TABLE OF CONTENTS - Finaccord of Contents/cont… · COMMERCIAL NON-LIFE INSURANCE BROKERS IN EUROPE life insurance…

COMMERCIAL NON-LIFE INSURANCE BROKERS IN EUROPE

© FINACCORD (08/2016) I

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY ............................................................................................................................... 1 Europe's commercial non-life insurance market was worth over EUR 130 billion in premiums in 2015.................... 2 ...and increased in real terms in ten countries between 2011 and 2015 ..................................................................... 3 Brokers constitute the most important distribution channel for commercial lines in most markets ............................ 4 More than a quarter of the EUR 11.54 billion commercial non-life broking market is derived from the UK ............... 5 Between 2011 and 2015 brokers' revenues grew more rapidly in Turkey than in any other country ........................ 6 The top three broking groups hold a combined market share of almost 35% across the region ............................... 6 Brokers are expected to increase their commercial lines distribution share in 16 out of 20 countries… ................... 7 … which will mean that the associated broking market will rise, even stated in real terms, in 18 countries .............. 7

1.0 INTRODUCTION ............................................................................................................................................ 9

What is this report about? .................................................................................................................................. 9 The focus is uniquely on commercial non-life (P&C) insurance, excluding other types of business... ....................... 9 ...and on brokerage, even where intermediaries can act as both agents and brokers ............................................... 9

Rationale ............................................................................................................................................................. 9 In many countries, brokers constitute the most important distribution channel for commercial lines ......................... 9

Methodology ..................................................................................................................................................... 10 Research program ........................................................................................................................................ 10

Market data analysis ..................................................................................................................................... 10

Definitions ......................................................................................................................................................... 11 Premiums ...................................................................................................................................................... 11

Size of insured entity..................................................................................................................................... 11

Abbreviations ................................................................................................................................................ 11

BrokerBASE ..................................................................................................................................................... 11 Finaccord .......................................................................................................................................................... 12

2.0 EUROPEAN OVERVIEW ............................................................................................................................ 14

Commercial non-life insurance market ........................................................................................................... 14 The European commercial non-life insurance achieved modest growth between 2011 and 2015 ......................... 14 Germany, France and the UK account for more than a half of commercial lines premiums in Europe ................... 14 Turkey and Russia registered the sharpest growth rates in nominal terms .............................................................. 15 After taking inflation into account, ten markets contracted in real terms.................................................................... 16 Property, motor and liability insurance account for more than three quarters of the market .................................... 18 Across Europe as a whole, commercial motor insurance grew most rapidly between 2011 and 2015 ................... 19 Across the 20 countries, around EUR 32.8 billion of premiums are paid by micro-sized clients… .......................... 21 … which generate the highest proportion of total commercia lines premiums in Italy .............................................. 21

Commercial non-life insurance brokers .......................................................................................................... 23 Overview of brokers’ presence in the distribution of commercial non-life insurance ................................ 23

Brokers distribute more than 60% of commercial lines business in Europe….......................................................... 23 … and are most important as distributors of commercial non-life insurance in Ireland and the UK… ..................... 24 Brokers’ distribution share increased in 16 of the 20 countries between 2011 and 2015......................................... 24 UK, France, and Germany are Europe's largest markets in terms of commercial lines broking revenues .............. 26 These revenues increased in real terms between 2011 and 2015 in 14 of the 20 countries in scope .................... 27 The largest clients generate just under 30% of total commercial lines broking revenues in the 20 countries… ..... 29 … and over a half of the total in Russia but less than 20% in Italy ............................................................................ 29

Market concentration .................................................................................................................................... 31

Germany and Spain feature Europe's least concentrated markets for commercial lines broking ............................ 31 The top three broking groups account for almost 35% of commercial lines broking revenues… ............................ 33 … and they are nearly always ranked among the top ten brokers in any given country .......................................... 34

Future outlook ............................................................................................................................................... 35


© FINACCORD (08/2016) II

The future direction of commercial lines broking revenues is dependent on a number of factors…........................ 35 … which point to the Turkish market as being the one that will generate the most real growth… ........................... 35 … albeit all but two of the 20 markets should experience growth in real terms from 2015 to 2019 ......................... 36 By 2019, the commercial lines broking market in Europe is likely to be worth around EUR 12.65 billion................ 38

3.0 AUSTRIA ....................................................................................................................................................... 41 Introduction ....................................................................................................................................................... 41 Regulatory information ..................................................................................................................................... 41

Several professional associations exist for insurance brokers and agents in Austria… ........................................... 41 … the largest of which has around 1,000 members .................................................................................................. 41

Commercial non-life insurance market ........................................................................................................... 42 Commercial non-life insurance premiums in Austria have risen consistently in recent years… .............................. 42 … both in terms of year-on-year progress and growth across each of the main segments ..................................... 43 Medium-sized customers account for the highest proportion of commercial lines premiums .................................. 45


Brokers’ distribution share in commercial non-life insurance has edged up since 2011 .......................................... 46 More than a quarter of commercial lines broking revenues are attributable to one customer segment .................. 48

Competitor trends ......................................................................................................................................... 49

The top ten competitors account for nearly 60% of commercial lines broking revenues... ....................................... 49 ... with GrECo International retaining its leading position in this market .................................................................... 49 Aon is ranked second but other international brokers are less prominent ................................................................ 49 The increasing concentration in this market has been caused in part by merger and acquisition activity ............... 50 If counted together, brokerages owned by Raiffeisen banks would be ranked third ................................................ 50 Commercial lines broking is the principal income generator for all of the top 30 brokers… ..................................... 51 … with several deriving over 95% of their revenues from this activity ....................................................................... 51

International broker networks ....................................................................................................................... 53

A number of brokers ranked outside of the top 30 are members of international networks ..................................... 53 Future outlook ............................................................................................................................................... 53

Modest growth is forecast for the Austrian commercial lines broking market up to 2019 ......................................... 53

4.0 BELGIUM ...................................................................................................................................................... 55

Introduction ....................................................................................................................................................... 55 Regulatory information ..................................................................................................................................... 55

The number of registered insurance intermediaries has more than halved in recent years… ................................. 55 … although brokers continue to play a key role in commercial lines distribution ...................................................... 55

Commercial non-life insurance market ........................................................................................................... 56 Commercial non-life insurance premiums in Belgium have been growing at a consistent rate… ........................... 56 … with those for the residual category of other commercial insurance having risen most rapidly ........................... 57 Customers in the micro segment account for over 30% of total commercial lines premiums .................................. 58


The distribution share of brokers in commercial lines may have reduced very slightly since 2011 ......................... 60 Customers in the micro segment also generate a significant proportion of broking revenues ................................. 61


The three leading commercial lines brokers in Belgium are far ahead of the fourth-ranked competitor .................. 63 … with Marsh having boosted its position through the acquisition of Trade Insure in 2015 ..................................... 63 Van Dessel has relinquished control of Bokiau to Alliance Participations ................................................................. 63 For only one broker in the top 25 is commercial non-life insurance not the principal source of income… .............. 64 … and for two of them it is the only activity from which they generate revenues ...................................................... 64


Belgibo, Induver, Van Dessel and Vanbreda Risk & Benefits each belong to more than one network ................... 66 Future outlook ............................................................................................................................................... 66

The commercial lines broking market will deliver further steady growth up to 2019 ................................................. 66


© FINACCORD (08/2016) III

5.0 CZECH REPUBLIC ...................................................................................................................................... 68

Introduction ....................................................................................................................................................... 68 Regulatory information ..................................................................................................................................... 68

Intermediaries can act simultaneously as both agents and brokers .......................................................................... 68 Commercial non-life insurance market ........................................................................................................... 69

In real terms, commercial non-life insurance premiums in the Czech Republic have stagnated ............................. 69 Premiums split quite evenly across the five categories of insured entity as defined by their size ............................ 71


The distribution share of brokers in commercial lines is likely to have increased since 2011 .................................. 72 Almost a quarter of commercial lines broking revenues are attributable to the largest client segment .................... 74


