Finaccord’s report titled Manufacturer-Branded and Dealer-Intermediated Motor Insurance and Road Assistance in Europe amalgamates comprehensive and in-depth research covering 25 countries in Europe, namely: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Norway, Netherlands, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, the UK and Ukraine.

Based on a survey of 1,350 dealers in these countries and an investigation typically covering between 30 and 40 manufacturer brands in each territory, the study delivers unique insights into the market for packaging motor insurance and road assistance in conjunction with sales of new and used passenger cars bought by consumers through the automotive trade distribution channel.

The research also generates data describing the value of the markets for motor insurance and road assistance captured by the automotive trade in each country in terms of both new and on-going policies.

In addition to this unique market data, the survey results measure the extent to which automotive dealers and manufacturer brands actually intermediate motor insurance and road assistance in each country, to calculate average customer take-up rates at the point of sale, and to understand relationships between manufacturers or importers and external motor insurance and road assistance providers for branded or endorsed programs.

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

- understand the current size and future potential of the market for manufacturer-branded and dealer-intermediated motor insurance and road assistance on a Europe-wide basis;

- appreciate the extent to which the automotive trade represents a viable distribution channel for motor insurance in each country and the competition that it faces from rival distribution systems;

- benchmark the degree of competitive intensity recorded by the research for distributing motor insurance and road assistance policies through the point of sale;

- evaluate the potential for establishing partnerships with automotive brands or their local importers for branded or endorsed motor insurance and road assistance propositions;

- track the involvement in this field of leading national and international competitors including Allianz, ARC Europe, AXA, Covéa, Direct Line, Europ Assistance, Falck, If P&C Insurance, Inter Mutuelles Assistance, MAPFRE Asistencia, Talanx and Zurich.

Table Of Contents

0.0 EXECUTIVE SUMMARY 1

About EUR 7.55 billion of gross written premiums for motor insurance are sold by the automotive trade 2
which makes up 7.5% of all personal motor insurance premiums across Europe 3
Motor insurance is a core financial product to distribute for most car dealers and manufacturer brands 3
Allianz is Europe's leading motor insurance underwriting group using the automotive distribution channel 5
followed by If PandC Insurance, AXA and Direct Line 5
VW group claims fifth place mainly through its Volkswagen Autoversicherung joint venture in Germany 5
Covea, Zurich, Talanx, ERGO and Ingosstrakh make up the rest of Europe's top ten 6
Road assistance cover distributed by the automotive trade is valued at around EUR 769.2 million 7
and is a service that is widely available through both dealers and manufacturer brands in most countries 8
Road assistance is quite frequently packaged with motor insurance or extended warranties 8
and can also be acquired with prepaid service contracts or as a stand-alone policy 9
Europ Assistance and Allianz Global Assistance are the leading partners used by manufacturer brands 10
though ARC Europe members overtake these two assistance firms when taken together 11
AXA Assistance and Inter Mutuelles Assistance are other leading external partners 11

1.0 INTRODUCTION 13

What is this report about? 13
The focus of the report is on motor insurance and road assistance distributed by the automotive trade 13
Rationale 13
The provision of financial services is essential to support both car sales and profitability 13
This report offers a detailed updated analysis of the subject in Europe based on primary research 13
Methodology 13
Survey of dealers and manufacturers 13
Market data 16
Computation of market data is based on a variety of inputs including the results of the dealer survey 16
External sources 17
Definitions 19
Motor insurance and road assistance 19
Operating models 19
Tied and non-tied providers 19
Abbreviations 19
Exchange rates 20
Graphical analyses 20
PartnerBASE and market data annexe 21
Finaccord 21

