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Personal Non-Life Insurance Brokers in the UK

  • July 2015
  • -
  • Finaccord
  • -
  • 25 pages

The report titled Personal Non-Life Insurance Brokers in the UK, plus the BrokerBASE™ and market data file that accompany it, investigate the involvement of brokers in the distribution of non-life insurance for individual consumers in the UK. This study first provides data for the size, segmentation and growth of the UK personal non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of all significant broking entities, it ranks the leading 60 brokers in the UK according to their revenues from personal non-life insurance, excluding income from other activities such as commercial lines, employee benefits, wholesale insurance and reinsurance.

Table Of Contents

Personal Non-Life Insurance Brokers in the UK
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on personal non-life insurance, excluding other types of business 3
and on brokerage, albeit not all entities adhere to a pure broking model 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 4
Premiums 4
Abbreviations 4
BrokerBASE 5
Finaccord 5
UK insurance market and distribution publications 5
UK consumer research publications 6
20 MARKET ANALYSIS 8
Introduction 8
Regulatory information 8
According to BIBA, UK brokers are burdened with the most expensive regulatory regime in the world 8
Personal non-life insurance market 10
The value of the underlying personal lines market has declined slightly in recent years 10
Personal non-life insurance brokers 12
Overview of brokers' presence in the distribution of personal non-life insurance 12
Having been under pressure for years, the decline in the distribution share of brokers has slowed… 12
… with some having prospered by setting up affinity or corporate marketing partnerships… 12
… and with others having thrived through focusing on sales through the aggregator channel 12
Competitor trends and specialisms 14
The separation of AA Insurance Services and Saga has caused the broking market to re-fragment… 14
… helping Swinton Group to become the leader by share of personal lines broking revenues 14
Saga acts as a broker for some products but as underwriter or tied agent for others 15
Hastings secures the vast majority of business from the aggregator distribution channel 16
Even excluding Comparethemarketcom, BGL Group's UK broking operations are substantial 16
The personal lines broking business of Ageas is likely to be ranked fifth by market share 16
Other brokers ranked in the top ten are characterised by contrasting business models 16
Towergate is the only broker in the top ten that obtains less than 70% of revenues from personal lines 17
A number of brokers are performing well by focusing on certain specialised policy types… 20
… most commonly motor cycle, classic car and boat / pleasure craft insurance 20
Others orient their personal lines broking activity to high net worth individuals 21
Brokers' distribution strategies 21
Aggregators have proved to be both friend and foe for personal lines brokers 21
Arthur J Gallagher claims by far the highest number of affinity broking partnerships for personal lines 22
Almost a half of the top 60 personal lines brokers allow customers to buy cover online… 22
… and a few have a distinct regional focus including three in Northern Ireland 22
Future outlook 24
Taken as a whole, it is difficult to forecast any growth for the personal lines broking market up to 2018… 24
… which means that brokers must cultivate differentiated areas of expertise for themselves 24

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for personal non-life insurance brokers in the UK 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 8
Segmentation of personal non-life insurance gross written premiums in the UK, 2014 10
Growth in personal non-life insurance gross written premiums in the UK by segment, 2010 to 2014 11
Gross written premiums for personal non-life insurance in the UK by segment, 2010 to 2014 (table) 12
Brokers' share of the personal non-life insurance market and revenues earned from it in the UK, 2010 and 2014 13
Brokers' share of the personal non-life insurance market and revenues earned from it in the UK, 2010 and 2014 (table) 13
Market concentration for personal non-life insurance broking in the UK, 2010 and 2014 14
Market shares of personal non-life insurance broking revenues of the top ten brokers in the UK, 2014 15
Importance of different types of insurance broking for the top 60 personal non-life insurance brokers in the UK 18
Importance of different types of insurance broking for the top 60 personal non-life insurance brokers in the UK (continued) 19
Number of personal non-life insurance brokers offering key specialist products in the UK, 2015 21
Number of affinity schemes run by personal non-life insurance brokers ranked in the top 60 in the UK segmented by insurance type, 2015 23
Online and offline distribution capabilities of the top 60 personal non-life insurance brokers in the UK, 2015 24
Brokers' forecast share of the personal non-life insurance market and revenues earned from it in the UK, 2018 25
Brokers' forecast share of the personal non-life insurance market and revenues earned from it in the UK, 2018 (table) 25

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