The acquisition of Insia by Marsh & McLennan Companies has caused the market to consolidate ....................... 75 RENOMIA is active in several overseas markets as well as the Czech Republic .................................................... 75 Two of the top 20 brokers generate all of their revenues from commercial non-life insurance ................................ 77


MAI Insurance Brokers and RENOMIA are both affiliated to five networks .............................................................. 79 Future outlook ............................................................................................................................................... 79

The value of the commercial lines broking market is likely to continue growing at a reasonable rate ..................... 79

6.0 DENMARK .................................................................................................................................................... 81 Introduction ....................................................................................................................................................... 81 Regulatory information ..................................................................................................................................... 81

In the vast majority of cases, brokers must be remunerated through fees, not commissions .................................. 81 Commercial non-life insurance market ........................................................................................................... 82

The Danish market for commercial non-life insurance has struggled to grow in recent years… ............................. 82 …with premiums for commercial liability insurance having fallen back most rapidly ................................................ 82 Insured entities in the micro segment generate nearly one quarter of premiums in this market .............................. 83


Brokers are likely to have increased their distribution share of commercial lines premiums since 2011 ................. 85 The micro segment contributes much less to brokers’ revenues than to commercial lines premiums .................... 87


The structure of the Danish commercial lines broking market changed little between 2011 and 2015 ................... 89 Willis Towers Watson is comfortably ahead of its closest competitor........................................................................ 89 Commercial lines broking is the most important source of revenue for nine of the top ten brokers ......................... 90


Söderberg & Partners Denmark is affiliated to eight different international networks ............................................... 91 Future outlook ............................................................................................................................................... 92

Revenue growth in the commercial lines broking market will be derived from a combination of factors ................. 92

7.0 FINLAND ....................................................................................................................................................... 94 Introduction ....................................................................................................................................................... 94 Regulatory information ..................................................................................................................................... 94

As in some other countries, regulations dictate that brokers are paid through fees, not commissions .................... 94 Commercial non-life insurance market ........................................................................................................... 95

The Finnish market for commercial non-life insurance was worth over EUR 2 billion in 2015… ............................. 95 … having grown at a fairly consistent rate since 2011 ............................................................................................... 95 Premiums split quite evenly across five categories of insured entity as defined by their size .................................. 97


While slowly rising, the distribution share of Finnish brokers in commercial non-life insurance remains low… ...... 98 … and close to a half of their revenues from this activity is due to the largest client category ................................. 99


© FINACCORD (08/2016) IV

Competitor trends ....................................................................................................................................... 102

The Finnish commercial lines broking market is a very concentrated one… .......................................................... 102 … in which several significant acquisitions have taken place in recent years ......................................................... 102 Commercial lines broking is the most important source of revenue for all ten of the leading brokers ................... 103

International broker networks ..................................................................................................................... 104

Five of the 15 international networks investigated lack a Finland-based member .................................................. 104 Future outlook ............................................................................................................................................. 105

Between 2015 and 2019, the commercial lines broking market will grow in value by more than a third ............... 105

8.0 FRANCE ...................................................................................................................................................... 107 Introduction ..................................................................................................................................................... 107 Regulatory information ................................................................................................................................... 107

The number of brokers in France is increasing while the number of agents is in decline ...................................... 107 Commercial non-life insurance market ......................................................................................................... 108

Commercial non-life insurance premiums in France have stagnated in recent years… ........................................ 108 … with only commercial motor insurance growing in real terms.............................................................................. 109 One customer segment (as defined by number of employees) accounts for almost 30% of premiums ............... 111

Commercial non-life insurance brokers ........................................................................................................ 112 Overview of brokers’ presence in the distribution of commercial non-life insurance .............................. 112

Brokers have been successful in increasing their distribution share of commercial lines....................................... 112 Over a third of commercial broking revenues are attributable to the segment of very large clients ....................... 114


The concentration of the French commercial lines broking market has altered little in recent years… ................. 115 … in spite of Willis Towers Watson taking control of Gras Savoye ......................................................................... 116 Ardian has bought a majority stake in Siaci Saint-Honoré ....................................................................................... 116 Finaxy Group has been the most acquisitive of the larger brokers in France ......................................................... 116 Several brokers generate all of their revenues from commercial non-life insurance… .......................................... 117 … but others have a more diverse business mix ..................................................................................................... 117


Diot belongs to the most international broker networks ........................................................................................... 119 Future outlook ............................................................................................................................................. 120

The French commercial lines broking market should continue to grow at a modest rate up to 2019 .................... 120

9.0 GERMANY .................................................................................................................................................. 122 Introduction ..................................................................................................................................................... 122 Regulatory information ................................................................................................................................... 122

There is a clear, long-term trend for an increasing number of insurance brokers in Germany… .......................... 122 … and a declining number of insurance agents… ................................................................................................... 122 … albeit some ‘brokers’ act more in the manner of multi-tied agents ...................................................................... 123 Captive brokers owned by large industrial companies are an important feature of the German market ............... 123 The Verband Deutscher Versicherungsmakler lays claim to over 600 member firms ............................................ 123

Commercial non-life insurance market ......................................................................................................... 123 Commercial non-life insurance premiums in Germany have been growing consistently… ................................... 123 … with those for commercial motor insurance having risen most rapidly ............................................................... 124 Premiums split quite evenly across the five categories of insured entity as defined by their size .......................... 125


In commercial non-life insurance, brokers are gradually eroding the distribution share of agents… ..................... 127 … and are being helped by the introduction of more modern processes, such as e-trading solutions .................. 127 Over one third of commercial lines broking revenues are attributable to the largest client segment ..................... 128


Commercial non-life insurance broking in Germany still features a fragmented competitive structure... ............... 130 ... with only the market leader claiming a market share of commercial lines revenues in excess of 10% ............. 130 Other brokers ranked in the top ten are characterised by a diverse range of ownership structures ...................... 131


© FINACCORD (08/2016) V

The merger of MRH Group with Trowe will propel the combined entity further up the ranking of brokers ............ 132 For a majority of the top 70 competitors, commercial lines broking is their most important activity… ................... 133 … although several of the largest entities derive very substantial revenues from employee benefits ................... 133 Several of the top 70 brokers in Germany specialise in particular sectors or product segments ........................... 134


Both Trust Risk Control and unisonBrokers lay claim to multiple broking members in Germany .......................... 137 Future outlook ............................................................................................................................................. 137

The commercial lines broking market is on track to be worth EUR 2 billion in revenues by 2019 ......................... 137

10.0 IRELAND ................................................................................................................................................... 139 Introduction ..................................................................................................................................................... 139 Regulatory information ................................................................................................................................... 139

Over 450 companies belong to the main association of insurance brokers in Ireland… ........................................ 139 … collectively providing employment to over 5,500 individuals ............................................................................... 140

Commercial non-life insurance market ......................................................................................................... 140 Three main segments account for close to 95% of the Irish commercial lines market… ....................................... 140 … and these are also the areas of the market that have delivered growth in recent years .................................... 141 Premiums distribute quite evenly across five categories as defined by client size ................................................. 142


Brokers remain almost entirely dominant as a distribution channel for commercial non-life insurance… ............. 144 … helping to generate a commercial lines broking market worth more than EUR 150 million in 2015 ................. 145


The combined share of the top three brokers dropped back slightly between 2011 and 2015… .......................... 147 … as several of their competitors ranked from fourth to tenth have been growing more rapidly ........................... 147 Among indigenous brokers, Arachas and Campion are the most significant in commercial lines ......................... 148 For a majority of the top 20 competitors, commercial lines broking is their most important activity ....................... 148


Several brokers belong to more than one international broker network .................................................................. 150 Future outlook ............................................................................................................................................. 150

Stronger growth is forecast for the broking market from 2015 to 2019 than occurred from 2011 to 2015 ............ 150

11.0 ITALY ......................................................................................................................................................... 152 Introduction ..................................................................................................................................................... 152 Regulatory information ................................................................................................................................... 152

