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Extended Warranties and Insurance for White Goods in Europe is a report about the market for extended warranties and insurance sold in conjunction with white goods in 20 countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK. White goods are defined as major built-in and free-standing kitchen appliances including large cooking appliances, dishwashers, home laundry appliances and refrigeration appliances. Small appliances such as air treatment products, small cooking and non-cooking appliances, food preparation appliances, heating appliances, personal care appliances and vacuum cleaners are excluded. Related extended warranties and insurance always cover mechanical and / or technical breakdown with protection for accidental damage also incorporated in an increasing number of cases. The report draws on extensive primary and secondary research covering close to 800 organisations involved in the production and distribution of white goods including manufacturers, specialised retailers of consumer electronics, supermarket / hypermarket brands, department stores, variety retailers and other types of retailer (e.g. DIY, furniture and home product outlets and speciality retailers).

Table Of Contents

Extended Warranties and Insurance for White Goods in Europe
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 4
What is this report about? 4
Rationale 4
Evolving distribution channels both favour and compromise extended warranty provision 4
Methodology 4
Manufacturer and retailer survey 4
The survey's scope covers the vast majority of significant manufacturers and retailers of white goods 4
Distribution channels for retailers 5
Market data 5
Exchange rates 7
Definitions 7
Extended warranties and insurance 7
Extended warranties and insurance linked to consumer products come in a variety of formats… 7
…and are frequently marketed to consumers under alternative titles 7
Several parties may be involved in the provision of warranties and insurance to consumers… 8
… and warranty extensions are sometimes offered at no explicit charge to the consumer 8
Premiums and other revenues 8
Operating models 8
Weighted shares 8
PartnerBASE and market data annexe 9
Finaccord 10
2.0 EUROPEAN OVERVIEW 11
Introduction 11
Underlying market value and volume 12
Across the 20 countries, expenditure on white goods rose by just over 11% between 2009 and 2013… 12
…with France, Germany and the UK accounting for almost a half of the total market value in 2013 13
Provision of extended warranties and insurance by manufacturers and retailers 16
Retailer extended warranty and insurance schemes are more numerous than manufacturer programs 16
Retailers selling both offline and online are most likely to promote cover for white goods 18
Manufacturer schemes for extended warranties and insurance 20
Over 40% of manufacturers of white goods investigated have a scheme up and running… 20
… with almost a third of these organised in conjunction with a single external partner 20
Domestic and General holds the most partnerships with manufacturers of white goods 23
Retailer schemes for extended warranties and insurance 25
Among retailers, the program provision rate surpasses 50% when viewed across all 20 countries 25
Almost two thirds of these initiatives are outsourced entirely to one external partner… 25
… although internally-managed schemes are most numerous in Belgium, Ireland and Switzerland 25
When viewed at a pan-European level, the supply structure is notably fragmented 28
Analysis for manufacturer and retailer schemes combined 30
Across all types of scheme, Domestic and General leads by both unweighted and weighted measures… 30
… with a number of other specialist and multiline insurers holding the highest positions in the rankings 30
Risk coverage of all schemes for extended warranties and insurance 32
Cover for accidental damage has increased as a feature of policies protecting white goods… 32
… and is especially visible in Norway and Sweden but least so in Belgium and Turkey 32
Independent distribution channels 34
Independent providers of stand-alone white goods cover are active in six out of the 20 countries 34
Market value for extended warranties and insurance 35
Take-up rates for extended warranties for white goods may have edged up overall in recent years… 35
… and are determined by a number of factors that vary by country 35
The net effect is likely to have been an overall increase in the market value, albeit a modest one 37
Growth in the market value is likely to have occurred in all but one of the countries researched 38
Relative to the value of the underlying white goods sector, the UK market is the most developed 40
Market forecasts to 2017 42
Growth in the underlying market value and volume will continue through to 2017 42
Among larger countries, the outlook is most positive in Poland, Russia and Turkey 42
Overall take-up rates for extended warranties for white goods are unlikely to oscilate greatly… 45
… in part because the technology of the underlying products will not alter consumer behaviour 45
Thus, the outlook for the market for extended warranties for white goods is one of gentle growth… 47
with little change in the segmentation of this market by country 48
Key data tables 50
3.0 AUSTRIA 53
Introduction 53
Underlying market value and volume 54
The value and volume of sales of white goods has increased at a gentle rate in recent years 54