2.0 REGIONAL OVERVIEW 22

Passenger vehicle data 22
Car parc 22
Europe's passenger car parc exceeded 300 million vehicles in 2012 22
and Russia may have the largest number of cars on the road by 2015 22
New car sales to individuals 24
New car sales fell in every year between 2008 and 2012 24
meaning that the buoyant Russian market accounts for a rising share of the total 24
New car sales in Greece and Hungary collapsed most severely in proportion to their sales in 2008 25
but the decline in Italy has been the largest in terms of volumes 25
Used car sales 27
Used car sales have remained relatively stable in recent years 27
In Hungary, over 25 used cars were sold for every new car in 2012 28
compared to equivalent ratios of just 1.09 and 1.05 in Luxembourg and Russia, respectively 28
Sales by manufacturer groups 30
Across the 25 countries VW group sells nearly as many cars as its next two rivals combined 30
The AvtoVAZ and Fiat groups are particularly strong in their home markets 31
Motor insurance 35
Survey of automotive dealers 35
Across Europe, well over 80% of dealers are distributors of motor insurance 35
and this figure reaches 100% in eight of the 25 countries investigated 35
The sale of motor policies by dealers in Finland, Sweden and the UK is characterised by unique features 35
Dealers in Russia normally work with multiple motor insurers 37
while those in Norway and Turkey make extensive use of both tied and non-tied providers 37
Where offered, take-up rates for motor insurance acquired with new cars exceed 50% in ten countries 40
and rise above 80% in three 41
Motor insurance is more likely to be bought with new cars than with used cars, especially in Hungary 41
Types of motor insurance policy sold by dealers 46
Italy is the one market in which cover available through the automotive trade is rarely comprehensive 46
Manufacturer brand survey results 48
All manufacturer brands have an endorsed scheme in the Czech Republic, Slovakia and Sweden 48
and there may be an opportunity for new schemes to be introduced in Portugal 48
A majority of manufacturer brands source motor insurance from a single external underwriter 50
though VW group has set up captive and joint venture arrangements in five countries 50
Market size 53
Three countries account for a half of the value of motor insurance sold through the automotive trade 53
with the UK behind Norway in the ranking and France behind both those countries plus Poland 53
The automotive trade is most important as a distribution channel for motor insurance in Russia 57
but is much less important in most countries in western Europe 57
Competitor dynamics 59
As a market for motor insurance sold via the automotive trade the importance of Germany is clear 59
although the leadership position of Allianz is boosted by its operations in a further 15 countries 59
If PandC Insurance, AXA and Direct Line rank next by their weighted shares of partnerships 59
followed by one manufacturer group in the form of VW 60
some way ahead of Covea, Zurich, Talanx and ERGO 60
Ingosstrakh makes the top ten ranking thanks to a strong position in Russia, its domestic market 60
Road assistance 62
Survey of automotive dealers 62
Road assistance is automatically provided with the vast majority of cars sold through dealers 62
Dealers sometimes work with multiple providers of road assistance for two main reasons 64
although over 60% of those surveyed stick to using tied providers 64
In only one country is road assistance not packaged automatically with new cars 67
Bundling with used cars is also extremely widespread in a number of countries 68
Sources of road assistance distributed by dealers 73
Road assistance can be acquired in several ways in addition to factory warranties 73
including with motor insurance, extended warranties and prepaid service contracts 73
and as a stand-alone contract available through dealers in a few countries 73
Manufacturer brand survey results 75
Russia is the only country where fewer than 90% of brands have an official road assistance scheme 75
The vast majority of manufacturer brands work with a single external assistance provider 77
although some reportedly manage their own road assistance schemes on an internal basis 77
Market size 79
The combined value of the market for road assistance sold via the automotive trade is substantial 79
with the largest market estimated to account for around 22% of the Europe-wide total 80
Competitor dynamics 84
Europ Assistance has the largest weighted share of partnerships across Europe 84
ahead of Allianz Global Assistance in second place 84
and with several of the other competitors ranked in the top ten focused on one country only 84
AXA Assistance acts as an automotive trade partner in ten of the 25 markets investigated 85
If the operations of its members are counted together, ARC Europe emerges as the market leader 87
with Falck entering the top ten as a result of its strength in the Nordic region 87

3.0 AUSTRIA 89

Introduction 89
Passenger vehicle data 89
New car sales in 2012 were nearly 15% higher than in 2008 although they peaked in 2010 89
For new cars, Hyundai is now the second-best selling manufacturer group in Austria 91
Survey of automotive dealers and manufacturer brands 91
Dealer survey results - motor insurance 91
All Austrian dealers distribute comprehensive motor insurance policies 91
Although nearly half of dealers sell motor insurance from non-tied underwriters 92
these relationships are shared between just eight companies 92
Manufacturer brand survey results - motor insurance 94
Among manufacturer brands, Allianz and Garanta are the most prominent non-captive providers 94
Dealer survey results - road assistance 96
Apart from factory warranties, extended warranties offer the most common means for bundling assistance 96
Very few dealers work with non-tied providers for road assistance 97
Manufacturer brand survey results - road assistance 98
Three main competitors compete for manufacturer brand mandates for road assistance 98
led by Austria's leading automotive club, ÖAMTC 98
Market value 100
Motor insurance 100
Road assistance 101