There are around 1,600 broking firms among almost 24,000 businesses active in insurance intermediation ...... 152 AIBA has amassed around 1,100 broking firms as members... .............................................................................. 152 ... and has reached an agreement with the SNA concerning collaboration between brokers and agents ............ 153

Commercial non-life insurance market ......................................................................................................... 153 The value of the Italian commercial lines market fell by more than EUR 1 billion between 2011 and 2015… ...... 153 … and only one segment experienced growth, even when expressed in nominal terms ...................................... 155 Clients in the micro segment account for the highest proportion of commercial lines premiums ........................... 156


Brokers constitute the dominant distribution channel for commercial non-life insurance in Italy… ........................ 158 … although a lot of business that they generate arrives at underwriters via agents ............................................... 158 Almost a half of commercial lines broking revenues is due to customers in the micro and small categories ........ 160


Two multinational firms dominate Italy’s commercial lines broking market… ......................................................... 161 … with Gruppo Assiteca overtaking Ital Brokers to occupy third position ............................................................... 161 Lockton acquired P.L. Ferrari, a specialist P&I and marine insurance broker, in December 2015 ........................ 161 Commercial lines broking is the most important activity for all but one of the top 50 brokers in Italy… ................. 163 … and for three of them it is their only source of income ......................................................................................... 163



© FINACCORD (08/2016) VI

Seven firms ranked outside of the top 50 are members of international broker networks ...................................... 165 Future outlook ............................................................................................................................................. 166

Modest growth is forecast for the Italian commercial lines broking market up to 2019 ........................................... 166

12.0 NETHERLANDS ....................................................................................................................................... 168

Introduction ..................................................................................................................................................... 168 Regulatory information ................................................................................................................................... 168

Intermediaries in the Netherlands can act both as agents and brokers depending on the line of business .......... 168 Regulations concerning commission payments and disclosure requirements have had an impact ...................... 169

Commercial non-life insurance market ......................................................................................................... 169 Commercial non-life insurance premiums in the Netherlands have stagnated in recent years… .......................... 169 … with significant growth having occurred only in the category of commercial liability insurance ......................... 170 Medium-sized customers account for the highest proportion of commercial lines premiums ................................ 172


Brokers’ distribution share in commercial non-life insurance has changed little since 2011 .................................. 173 Almost 30% of commercial lines broking revenues are attributable to one customer segment ............................. 175


The top three competitors account for over a half of commercial lines broking revenues… .................................. 176 ... with Aon more than double the size of its rivals ranked in second and third position ......................................... 177 AEGON is the owner of three brokers ranked in the top 20 in the Netherlands ..................................................... 177 Dutch brokers typically maintain a comparatively balanced portfolio of activity… .................................................. 178 … with almost all active in personal lines and employee benefits as well as in commercial lines ......................... 178


A number of brokers ranked outside of the top 30 are members of international networks ................................... 180 Future outlook ............................................................................................................................................. 180

Modest growth is forecast for the Dutch commercial lines broking market up to 2019 ........................................... 180

13.0 NORWAY .................................................................................................................................................. 182 Introduction ..................................................................................................................................................... 182 Regulatory information ................................................................................................................................... 182

There are over 60 registered insurance brokerages active in Norway .................................................................... 182 In most cases, brokers are remunerated through fees rather than commissions ................................................... 182

Commercial non-life insurance market ......................................................................................................... 183 Commercial lines premiums in Norway grew in each year from 2011 to 2015… ................................................... 183 … although growth was weakest in the largest segment, namely MAT insurance ................................................. 183 One segment accounts for over a quarter of commercial non-life insurance premiums ........................................ 185


The value of the commercial lines broking market moved up at a modest rate from 2011 to 2015… ................... 186 … with over 60% of this sector due to two client segments, as defined by their size ............................................. 188


Between 2011 and 2015, Norway’s broking market became more concentrated… .............................................. 190 … and it is led by Aon and Willis Towers Watson .................................................................................................... 190 For only one of the top 15 brokers is commercial lines broking not the main source of revenues… ..................... 191 … and for two of them it is their only activity ............................................................................................................. 191


Norwegian Broker and Quality Broker both belong to more than one international network .................................. 192 Future outlook ............................................................................................................................................. 193

The distribution share of Norwegian brokers is likely to have edged up further by 2019........................................ 193

14.0 POLAND ................................................................................................................................................... 195 Introduction ..................................................................................................................................................... 195 Regulatory information ................................................................................................................................... 195


© FINACCORD (08/2016) VII

The number of insurance intermediaries in Poland has increased quite substantially in recent years .................. 195 Commercial non-life insurance market ......................................................................................................... 196

The Polish market for commercial non-life insurance has stagnated since 2013… ............................................... 196 … albeit growth has been strong for certain classes of business ............................................................................ 196 Insured entities in the micro segment generate a significant proportion of premiums in this market ..................... 197


The distribution share of brokers in commercial non-life insurance edged up between 2011 and 2015 ............... 199 Smaller entities account for a much lower share of commercial lines broking revenues than premiums .............. 201


The Polish commercial lines broking market remains a fairly fragmented one… ................................................... 202 … with the two leaders accounting for only around 20% of revenues in it .............................................................. 202 MAK and Nord Partner are the most prominent indigenous brokers ...................................................................... 203 Most of the leading brokers derive a majority of their revenues from commercial non-life insurance .................... 204


MAI Insurance Brokers and Mentor have been most active in affiliating themselves to broker networks ............. 206 Future outlook ............................................................................................................................................. 206

Relatively strong growth is predicted up to 2019 for the Polish commercial lines broking market ......................... 206

15.0 PORTUGAL .............................................................................................................................................. 208 Introduction ..................................................................................................................................................... 208 Regulatory information ................................................................................................................................... 208

Agents and tied intermediaries continue to limit growth prospects for brokers… ................................................... 208 Commercial non-life insurance market ......................................................................................................... 209

… and it is also the case that the underlying commercial lines insurance market has been contracting… ........... 209 … most notably for the main liability, motor and property segments ....................................................................... 210 Micro entities generate around 30% of commercial non-life insurance premiums in Portugal ............................... 211


The distribution share of brokers in commercial lines has declined slightly since 2011 ......................................... 213 Almost 30% of commercial lines broking revenues are attributable to the largest client segment ......................... 214


The growth of MDS is one factor that is causing the broking market to become more concentrated… ................ 216 ... as it successfully diversifies away from its captive broking origins ...................................................................... 216 For a majority of the top 15 competitors, commercial lines broking is their most important activity ....................... 217


Costa Duarte, F. Rego and Villas-Boas each belong to three international broker networks................................. 219 Future outlook ............................................................................................................................................. 219

The commercial lines broking market is unlikely to have expanded much by 2019 ............................................... 219

16.0 ROMANIA ................................................................................................................................................. 221


Romanian brokers derive the vast majority of their revenues from commissions rather than fees ........................ 221 Commercial non-life insurance market ......................................................................................................... 222

In real terms, the value of the Romanian commercial lines market has diminished in recent years… .................. 222 … albeit commercial motor insurance premiums have risen ................................................................................... 222 The five categories of insured entity as defined by size generate roughly equal shares of premiums .................. 224


The distribution share of brokers in commercial lines has increased sharply since 2011… .................................. 225 … albeit over 30% of broking revenues are still likely to be due to the largest entities ........................................... 227


Destine is the market leader ahead of several multinational or non-indigenous competitors ................................. 228


© FINACCORD (08/2016) VIII

RENOMIA entered the Romanian market in 2015 following its acquisition of SRBA ............................................. 228 Most of the top 15 firms derive the bulk of their income from a combination of commercial and personal lines ... 230


MAI Insurance Brokers and RENOMIA adhere to the most networks .................................................................... 232 Future outlook ............................................................................................................................................. 233

The outlook for Romania’s commercial lines broking market is a relatively positive one ....................................... 233