Manufacturers' original warranty length and consumer law 55
One out of five manufacturers offers an original warranty lasting longer than two years 55
Manufacturer schemes for extended warranties and insurance 56
Domestic and General claims two partnerships with manufacturers of white goods 56
Retailer schemes for extended warranties and insurance 58
More than 80% of retailers investigated operate an extended warranty scheme for white goods… 58
…with assona, AXA and itonia claiming the most partnerships with them 58
Assona was bought by SchneiderGolling and Cie in March 2013 59
Wertgarantie sold more than 50,000 new policies in 2013 relative to new sales in the previous year 60
Risk coverage of all schemes for extended warranties and insurance 60
Most schemes provide cover for accidental damage as well as mechanical or technical breakdown 60
Independent distribution channels 60
Market value for extended warranties and insurance 61
Market forecasts to 2017 62
The white goods market will edge up further between 2013 and 2017… 62
…which will also generate a moderate rise in the market for related extended warranties 63
4.0 BELGIUM 64
Introduction 64
Underlying market value and volume 65
Belgium's white goods has increased modestly in recent years in terms of both value and volume 65
Manufacturers' original warranty length and consumer law 66
Almost all manufacturers offer a standard two-year warranty for white goods… 66
Manufacturer schemes for extended warranties and insurance 67
… and a significant proportion also run extended warranty schemes 67
Whirlpool's weighted ranking is boosted by its acquisition of Indesit 67
Retailer schemes for extended warranties and insurance 69
Almost all retailers with an extended warranty scheme manage these on an internal basis… 69
… although CAP.Protection provides an alternative for them 69
Risk coverage of all schemes for extended warranties and insurance 71
Extended warranties for white goods are focused almost entirely on technical failure 71
Independent distribution channels 71
Market value for extended warranties and insurance 72
The market value for extended warranties for white goods is likely to have grown quite substantially 72
Market forecasts to 2017 73
The white goods market is forecast to record limited growth through to 2017… 73
… helping to push through a modest rise in the associated extended warranty market 74
5.0 CZECH REPUBLIC 75
Introduction 75
Underlying market value and volume 76
The value of the Czech white goods market increased by more than CZK 1 billion from 2009 to 2013 76
Manufacturers' original warranty length and consumer law 77
Two-year factory warranties are universally offered by manufacturers of white goods 77
Manufacturer schemes for extended warranties and insurance 78
Most manufacturer programs are run internally although one external insurer claims a partnership 78
Retailer schemes for extended warranties and insurance 80
Nine major retail brands operate an extended warranty scheme for white goods 80
Allianz claims the most partnerships but BNP Paribas Cardif the highest weighted share 80
Risk coverage of all schemes for extended warranties and insurance 82
The cover in most programs is limited to extended warranty only, not accidental damage 82
Independent distribution channels 82
Market value for extended warranties and insurance 83
Market forecasts to 2017 84
Between 2013 and 2017, the Czech white goods market is expected to advance further in value… 84
…which will also generate an increase in the market for related extended warranties 85
6.0 DENMARK 86
Introduction 86
Underlying market value and volume 87
Danish consumers spent around DKK 500 million more on white goods in 2013 than they did in 2009 87
Manufacturers' original warranty length and consumer law 88
Most manufacturers of white goods offer two-year factory warranties 88
Manufacturer schemes for extended warranties and insurance 89
Few manufacturers of white goods have introduced an extended warranty scheme in Denmark 89
Retailer schemes for extended warranties and insurance 91
All retailers with extended warranty programs use external providers for this purpose 91
The combination of Securator and Topdanmark leads the field by weighted share of partnerships 91
The acquisition of Securator re-enforces the prominent position of Tryg in this market 91
Risk coverage of all schemes for extended warranties and insurance 93
Accidental damage is insurable in three out of seven schemes 93
Independent distribution channels 93
Consumers can acquire extended warranties separately from two independent sources 93
Market value for extended warranties and insurance 94
Market forecasts to 2017 95
The value of the white goods market will edge up further between 2013 and 2017… 95
…which will also facilitate a gradual rise in the market for related extended warranties 96
7.0 FINLAND 97
Introduction 97
Underlying market value and volume 98
Over 1.3 million products classifiable as white goods were sold in Finland in 2013 98
Manufacturers' original warranty length and consumer law 99
Most white goods manufacturers in Finland offer a two-year factory warranty… 99
Manufacturer schemes for extended warranties and insurance 100
… but an extended warranty is only available from one - Samsung 100
Retailer schemes for extended warranties and insurance 101