4.0 BELGIUM 102

Introduction 102
Passenger vehicle data 102
New car sales fell between 2008 and 2012, but this decline was outweighed by a rise in sales of used cars . 102
VW, PSA and Renault Nissan share more than 50% of the new car market between them 104
Survey of automotive dealers and manufacturer brands 104
Dealer survey results - motor insurance 104
All motor insurance policies sold through dealers offer comprehensive cover 104
Virtually all dealers utilise tied providers only for motor insurance 105
Manufacturer brand survey results - motor insurance 106
Subsidiaries of AXA are especially strong in the market for manufacturer-branded cover 106
Dealer survey results - road assistance 108
Road assistance is often bundled with extended warranties and motor insurance 108
Dealers rarely promote non-tied road assistance not packaged with another product 109
Manufacturer brand survey results - road assistance 110
Three main competitors compete for manufacturer brand mandates for road assistance 110
among which Touring alone holds a half of deals in weighted terms 110
Market value 112
Motor insurance 112
Road assistance 113

5.0 CZECH REPUBLIC 114

Introduction 114
Passenger vehicle data 114
Sales of new cars have remained quite steady in comparison with some other European markets 114
and used car sales have recovered from the slump of 2009 114
VW group's market share of new car sales has risen as have those of two other groups 116
Survey of automotive dealers and manufacturer brands 116
Dealer survey results - motor insurance 116
Comprehensive motor insurance policies are on offer from all Czech dealerships surveyed 116
11 underwriters are active as non-tied providers of motor insurance to the Czech automotive trade 117
Manufacturer brand survey results - motor insurance 119
Three brokers lay claim to at least one partnership among manufacturer brands 119
Dealer survey results - road assistance 121
All dealer-intermediated motor insurance policies include embedded road assistance 121
A narrow majority of dealers utilise both tied and non-tied providers for road assistance 121
Manufacturer brand survey results - road assistance 122
AXA Assistance benefits from its relationships with five brands belonging to the VW group 122
Market value 124
Motor insurance 124
Road assistance 125

6.0 DENMARK 127

Introduction 127
Passenger vehicle data 127
Both new and used car sales rose in each year from 2009 to 2012 127
VW has accelerated past PSA to become the market-leading group for new car registrations 129
Survey of automotive dealers and manufacturer brands 129
Dealer survey results - motor insurance 129
Virtually all motor insurance policies sold through dealers incorporate comprehensive cover 129
Topdanmark and If Skadeforsikring are almost entirely dominant as non-tied partners 130
Manufacturer brand survey results - motor insurance 132
If Skadeforsikring also occupies a strong position as a partner of manufacturer brands 132
Dealer survey results - road assistance 134
Road assistance is most often bundled with motor insurance, but can also be acquired through other routes 134
Peugeot offers road assistance that can be bought as a stand-alone policy 135
Manufacturer brand survey results - road assistance 136
Four brands do not offer road assistance automatically with all new cars 136
Market value 138
Motor insurance 138
Road assistance 139

7.0 FINLAND 140

Introduction 140
Passenger vehicle data 140
New car sales in 2012 slipped back after the partial recovery of 2010 and 2011 140
Hyundai and Renault Nissan groups have increased their market share most substantially in recent years 142
Survey of automotive dealers and manufacturer brands 143
Dealer survey results - motor insurance 143
Finnish dealerships focus on distributing comprehensive motor insurance policies 143
LähiTapiola and Pohjantähti both have partnerships with major chains 144
Manufacturer brand survey results - motor insurance 146
while three motor insurers hold partnerships with manufacturer brands, led by If Vahinkovakuutusyhtiö 146
Dealer survey results - road assistance 148
Road assistance is always embedded within motor insurance 148
Some dealers have road assistance partnerships for used cars that fall outside manufacturers' schemes 148
Manufacturer brand survey results - road assistance 149
Autoliitto and Falck divide manufacturer brand mandates between them 149
Market value 151
Motor insurance 151
Road assistance 151

8.0 FRANCE 152

Introduction 152
Passenger vehicle data 152
New and used car sales have stagnated with a sluggish economy 152
While French manufacturers remain dominant, VW group has consolidated its position in third place 154
Survey of automotive dealers and manufacturer brands 154
Dealer survey results - motor insurance 154
Where available from dealers, motor insurance policies always offer comprehensive cover 154
When dealers sell motor insurance, they almost always focus on manufacturer-branded policies 155
Manufacturer brand survey results - motor insurance 157
AXA and NEXX Assurances are the leading underwriters by weighted share of partnerships 157
though SATEC works with six brands in total 157
Dealer survey results - road assistance 159
Road assistance is commonly bundled with extended warranties and motor insurance 159
Non-tied road assistance providers can be found covering used cars 160
Manufacturer brand survey results - road assistance 162
Five main competitors compete for manufacturer brand mandates for road assistance 162
Market value 164
Motor insurance 164
Road assistance 165