17.0 RUSSIA ..................................................................................................................................................... 235 Introduction ..................................................................................................................................................... 235 Regulatory information ................................................................................................................................... 235

The Central Bank of Russia assumed supervisory authority over the insurance sector in 2013 ........................... 235 The number of registered brokers has decreased somewhat in recent years… .................................................... 235 … albeit the distinction between multi-tied agents and brokers has not always been clear ................................... 236

Commercial non-life insurance market ......................................................................................................... 236 In real terms, the Russian commercial lines market has contracted in recent years… .......................................... 236 … with the decline having been most acute in the commercial MAT and property segments ............................... 237 Over a half of premiums are due to clients that are defined as large or very large ................................................. 239


Brokers represent a growing channel for commercial non-life insurance in Russia… ........................................... 240 … and they focus mainly on serving larger entities .................................................................................................. 242


The broking market is likely to have become slightly less concentrated in recent years ........................................ 243 ICM and Malakut are identifiable as their most prominent indigenous competitors ................................................ 243 Four brokers generate around 90% of their total revenues from commercial lines broking ................................... 245


MAI Insurance Brokers and Malakut have signed up as members to the most networks...................................... 246 Future outlook ............................................................................................................................................. 247

The value of Russia’s commercial lines broking market is likely to continue rising up to 2019 .............................. 247

18.0 SPAIN ........................................................................................................................................................ 249


There are over 3,000 registered insurance brokerages in Spain… ......................................................................... 249 … and the number has not fallen in spite of a declining commercial lines market.................................................. 249

Commercial non-life insurance market ......................................................................................................... 250 The Spanish market for commercial non-life insurance reached a five-year low in 2014… ................................... 250 … before picking up somewhat in 2015 ................................................................................................................... 250 The micro segment generates a significant proportion of total commercial lines premiums in Spain .................... 251


The value of commercial non-life insurance broking revenues has fallen back in recent years ............................. 253 One segment (as measured by client size) accounts for just under 30% of these revenues ................................. 255


The structure of the Spanish commercial lines broking market has changed little since 2011… .......................... 256 … as it remains quite fragmented, especially beyond the top three competitors .................................................... 257 Commercial non-life insurance broking is the main source of revenue for most of the top 30 brokers... ............... 258 ... although some derive significant income from other activities ............................................................................. 258


A number of brokers outside of the top 30 in Spain are members of international networks ................................. 260 Future outlook ............................................................................................................................................. 260

A modest improvement in the market for commercial lines broking is expected by 2019 ...................................... 260

19.0 SWEDEN ................................................................................................................................................... 262


© FINACCORD (08/2016) IX


There are over 1,000 registered insurance intermediary firms active in Sweden ................................................... 262 Commercial non-life insurance market ......................................................................................................... 263

The Swedish market for commercial non-life insurance grew modestly between 2011 and 2015… .................... 263 …with premiums moving up in value across all classes .......................................................................................... 263 Around 68.5% of total premiums are paid by entities in the micro, small and medium segments ......................... 265


The distribution share of brokers in commercial lines rose quite significantly between 2011 and 2015… ............ 266 … and most of their revenues from this activity derive from entities in the large and very large segments ........... 268


Acquisitions made by Söderberg & Partners have caused the market to consolidate somewhat… ..................... 270 … and have also propelled this firm to a market-leading position in commercial lines… ....................................... 270 … even though it derives a majority of its revenues from intermediating other types of insurance........................ 271


Söderberg & Partners has affiliated itself to six international networks ................................................................... 272 Future outlook ............................................................................................................................................. 273

In real terms, the broking market is destined to rise at a compound annual rate of 3.0% up to 2019.................... 273

20.0 SWITZERLAND ........................................................................................................................................ 275 Introduction ..................................................................................................................................................... 275 Regulatory information ................................................................................................................................... 275

The number of registered intermediaries has increased by almost 900 in a little over two years .......................... 275 Commercial non-life insurance market ......................................................................................................... 276

Commercial non-life insurance premiums in Switzerland have been broadly stable… .......................................... 276 … with the best growth achieved in the residual basket of ‘other’ commercial insurance ...................................... 276 Premiums are concentrated most heavily in the micro and medium client segments ............................................ 277


The distribution share of brokers is likely to have risen quite significantly between 2011 and 2015 ...................... 279 Competitor trends ....................................................................................................................................... 282

Kessler & Co continues to lead the Swiss commercial lines broking market, followed by Aon .............................. 282 Formed in March 2014, Swiss Risk & Care is now a significant force (especially in French-speaking cantons) .. 282 Other indigenous broking firms somewhat limit the presence of international brokers… ....................................... 282 … albeit Willis Towers Watson has strengthened its presence through the absorption of Gras Savoye .............. 283 The merger of Swissbroke Group with Fraumünster Insurance Experts signals further consolidation ................. 283 Two of the top 30 brokers generate all of their income from commercial non-life insurance ................................. 284


Three international networks lack Switzerland-based members ............................................................................. 286 Future outlook ............................................................................................................................................. 287

The commercial lines broking market is likely to have risen further in value by 2019 ............................................. 287

21.0 TURKEY .................................................................................................................................................... 289


Turkey's professional association for brokers has well over 100 members ............................................................ 289 Commercial non-life insurance market ......................................................................................................... 290

The Turkish commercial lines market has boomed in recent years… .................................................................... 290 … with growth achieved in real terms across all categories .................................................................................... 290 Almost 40% of premiums are due to clients that are defined as ‘large’ or ‘very large’ ............................................ 292


Turkey’s market for commercial lines broking appears to be expanding rapidly… ................................................. 293


© FINACCORD (08/2016) X

… and most business is secured from larger entities............................................................................................... 295 Competitor trends ....................................................................................................................................... 296

Marsh & McLennan Companies, Aon and April Genç are the market leaders… ................................................... 296 … although the brokers ranked from fifth to 15

th are all indigenous ones ............................................................... 296

13 of the top 15 brokers derive most of their revenues from commercial insurance .............................................. 298 International broker networks ..................................................................................................................... 299

Only one international network lacks a Turkey-based member ............................................................................... 299 Future outlook ............................................................................................................................................. 300

A real compound annual growth rate of over 10% is forecast for the broking market up to 2019 .......................... 300

22.0 UK .............................................................................................................................................................. 302


Close to 2,000 firms belong to the main association for insurance brokers in the UK ............................................ 302 Commercial non-life insurance market ......................................................................................................... 303

Commercial non-life insurance premiums contracted by over GBP 1 billion between 2011 and 2015… ............. 303 … with only commercial property and miscellaneous other commercial business showing any growth ............... 304 Larger clients account for a comparatively high proportion of commercial lines premiums paid in the UK ........... 306


The distribution share of brokers in the UK commercial lines market has remained stable in recent years .......... 307 Over a quarter of commercial lines broking revenues are due to the largest client segment ................................. 309


The UK’s commercial non-life insurance broking market has become significantly more concentrated… ........... 310 … and is now led by Arthur J. Gallagher in the wake of its many acquisitions… ................................................... 310 ... followed by Aon ...................................................................................................................................................... 311 Acquisitions have also bolstered the share of Marsh & McLennan Companies and Willis Towers Watson… ..... 311 … with Towergate pushed back into fifth position .................................................................................................... 312 Beyond the top five, no broker holds a share of more than 5% of total commercial lines broking revenues ......... 312 For a number of the top 60 brokers, commercial lines is not their main source of revenues ................................. 313


A number of smaller firms outside of the top 60 belong to international broker networks… .................................. 315 … and the UK market is also characterised by the presence of at least seven domestic networks ...................... 316

Future outlook ............................................................................................................................................. 316

Very modest growth is predicted up to 2019 for the value of the UK commercial lines broking market ................ 316


© FINACCORD (08/2016) XI

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ............................................................................................................................... 1

