and joint venture providers active in this market.17
...although roughly half of all distributors operate their schemes on a purely internal basis.17
Some distributors' methods vary depending on the nature or location of the emergency17
Partnerships with energy companies...18
MAPFRE and Reparalia are among the providers collaborating with Spanish energy companies.19
...although the number of partnerships in this sector is apparently limited19
Partnerships with water companies.20
Agbar's joint venture with HomeServe is the only assistance provider active in this sector.20
Partnerships with household insurance brands ..20
Asitur Asistencia has amassed the largest number of distribution partners in this area...20
Inter Partner Assistance acts as both a captive provider and an external partner20
Other captive or joint venture entities include Allianz Global Assistance and Servihogar 24h.21
A number of household insurers organise assistance on a purely internal basis .21HOME EMERGENCY INSURANCE AND ASSISTANCE IN SPAIN
© FINACCORD (05/2014) II
The provision of services related to home emergencies is a core aspect of Multiasistencia's business... ..21
...and it is also important for Servihogar 24h, the joint venture of Liberty Seguros and RACC 21
Weighted competitor share of partnerships with key partner organisations..22
Across all types of partnerships and on a weighted basis, Inter Partner Assistance is ranked first.23
Other distribution channels..23
Gas boiler manufacturers.23
Spanish boiler manufacturers offer extended warranties and annual service plans.23
... and there is a legal requirement for gas boilers to undergo basic safety checks on a regular basis ...24
Direct sales24
Only Reparalia has begun selling directly to consumers ...24
Online aggregators and brokers ..24
Aggregators only offer home emergency cover as part of regular household policies.24
Other online brands ..24
Payment cards and bank accounts .24
Some payment cards can feature home assistance, but this is usually an optional extra24
Automotive clubs...25
RACC promotes home emergency cover through Servihogar24..25
Other types of distributor ..25
Market size, growth and forecast 25
The Spanish market grew at a nominal compound annual rate of around 2.9% between 2009 and 2013.25
Reparalia has seen its number of electrical-only policyholders soar thanks to its deal with Endesa...26
The penetration rate across Spanish dwellings is largely driven by the penetration rate for home insurance 27
Comprehensive policies account for only a fraction of the total number of policies in force.27
Sales via household insurers are highly significant, both in terms of policy volumes and premiums...28
The Spanish market is expected to see further gentle growth up to 201730HOME EMERGENCY INSURANCE AND ASSISTANCE IN SPAIN
© FINACCORD (05/2014) III

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ...1
Key market data for home emergency insurance in Spain..2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS.8
Dwelling stock in Spain, segmented by type of dwelling and by type of occupant, 2013 ..9
Key metrics regarding dwelling stock in Spain, 2009, 2013 and forecast for 2017..10
Summary of potential distributor organisations researched in Spain, segmented by type, 201411
Provision rates for home emergency insurance in Spain, segmented by type of organisation and by type
of policy, 2014 ..14
Extent to which home emergency insurance schemes in Spain are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 201415
Extent to which home emergency insurance schemes in Spain are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 2014 (table)16
Operating models used for home emergency insurance in Spain, segmented by type of organisation,
2014 ..18
Operating models used for home emergency insurance in Spain, segmented by type of organisation,
2014 (table)...18
Unweighted competitor share of partnerships for home emergency insurance in Spain, 2014: energy
companies 19
Unweighted competitor share of partnerships for home emergency insurance in Spain, 2014: water
companies 20
Unweighted competitor share of partnerships for home emergency insurance in Spain, 2014: household
insurance brands..22
Weighted competitor share of partnerships for home emergency insurance in Spain, 2014..23
Estimated gross written premiums from home emergency insurance in Spain, 2009 and 201326
Estimated gross written premiums from home emergency insurance in Spain, 2009 and 2013 (table).26
Estimated number of home emergency insurance policies in Spain, segmented by type of policy, 2013 .
...28
Estimated gross written premiums from home emergency insurance in Spain, segmented by distribution
channel, 2013...29
Estimated number of policies and gross written premiums for home emergency insurance in Spain,
segmented by type of policy and by distribution channel, 201330
Forecast gross written premiums from home emergency insurance in Spain, 2017...31
Forecast gross written premiums from home emergency insurance in Spain, 2017 (table) ...31

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