9.0 GERMANY 166

Introduction 166
Passenger vehicle data 166
The market for new car sales in Germany remains stagnant 166
although that for used car sales has delivered moderate growth in recent years 166
Three indigenous manufacturers accounted for almost 60% of new cars registered in 2012 168
Survey of automotive dealers and manufacturer brands 169
Dealer survey results - motor insurance 169
Most motor insurance policies sold through dealers are comprehensive 169
The majority of dealers adhere to distribution of manufacturer-branded motor insurance 170
with AvD identifiable as the most frequently-used non-tied provider 170
Manufacturer brand survey results - motor insurance 172
Allianz and Volkswagen Financial Services have launched a joint venture for motor insurance 172
while HDI, ERGO and Nürnberger, among others, also lay claim to important deals 172
Dealer survey results - road assistance 174
Road assistance is sometimes bundled with extended warranties and motor insurance 174
Santander Consumer Bank offers its finance customers cover from AXA Assistance 175
Manufacturer brand survey results - motor insurance 177
ADAC is the leading external road assistance provider used by manufacturer brands 177
Market value 179
Motor insurance 179
Road assistance 180

10.0 GREECE 181

Introduction 181
Passenger vehicle data 181
New car sales in 2012 were less than a quarter of the level recorded for 2008 181
GM group has moved from third to second place by share of new registrations 183
Survey of automotive dealers and manufacturer brands 183
Dealer survey results - motor insurance 183
All motor insurance policies sold through dealers offer comprehensive cover 183
25 motor insurance partners are visible in a very fragmented dealer-intermediated market 184
led by Brokins 184
Manufacturer brand survey results - motor insurance 186
Brokers play an important role in the distribution of motor insurance through manufacturer brands 186
albeit Allianz is the leading provider by weighted share of partnerships 186
Dealer survey results - road assistance 188
Road assistance is always bundled with dealer-intermediated motor insurance 188
A few dealers make road assistance available on a stand-alone basis 189
Manufacturer brand survey results - road assistance 191
Four main providers compete for manufacturer brand mandates for road assistance 191
led by Mondial Assistance 191
Market value 193
Motor insurance 193
Road assistance 194

11.0 HUNGARY 195

Introduction 195
Passenger vehicle data 195
New car sales have collapsed with the greatest decline visible among individual buyers 195
although the volume of sales of used cars remained above the 400,000 threshold in 2012 195
Suzuki has experienced a precipitous decline in its market share in recent years 197
Survey of automotive dealers and manufacturer brands 197
Dealer survey results - motor insurance 197
Comprehensive motor insurance policies are on offer from all Hungarian dealerships 197
Both underwriters and brokers are visible in the market for motor insurance sold via the automotive trade 198
Manufacturer brand survey results - motor insurance 200
with Generali the most prominent provider among both dealers and manufacturer brands 200
Dealer survey results - road assistance 202
Road assistance can be acquired in a variety of ways often including as a stand-alone policy 202
Europ Assistance and Magyar Autóklub are the most prominent providers of road assistance 203
Manufacturer brand survey results - road assistance 205
as both tied and non-tied providers 205
Market value 207
Motor insurance 207
Road assistance 208

12.0 IRELAND 209

Introduction 209
Passenger vehicle data 209
New car sales in 2012 were over 40% lower than their high point of five years previously 209
The VW and Hyundai groups have gained market share while Ford has fallen 211
Survey of automotive dealers and manufacturer brands 211
Dealer survey results - motor insurance 211
Manufacturer brand survey results - motor insurance 211
Three motor insurers have partnerships with manufacturer brands 211
Dealer survey results - road assistance 213
Road assistance can be bundled with extended warranties 213
Some dealers have road assistance partnerships for used cars that fall outside manufacturers' schemes 214
Manufacturer brand survey results - road assistance 216
Five providers compete for manufacturer brand mandates for road assistance 216
Market value 218
Motor insurance 218
Road assistance 218

13.0 ITALY 219

Introduction 219
Passenger vehicle data 219
New car sales in 2012 were over 40% lower than their high point of five years previously 219
Fiat group remains dominant in terms of new car sales although its share has fallen slightly in recent years . 221
Survey of automotive dealers and manufacturer brands 221
Dealer survey results - motor insurance 221
Most motor insurance policies sold through dealers exclude cover for liability 221
There are at least 20 non-tied providers active in dealer-intermediated motor insurance 222
with Nobis, a specialist underwriter, emerging among the most prominent of these 222
Manufacturer brand survey results - motor insurance 224
Direct Line's relationship with brands served by FGA Capital makes it the sector leader 224
although both Allianz and Covea Fleet possess a higher number of brand partnerships 224
Dealer survey results - road assistance 226
Road assistance is commonly bundled with extended warranties and motor insurance 226
Europ Assistance and MAPFRE Warranty are used to provide stand-alone cover for used cars 227
Manufacturer brand survey results - road assistance 229
Three main providers compete for manufacturer brand mandates for road assistance 229
Market value 231
Motor insurance 231
Road assistance 232