Germany hosts the largest commercial non-life insurance market in Europe ................................................ 2 Premium growth was fastest in Turkey and Finland in real terms between 2011 and 2015 ......................... 3 The distribution share of brokers in commercial non-life insurance varies significantly across the 20 countries ............................................................................................................................................................. 4 France and the UK combined account for just under a half of the value of commercial lines broking revenues across the 20 countries ..................................................................................................................... 5 Aon, Marsh & McLennan Companies and Willis Towers Watson account together for more than 30% of commercial lines broking revenues across the 20 countries in scope ............................................................ 6 Revenues from commercial lines broking are predicted to grow in real terms in 18 of the 20 countries between 2015 and 2019 .................................................................................................................................... 8

1.0 INTRODUCTION ............................................................................................................................................ 9

2.0 EUROPEAN OVERVIEW ............................................................................................................................ 14

Commercial non-life insurance gross written premiums in Europe, 2011 to 2015 ....................................... 14 Commercial non-life insurance gross written premiums in Europe segmented by country, 2015 .............. 15 Compound annual growth rates for commercial non-life insurance gross written premiums in Europe, in nominal values segmented by country, 2011 to 2015 ................................................................................... 16 Compound annual growth rates for commercial non-life insurance gross written premiums in Europe, in real values segmented by country, 2011 to 2015 .......................................................................................... 17 Commercial non-life insurance gross written premiums in Europe segmented by country, 2011 to 2015 (table) ................................................................................................................................................................ 18 Commercial non-life insurance gross written premiums in Europe segmented by line of business, 2015 . 19 Compound annual growth rates in commercial non-life insurance gross written premiums in Europe, in nominal values segmented by line of business, 2011 to 2015 ...................................................................... 20 Commercial non-life insurance gross written premiums in Europe segmented by line of business, 2011 to 2015 (table) ....................................................................................................................................................... 20 Commercial non-life insurance gross written premiums in Europe segmented by line of business and by country, 2015 (table) ........................................................................................................................................ 21 Commercial non-life insurance gross written premiums in Europe segmented between micro, small, medium, large and very large entities and by country, 2015 ......................................................................... 22 Commercial non-life insurance gross written premiums in Europe segmented between micro, small, medium, large and very large entities and by country, 2015 (table).............................................................. 23 Brokers' distribution share of commercial non-life insurance gross written premiums in Europe segmented by country, 2011 and 2015 .............................................................................................................................. 25 Brokers' distribution share of commercial non-life insurance gross written premiums in Europe segmented by country, 2011 and 2015 (table) .................................................................................................................. 26 Brokers' revenues from commercial non-life insurance in Europe segmented by country, 2015 ............... 27 Real compound annual growth rates for brokers' revenues from commercial non-life insurance in Europe segmented by country, 2011 to 2015.............................................................................................................. 28 Brokers' revenues from commercial non-life insurance in Europe segmented by country, 2011 and 2015 (table) ................................................................................................................................................................ 29 Commercial non-life insurance broking revenues in Europe segmented between micro, small, medium, large and very large entities and by country, 2015 ......................................................................................... 30 Commercial non-life insurance broking revenues in Europe segmented between micro, small, medium, large and very large entities and by country, 2015 (table) ............................................................................. 31 Market concentration as measured by market share of top three and top ten commercial non-life insurance brokers in Europe segmented by country, 2015 segmented by country, 2013 ........................... 32 Market concentration as measured by market share of the top three and top ten commercial non-life insurance brokers in Europe segmented by country, 2015 (table)................................................................ 33


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Share of commercial non-life insurance broking revenues in Europe of Aon, Marsh & McLennan Companies and Willis Towers Watson, 2015 ................................................................................................. 34 Revenues, number of first-place rankings and number of top-ten rankings in Europe of Aon, Marsh & McLennan Companies and Willis Towers Watson, 2015 (table) .................................................................. 35 Forecast change in commercial non-life insurance gross written premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Europe in real terms segmented by country, 2015 to 2019 (forecast) ..................................................................................................................... 37 Forecast change in commercial non-life insurance gross written premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in Europe in real terms segmented by country, 2015 to 2019 (forecast) (table) .......................................................................................................... 38 Brokers' revenues from commercial non-life insurance in Europe segmented by country, 2015 and 2019 (forecast) ........................................................................................................................................................... 39 Brokers' revenues from commercial non-life insurance in Europe segmented by country, 2015 and 2019 (forecast) (table) ............................................................................................................................................... 40

3.0 AUSTRIA ....................................................................................................................................................... 41 Segmentation of commercial non-life insurance gross written premiums in Austria by line of business, 2015 .................................................................................................................................................................. 42 Growth in commercial non-life insurance gross written premiums in Austria segmented by line of business, 2011 to 2015 ..................................................................................................................................................... 43 Segmentation of commercial non-life insurance gross written premiums in Austria by line of business, 2011 to 2015 (table) ......................................................................................................................................... 44 Segmentation of commercial non-life insurance gross written premiums in Austria between micro, small, medium, large and very large entities, 2015 ................................................................................................... 45 Segmentation of commercial non-life insurance gross written premiums in Austria between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 46 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2011 and 2015 .................................................................................................................................... 47 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2011 and 2015 (table) ........................................................................................................................ 47 Segmentation of commercial non-life insurance broking revenues in Austria between micro, small, medium, large and very large entities, 2015 ................................................................................................... 48 Segmentation of commercial non-life insurance broking revenues in Austria between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 49 Share of the top three and the top ten brokers in commercial non-life insurance broking in Austria, 2011 and 2015 ........................................................................................................................................................... 50 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Austria, 2015 ........................................................................................................................................................................... 51 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in Austria, 2015 ................................................................................................................................... 52 Partners of international broker networks in Austria, 2016 ............................................................................ 53 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2019 (forecast) .................................................................................................................................... 54 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Austria, 2019 (forecast) (table) ........................................................................................................................ 54

4.0 BELGIUM ...................................................................................................................................................... 55

Segmentation of commercial non-life insurance gross written premiums in Belgium by line of business, 2015 .................................................................................................................................................................. 56 Growth in commercial non-life insurance gross written premiums in Belgium segmented by line of business, 2011 to 2015 .................................................................................................................................... 57 Segmentation of commercial non-life insurance gross written premiums in Belgium by line of business, 2011 to 2015 (table) ......................................................................................................................................... 58 Segmentation of commercial non-life insurance gross written premiums in Belgium between micro, small, medium, large and very large entities, 2015 ................................................................................................... 59


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Segmentation of commercial non-life insurance gross written premiums in Belgium between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 59 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2011 and 2015 .................................................................................................................................. 60 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2011 and 2015 (table) ...................................................................................................................... 61 Segmentation of commercial non-life insurance broking revenues in Belgium between micro, small, medium, large and very large entities, 2015 ................................................................................................... 62 Segmentation of commercial non-life insurance broking revenues in Belgium between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 62 Share of the top three and the top ten brokers in commercial non-life insurance broking in Belgium, 2011 and 2015 ........................................................................................................................................................... 63 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Belgium, 2015 ........................................................................................................................................................................... 64 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 25 commercial non-life insurance brokers in Belgium, 2015 ................................................................................................................................. 65 Partners of international broker networks in Belgium, 2016 .......................................................................... 66 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2019 (forecast) .................................................................................................................................. 67 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Belgium, 2019 (forecast) (table) ...................................................................................................................... 67

5.0 CZECH REPUBLIC ...................................................................................................................................... 68