A handful of retailers promote extended warranties on white goods in Finland… 101
…with Moderna Försäkringar holding the largest share of partnerships once brand weighting is applied 101
Risk coverage of all schemes for extended warranties and insurance 103
Cover for accidental damage is sometimes embedded in extended warranties for white goods 103
Independent distribution channels 103
Market value for extended warranties and insurance 104
The market value for extended warranties for white goods is likely to have stagnated from 2009 to 2013 104
Market forecasts to 2017 105
The white goods market is forecast to grow by more than 10% up to 2017… 105
… although the outlook is probably less propitious for related warranty extensions 106
8.0 FRANCE 107
Introduction 107
Underlying market value and volume 108
The white goods market in France has grown in recent years in both value and volume terms 108
Manufacturers' original warranty length and consumer law 109
The vast majority of manufacturers of white goods offer two-year original warranties 109
Manufacturer schemes for extended warranties and insurance 110
Several manufacturers of white goods in France run extended warranty programs 110
Domestic and General and SFG both claim significant relationships with manufacturers 111
Retailer schemes for extended warranties and insurance 113
Retailers of white goods in France are far more likely than manufacturers to offer extended warranties… 113
…with a wide range of underwriters and brokers utilised to run these schemes 113
SPB is the most commonly named broker, administering schemes for several high-profile retailers… 114
…though various other intermediaries are also active in this diverse market 115
Carrefour's CARMA joint venture with Covea and subsidiaries of AXA are relatively prominent in this field .. 115
A significant number of retailers operate schemes on an internal basis 115
AssurOne is ranked third in the weighted analysis of retailer partnerships… 115
… and welcomed Anacap Financial Partners as an equity investor in June 2014 116
Risk coverage of all schemes for extended warranties and insurance 116
A fairly high proportion of schemes cover accidental damage as well as mechanical breakdown 116
Independent distribution channels 116
Specialist online providers include Garantie-Privee.com, magarantie.fr and monSAV.com 116
Extended warranties are also sometimes available through payment cards and bank accounts 117
Market value for extended warranties and insurance 117
Market forecasts to 2017 119
The white goods market is forecast to experience further modest growth through to 2017… 119
…which will help support the market for related extended warranties 120
9.0 GERMANY 121
Introduction 121
Underlying market value and volume 122
The value and volume of sales of white goods has increased modestly in recent years 122
Manufacturers' original warranty length and consumer law 123
A majority of manufacturers offer factory warranties lasting for two years 123
Manufacturer schemes for extended warranties and insurance 124
Domestic and General and Wertgarantie both possess partnerships with manufacturers in Germany 124
Domestic and General's revenues in Germany have been expanding quite rapidly 125
Wertgarantie sold more than 50,000 new policies in 2013 relative to new sales in the previous year 125
Retailer schemes for extended warranties and insurance 127
Exactly one third of retailers researched operate an extended warranty scheme for white goods 127
Media Markt's internally-managed scheme is likely to be the leader when viewed in weighted terms 128
Risk coverage of all schemes for extended warranties and insurance 130
Most schemes provide cover for mechanical or technical breakdown only 130
Independent distribution channels 130
ARAG and Schutzbrief24 (working with AXA) offer an independent alternative to consumers 130
Market value for extended warranties and insurance 131
Market forecasts to 2017 132
The white goods market will edge up further between 2013 and 2017… 132
…which will also facilitate an increase in the market for related extended warranties 133
10.0 IRELAND 134
Introduction 134
Underlying market value and volume 135
Growth in the value of the Irish white goods market has been very modest in recent years 135
Manufacturers' original warranty length and consumer law 136
Five-year factory warranties are on offer from several manufacturers of white goods in Ireland 136
Manufacturer schemes for extended warranties and insurance 137
Domestic and General claims several significant partnerships with manufacturers of white goods 137
Retailer schemes for extended warranties and insurance 139
Half a dozen retailer extended warranty programs are in place for white goods… 139
… with four of these managed by the retailers themselves 139
Risk coverage of all schemes for extended warranties and insurance 141
Most schemes provide cover for mechanical or technical breakdown only 141
Independent distribution channels 141
Generic extended warranty cover is available through a Gold MasterCard issued by one bank 141
Market value for extended warranties and insurance 142
Market forecasts to 2017 143
The white goods market is set to rise in value by nearly EUR 30 million between 2013 and 2017… 143
…which will also occasion an increase in the market for associated extended warranties 144
11.0 ITALY 145
Introduction 145

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