14.0 LUXEMBOURG 233

Introduction 233
Passenger vehicle data 233
There was a fall in the volume of sales of both new and used cars between 2008 and 2012 233
German and French manufacturer groups share over 70% of new car registrations between them 235
Survey of automotive dealers and manufacturer brands 235
Dealer survey results - motor insurance 235
Not all dealers selling motor insurance policies offer comprehensive cover 235
Comparatively few dealers intermediate motor insurance 236
Manufacturer brand survey results - motor insurance 237
La Luxembourgeoise is the leading partner among manufacturer brands 237
Dealer survey results - road assistance 239
Road assistance is sometimes available from sources other than manufacturers' factory warranties 239
Tied schemes dominate the provision of road assistance 240
Manufacturer brand survey results - road assistance 241
Automobile Club du Luxembourg is the dominant local assistance provider 241
although not all manufacturer brands use it for their own assistance programs 241
Market value 243
Motor insurance 243
Road assistance 244

15.0 NETHERLANDS 245

Introduction 245
Passenger vehicle data 245
New and used car sales in 2012 were at virtually the same level as in 2008 245
Hyundai and Kia combined have made substantial gains in the Dutch new car market 247
Survey of automotive dealers and manufacturer brands 247
Dealer survey results - motor insurance 247
All motor insurance policies sold through dealers offer comprehensive cover 247
There are at least 13 non-tied providers active in dealer-intermediated motor insurance 248
with BOVAG's Bovemij Verzekering subsidiary as the most prominent of these 248
Manufacturer brand survey results - motor insurance 250
BOVAG also has partnerships with several significant manufacturer brands 250
though De Nederlanden van Nu is the leading underwriter by weighted share of partnerships 250
Dealer survey results - road assistance 252
Road assistance is often bundled with extended warranties and prepaid service contracts 252
Where made available on a non-tied basis, this can be distributed in a variety of different formats 253
Manufacturer brand survey results - road assistance 255
Four main competitors compete for manufacturer brand mandates for road assistance 255
among which ANWB leads Allianz Global Assistance by weighted share of partnerships 255
Market value 257
Motor insurance 257
Road assistance 258

16.0 NORWAY 259

Introduction 259
Passenger vehicle data 259
Used car sales hit a record high in 2012 while new car sales were also fairly resilient 259
Thanks to the Volvo brand, Geely group has moved into third place in the Norwegian market 261
Survey of automotive dealers and manufacturer brands 261
Dealer survey results - motor insurance 261
All motor insurance policies sold through dealers offer comprehensive cover 261
Gjensidige is the most prominent non-tied brand active in dealer-intermediated motor insurance 262
Manufacturer brand survey results - motor insurance 264
while If Skadeforsikring is the leading partner for manufacturer brands 264
Dealer survey results - road assistance 266
Road assistance is most often bundled with motor insurance, but can also be acquired through other routes 266
NAF and Viking provide road assistance for used cars that are not covered by other means 267
Manufacturer brand survey results - road assistance 269
Falck and Viking dominate manufacturer partnerships for road assistance 269
Market value 271
Motor insurance 271
Road assistance 272

17.0 POLAND 273

Introduction 273
Passenger vehicle data 273
Sales of both new and used cars slipped back slightly between 2008 and 2012 273
VW group leads the market for new car sales thanks to the on-going strength of the Å koda brand 275
Survey of automotive dealers and manufacturer brands 275
Dealer survey results - motor insurance 275
Polish dealerships concentrate on marketing comprehensive motor insurance policies 275
Most Polish dealerships intermediate both tied and non-tied motor insurance policies 276
Manufacturer brand survey results - motor insurance 278
Through a combination of exclusive and shared partnerships, Allianz is the dominant provider 278
Dealer survey results - road assistance 280
Road assistance is commonly bundled with motor insurance and sometimes with extended warranties 280
Road assistance is available from the vast majority of dealers in one form or another 281
Manufacturer brand survey results - road assistance 282
Having set up in Poland in 2000, Starter24 now claims the highest weighted share of partnerships 282
Market value 284
Motor insurance 284
Road assistance 285

18.0 PORTUGAL 286

Introduction

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