Segmentation of commercial non-life insurance gross written premiums in the Czech Republic by line of business, 2015 ................................................................................................................................................. 69 Growth in commercial non-life insurance gross written premiums in the Czech Republic segmented by line of business, 2011 to 2015 ......................................................................................................................... 70 Segmentation of commercial non-life insurance gross written premiums in the Czech Republic by line of business, 2011 to 2015 (table) ........................................................................................................................ 70 Segmentation of commercial non-life insurance gross written premiums in the Czech Republic between micro, small, medium, large and very large entities, 2015 ............................................................................. 71 Segmentation of commercial non-life insurance gross written premiums in the Czech Republic between micro, small, medium, large and very large entities, 2015 (table) ................................................................. 72 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2011 and 2015 ..................................................................................................................... 73 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2011 and 2015 (table) ......................................................................................................... 73 Segmentation of commercial non-life insurance broking revenues in the Czech Republic between micro, small, medium, large and very large entities, 2015 ........................................................................................ 74 Segmentation of commercial non-life insurance broking revenues in the Czech Republic between micro, small, medium, large and very large entities, 2015 (table) ............................................................................ 75 Share of the top three and the top ten brokers in commercial non-life insurance broking in the Czech Republic, 2011 and 2015 ................................................................................................................................. 76 Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Czech Republic, 2015 ................................................................................................................................................. 77 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 20 commercial non-life insurance brokers in the Czech Republic, 2015 .............................................................................................................. 78 Partners of international broker networks in the Czech Republic, 2016 ....................................................... 79 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2019 (forecast) ..................................................................................................................... 80 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Czech Republic, 2019 (forecast) (table) ......................................................................................................... 80

6.0 DENMARK .................................................................................................................................................... 81


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Segmentation of commercial non-life insurance gross written premiums in Denmark by line of business, 2015 .................................................................................................................................................................. 82 Growth in commercial non-life insurance gross written premiums in Denmark segmented by line of business, 2011 to 2015 .................................................................................................................................... 83 Segmentation of commercial non-life insurance gross written premiums in Denmark by line of business, 2011 to 2015 (table) ......................................................................................................................................... 83 Segmentation of commercial non-life insurance gross written premiums in Denmark between micro, small, medium, large and very large entities, 2015 ................................................................................................... 84 Segmentation of commercial non-life insurance gross written premiums in Denmark between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 85 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2011 and 2015 ................................................................................................................................ 86 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2011 and 2015 (table) .................................................................................................................... 86 Segmentation of commercial non-life insurance broking revenues in Denmark between micro, small, medium, large and very large entities, 2015 ................................................................................................... 87 Segmentation of commercial non-life insurance broking revenues in Denmark between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 88 Share of the top three and the top ten brokers in commercial non-life insurance broking in Denmark, 2011 and 2015 ........................................................................................................................................................... 89 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Denmark, 2015 ........................................................................................................................................................................... 90 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top ten commercial non-life insurance brokers in Denmark, 2015 ............................................................................................................................... 91 Partners of international broker networks in Denmark, 2016 ........................................................................ 92 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2019 (forecast) ................................................................................................................................ 93 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2019 (forecast) (table) .................................................................................................................... 93

7.0 FINLAND ....................................................................................................................................................... 94

Segmentation of commercial non-life insurance gross written premiums in Finland by line of business, 2015 .................................................................................................................................................................. 95 Growth in commercial non-life insurance gross written premiums in Finland segmented by line of business, 2011 to 2015 ..................................................................................................................................................... 96 Segmentation of commercial non-life insurance gross written premiums in Finland by line of business, 2011 to 2015 (table) ......................................................................................................................................... 96 Segmentation of commercial non-life insurance gross written premiums in Finland between micro, small, medium, large and very large entities, 2015 ................................................................................................... 97 Segmentation of commercial non-life insurance gross written premiums in Finland between micro, small, medium, large and very large entities, 2015 (table) ....................................................................................... 98 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Finland, 2011 and 2015 ................................................................................................................................... 99 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Finland, 2011 and 2015 (table) ....................................................................................................................... 99 Segmentation of commercial non-life insurance broking revenues in Finland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 100 Segmentation of commercial non-life insurance broking revenues in Finland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 101 Share of the top three and the top ten brokers in commercial non-life insurance broking in Finland, 2011 and 2015 ......................................................................................................................................................... 102 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Finland, 2015 ......................................................................................................................................................................... 103


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Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top ten commercial non-life insurance brokers in Finland, 2015 ................................................................................................................................ 104 Partners of international broker networks in Finland, 2016 ......................................................................... 105 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Finland, 2019 (forecast) ................................................................................................................................. 106 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Finland, 2019 (forecast) (table) ..................................................................................................................... 106

8.0 FRANCE ...................................................................................................................................................... 107

Segmentation of commercial non-life insurance gross written premiums in France by line of business, 2015 ................................................................................................................................................................ 108 Growth in commercial non-life insurance gross written premiums in France segmented by line of business, 2011 to 2015 ................................................................................................................................................... 109 Segmentation of commercial non-life insurance gross written premiums in France by line of business, 2011 to 2015 (table) ....................................................................................................................................... 110 Segmentation of commercial non-life insurance gross written premiums in France between micro, small, medium, large and very large entities, 2015 ................................................................................................. 111 Segmentation of commercial non-life insurance gross written premiums in France between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 112 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in France, 2011 and 2015 .................................................................................................................................. 113 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in France, 2011 and 2015 (table) ...................................................................................................................... 113 Segmentation of commercial non-life insurance broking revenues in France between micro, small, medium, large and very large entities, 2015 ................................................................................................. 114 Segmentation of commercial non-life insurance broking revenues in France between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 115 Share of the top three and the top ten brokers in commercial non-life insurance broking in France, 2011 and 2015 ......................................................................................................................................................... 116 Market shares of commercial non-life insurance broking revenues of the top ten brokers in France, 2015 ......................................................................................................................................................................... 117 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 50 commercial non-life insurance brokers in France, 2015 ................................................................................................................................. 118 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 50 commercial non-life insurance brokers in France, 2015 (continued) ............................................................................................................. 119 Partners of international broker networks in France, 2016 .......................................................................... 120 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in France, 2019 (forecast) .................................................................................................................................. 121 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in France, 2019 (forecast) (table) ...................................................................................................................... 121

9.0 GERMANY .................................................................................................................................................. 122

Segmentation of commercial non-life insurance gross written premiums in Germany by line of business, 2015 ................................................................................................................................................................ 124 Growth in commercial non-life insurance gross written premiums in Germany segmented by line of business, 2011 to 2015 .................................................................................................................................. 125 Segmentation of commercial non-life insurance gross written premiums in Germany by line of business, 2011 to 2015 (table) ....................................................................................................................................... 125 Segmentation of commercial non-life insurance gross written premiums in Germany between micro, small, medium, large and very large entities, 2015 ................................................................................................. 126 Segmentation of commercial non-life insurance gross written premiums in Germany between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 127 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Germany, 2011 and 2015 .............................................................................................................................. 128


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Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Germany, 2011 and 2015 (table) .................................................................................................................. 128 Segmentation of commercial non-life insurance broking revenues in Germany between micro, small, medium, large and very large entities, 2015 ................................................................................................. 129 Segmentation of commercial non-life insurance broking revenues in Germany between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 130 Share of the top three and the top ten brokers in commercial non-life insurance broking in Germany, 2011 and 2015 ......................................................................................................................................................... 131 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Germany, 2015 ................................................................................................................................................................ 133 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 70 commercial non-life insurance brokers in Germany, 2015 ............................................................................................................................. 135 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 70 commercial non-life insurance brokers in Germany, 2015 (continued) ......................................................................................................... 136 Partners of international broker networks in Germany, 2016 ...................................................................... 137 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Germany, 2019 (forecast) .............................................................................................................................. 138 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Germany, 2019 (forecast) (table) .................................................................................................................. 138

10.0 IRELAND ................................................................................................................................................... 139 Segmentation of commercial non-life insurance gross written premiums in Ireland by line of business, 2015 ................................................................................................................................................................ 140 Growth in commercial non-life insurance gross written premiums in Ireland segmented by line of business, 2011 to 2015 ................................................................................................................................................... 141 Segmentation of commercial non-life insurance gross written premiums in Ireland by line of business, 2011 to 2015 (table) ....................................................................................................................................... 142 Segmentation of commercial non-life insurance gross written premiums in Ireland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 143 Segmentation of commercial non-life insurance gross written premiums in Ireland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 143 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Ireland, 2011 and 2015 .................................................................................................................................. 144 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Ireland, 2011 and 2015 (table) ...................................................................................................................... 145 Segmentation of commercial non-life insurance broking revenues in Ireland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 146 Segmentation of commercial non-life insurance broking revenues in Ireland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 146 Share of the top three and the top ten brokers in commercial non-life insurance broking in Ireland, 2011 and 2015 ......................................................................................................................................................... 147 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Ireland, 2015 ......................................................................................................................................................................... 148 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 20 commercial non-life insurance brokers in Ireland, 2015 ................................................................................................................................. 149 Partners of international broker networks in Ireland, 2016 .......................................................................... 150 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Ireland, 2019 (forecast) .................................................................................................................................. 151 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Ireland, 2019 (forecast) (table) ...................................................................................................................... 151

11.0 ITALY ......................................................................................................................................................... 152 Segmentation of commercial non-life insurance gross written premiums in Italy by line of business, 2015 ......................................................................................................................................................................... 154


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Growth in commercial non-life insurance gross written premiums in Italy segmented by line of business, 2011 to 2015 ................................................................................................................................................... 155 Segmentation of commercial non-life insurance gross written premiums in Italy by line of business, 2011 to 2015 (table) ................................................................................................................................................ 156 Segmentation of commercial non-life insurance gross written premiums in Italy between micro, small, medium, large and very large entities, 2015 ................................................................................................. 157 Segmentation of commercial non-life insurance gross written premiums in Italy between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 157 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Italy, 2011 and 2015 ....................................................................................................................................... 158 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Italy, 2011 and 2015 (table) ........................................................................................................................... 159 Segmentation of commercial non-life insurance broking revenues in Italy between micro, small, medium, large and very large entities, 2015 ................................................................................................................ 160 Segmentation of commercial non-life insurance broking revenues in Italy between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................................... 161 Share of the top three and the top ten brokers in commercial non-life insurance broking in Italy, 2011 and 2015 ................................................................................................................................................................ 162 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Italy, 2015 . 163 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 50 commercial non-life insurance brokers in Italy, 2015 ...................................................................................................................................... 164 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 50 commercial non-life insurance brokers in Italy, 2015 (continued) .................................................................................................................. 165 Partners of international broker networks in Italy, 2016 ............................................................................... 166 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Italy, 2019 (forecast) ....................................................................................................................................... 167 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Italy, 2019 (forecast) (table) ........................................................................................................................... 167

12.0 NETHERLANDS ....................................................................................................................................... 168

Segmentation of commercial non-life insurance gross written premiums in the Netherlands by line of business, 2015 ............................................................................................................................................... 170 Growth in commercial non-life insurance gross written premiums in the Netherlands segmented by line of business, 2011 to 2015 .................................................................................................................................. 171 Segmentation of commercial non-life insurance gross written premiums in the Netherlands by line of business, 2011 to 2015 (table) ...................................................................................................................... 171 Segmentation of commercial non-life insurance gross written premiums in the Netherlands between micro, small, medium, large and very large entities, 2015 ...................................................................................... 172 Segmentation of commercial non-life insurance gross written premiums in the Netherlands between micro, small, medium, large and very large entities, 2015 (table) .......................................................................... 173 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2011 and 2015 ......................................................................................................................... 174 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2011 and 2015 (table) ............................................................................................................. 174 Segmentation of commercial non-life insurance broking revenues in the Netherlands between micro, small, medium, large and very large entities, 2015 ...................................................................................... 175 Segmentation of commercial non-life insurance broking revenues in the Netherlands between micro, small, medium, large and very large entities, 2015 (table) .......................................................................... 176 Share of the top three and the top ten brokers in commercial non-life insurance broking in the Netherlands, 2011 and 2015 ............................................................................................................................................... 177 Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Netherlands, 2015 .......................................................................................................................................... 178


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Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in the Netherlands, 2015 .................................................................................................................. 179 Partners of international broker networks in the Netherlands, 2016 ........................................................... 180 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2019 (forecast) ......................................................................................................................... 181 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the Netherlands, 2019 (forecast) (table) ............................................................................................................. 181

13.0 NORWAY .................................................................................................................................................. 182

Segmentation of commercial non-life insurance gross written premiums in Norway by line of business, 2015 ................................................................................................................................................................ 183 Growth in commercial non-life insurance gross written premiums in Norway segmented by line of business, 2011 to 2015 .................................................................................................................................. 184 Segmentation of commercial non-life insurance gross written premiums in Norway by line of business, 2011 to 2015 (table) ....................................................................................................................................... 184 Segmentation of commercial non-life insurance gross written premiums in Norway between micro, small, medium, large and very large entities, 2015 ................................................................................................. 185 Segmentation of commercial non-life insurance gross written premiums in Norway between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 186 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Norway, 2011 and 2015................................................................................................................................. 187 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Norway, 2011 and 2015 (table) ..................................................................................................................... 187 Segmentation of commercial non-life insurance broking revenues in Norway between micro, small, medium, large and very large entities, 2015 ................................................................................................. 188 Segmentation of commercial non-life insurance broking revenues in Norway between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 189 Share of the top three and the top ten brokers in commercial non-life insurance broking in Norway, 2011 and 2015 ......................................................................................................................................................... 190 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Norway, 2015 ......................................................................................................................................................................... 191 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Norway, 2015 ................................................................................................................................ 192 Partners of international broker networks in Norway, 2016 ......................................................................... 193 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Norway, 2019 (forecast)................................................................................................................................. 194 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Norway, 2019 (forecast) (table) ..................................................................................................................... 194

14.0 POLAND ................................................................................................................................................... 195

Segmentation of commercial non-life insurance gross written premiums by line of business in Poland, 2015 ................................................................................................................................................................ 196 Growth in commercial non-life insurance gross written premiums in Poland segmented by line of business, 2011 to 2015 ................................................................................................................................................... 197 Gross written premiums for commercial non-life insurance in Poland by line of business, 2011 to 2015 (table) .............................................................................................................................................................. 197 Segmentation of commercial non-life insurance gross written premiums in Poland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 198 Segmentation of commercial non-life insurance gross written premiums in Poland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 199 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Poland, 2011 and 2015 .................................................................................................................................. 200 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Poland, 2011 and 2015 (table) ...................................................................................................................... 200


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Segmentation of commercial non-life insurance broking revenues in Poland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 201 Segmentation of commercial non-life insurance broking revenues in Poland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 202 Share of the top three and the top ten brokers in commercial non-life insurance broking in Poland, 2011 and 2015 ......................................................................................................................................................... 203 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Poland, 2015 ......................................................................................................................................................................... 204 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 25 commercial non-life insurance brokers in Poland, 2015 ................................................................................................................................. 205 Partners of international broker networks in Poland, 2016 .......................................................................... 206 Brokers’ forecast share of the commercial non-life insurance market and revenues earned from it in Poland, 2015 and 2019 (forecast) ................................................................................................................. 207 Brokers’ forecast share of the commercial non-life insurance market and revenues earned from it in Poland, 2015 and 2019 (forecast) table)....................................................................................................... 207

15.0 PORTUGAL .............................................................................................................................................. 208 Segmentation of commercial non-life insurance gross written premiums in Portugal by line of business, 2015 ................................................................................................................................................................ 209 Growth in commercial non-life insurance gross written premiums in Portugal segmented by line of business, 2011 to 2015 .................................................................................................................................. 210 Segmentation of commercial non-life insurance gross written premiums in Portugal by line of business, 2011 to 2015 (table) ....................................................................................................................................... 211 Segmentation of commercial non-life insurance gross written premiums in Portugal between micro, small, medium, large and very large entities, 2015 ................................................................................................. 212 Segmentation of commercial non-life insurance gross written premiums in Portugal between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 212 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2011 and 2015 ............................................................................................................................... 213 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2011 and 2015 (table) .................................................................................................................... 214 Segmentation of commercial non-life insurance broking revenues in Portugal between micro, small, medium, large and very large entities, 2015 ................................................................................................. 215 Segmentation of commercial non-life insurance broking revenues in Portugal between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 215 Share of the top three and the top ten brokers in commercial non-life insurance broking in Portugal, 2011 and 2015 ......................................................................................................................................................... 216 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Portugal, 2015 ......................................................................................................................................................................... 217 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Portugal, 2015 ............................................................................................................................... 218 Partners of international broker networks in Portugal, 2016 ........................................................................ 219 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2019 (forecast) ............................................................................................................................... 220 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Portugal, 2019 (forecast) (table) .................................................................................................................... 220

16.0 ROMANIA ................................................................................................................................................. 221 Segmentation of commercial non-life insurance gross written premiums in Romania by line of business, 2015 ................................................................................................................................................................ 222 Growth in commercial non-life insurance gross written premiums in Romania segmented by line of business, 2011 to 2015 .................................................................................................................................. 223 Segmentation of commercial non-life insurance gross written premiums in Romania by line of business, 2011 to 2015 (table) ....................................................................................................................................... 223


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Segmentation of commercial non-life insurance gross written premiums in Romania between micro, small, medium, large and very large entities, 2015 ................................................................................................. 224 Segmentation of commercial non-life insurance gross written premiums in Romania between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 225 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Romania, 2011 and 2015 .............................................................................................................................. 226 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Romania, 2011 and 2015 (table) ................................................................................................................... 226 Segmentation of commercial non-life insurance broking revenues in Romania between micro, small, medium, large and very large entities, 2015 ................................................................................................. 227 Segmentation of commercial non-life insurance broking revenues in Romania between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 228 Share of the top three and the top ten brokers in commercial non-life insurance broking in Romania, 2011 and 2015 ......................................................................................................................................................... 229 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Romania, 2015 ......................................................................................................................................................................... 230 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Romania, 2015.............................................................................................................................. 231 Partners of international broker networks in Romania, 2016 ....................................................................... 232 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Romania, 2019 (forecast) .............................................................................................................................. 233 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Romania, 2019 (forecast) (table) ................................................................................................................... 234

17.0 RUSSIA ..................................................................................................................................................... 235

Segmentation of commercial non-life insurance gross written premiums in Russia by line of business, 2015 ................................................................................................................................................................ 237 Growth in commercial non-life insurance gross written premiums in Russia segmented by line of business, 2011 to 2015 ................................................................................................................................................... 238 Segmentation of commercial non-life insurance gross written premiums in Russia by line of business, 2011 to 2015 (table) ....................................................................................................................................... 238 Segmentation of commercial non-life insurance gross written premiums in Russia between micro, small, medium, large and very large entities, 2015 ................................................................................................. 239 Segmentation of commercial non-life insurance gross written premiums in Russia between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 240 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2011 and 2015 .................................................................................................................................. 241 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2011 and 2015 (table) ...................................................................................................................... 241 Segmentation of commercial non-life insurance broking revenues in Russia between micro, small, medium, large and very large entities, 2015 ................................................................................................. 242 Segmentation of commercial non-life insurance broking revenues in Russia between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 243 Share of the top three and the top ten brokers in commercial non-life insurance broking in Russia, 2011 and 2015 ......................................................................................................................................................... 244 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Russia, 2015 ......................................................................................................................................................................... 245 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Russia, 2015 ................................................................................................................................. 246 Partners of international broker networks in Russia, 2016 .......................................................................... 247 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2019 (forecast) .................................................................................................................................. 248 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Russia, 2019 (forecast) (table) ...................................................................................................................... 248


© FINACCORD (08/2016) XXI

18.0 SPAIN ........................................................................................................................................................ 249

Segmentation of commercial non-life insurance gross written premiums by line of business in Spain, 2015 ......................................................................................................................................................................... 250 Growth in commercial non-life insurance gross written premiums in Spain segmented by line of business, 2011 to 2015 ................................................................................................................................................... 251 Gross written premiums for commercial non-life insurance in Spain by line of business, 2011 to 2015 (table) .............................................................................................................................................................. 251 Segmentation of commercial non-life insurance gross written premiums in Spain between micro, small, medium, large and very large entities, 2015 ................................................................................................. 252 Segmentation of commercial non-life insurance gross written premiums in Spain between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 253 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2011 and 2015 .................................................................................................................................... 254 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2011 and 2015 (table) ........................................................................................................................ 254 Segmentation of commercial non-life insurance broking revenues in Spain between micro, small, medium, large and very large entities, 2015 ................................................................................................................ 255 Segmentation of commercial non-life insurance broking revenues in Spain between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................................... 256 Market concentration for commercial non-life insurance broking in Spain, 2011 and 2015 ...................... 257 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Spain, 2015 ......................................................................................................................................................................... 258 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in Spain, 2015 ................................................................................................................................... 259 Partners of international broker networks in Spain, 2016 ............................................................................ 260 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2019 (forecast) .................................................................................................................................... 261 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Spain, 2019 (forecast) (table) ........................................................................................................................ 261

19.0 SWEDEN ................................................................................................................................................... 262

Segmentation of commercial non-life insurance gross written premiums in Sweden by line of business, 2015 ................................................................................................................................................................ 263 Growth in commercial non-life insurance gross written premiums in Sweden segmented by line of business, 2011 to 2015 .................................................................................................................................. 264 Segmentation of commercial non-life insurance gross written premiums in Sweden by line of business, 2011 to 2015 (table) ....................................................................................................................................... 264 Segmentation of commercial non-life insurance gross written premiums in Sweden between micro, small, medium, large and very large entities, 2015 ................................................................................................. 265 Segmentation of commercial non-life insurance gross written premiums in Sweden between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 266 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Sweden, 2011 and 2015 ................................................................................................................................ 267 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Sweden, 2011 and 2015 (table) .................................................................................................................... 267 Segmentation of commercial non-life insurance broking revenues in Sweden between micro, small, medium, large and very large entities, 2015 ................................................................................................. 268 Segmentation of commercial non-life insurance broking revenues in Sweden between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 269 Share of the top three and the top ten brokers in commercial non-life insurance broking in Sweden, 2011 and 2015 ......................................................................................................................................................... 270 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Sweden, 2015 ......................................................................................................................................................................... 271


© FINACCORD (08/2016) XXII

Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top ten commercial non-life insurance brokers in Sweden, 2015 ............................................................................................................................... 272 Partners of international broker networks in Sweden, 2016 ........................................................................ 273 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Sweden, 2019 (forecast) ................................................................................................................................ 274 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Sweden, 2019 (forecast) (table) .................................................................................................................... 274

20.0 SWITZERLAND ........................................................................................................................................ 275

Segmentation of commercial non-life insurance gross written premiums in Switzerland by line of business, 2015 ................................................................................................................................................................ 276 Growth in commercial non-life insurance gross written premiums in Switzerland segmented by line of business, 2011 to 2015 .................................................................................................................................. 277 Segmentation of commercial non-life insurance gross written premiums in Switzerland by line of business, 2011 to 2015 (table) ....................................................................................................................................... 277 Segmentation of commercial non-life insurance gross written premiums in Switzerland between micro, small, medium, large and very large entities, 2015 ...................................................................................... 278 Segmentation of commercial non-life insurance gross written premiums in Switzerland between micro, small, medium, large and very large entities, 2015 (table) .......................................................................... 279 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2011 and 2015 .......................................................................................................................... 280 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2011 and 2015 (table) .............................................................................................................. 280 Segmentation of commercial non-life insurance broking revenues in Switzerland between micro, small, medium, large and very large entities, 2015 ................................................................................................. 281 Segmentation of commercial non-life insurance broking revenues in Switzerland between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 282 Share of the top three and the top ten brokers in commercial non-life insurance broking in Switzerland, 2011 and 2015 ............................................................................................................................................... 283 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Switzerland, 2015 ................................................................................................................................................................ 284 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 30 commercial non-life insurance brokers in Switzerland, 2015 ......................................................................................................................... 285 Partners of international broker networks in Switzerland, 2016 .................................................................. 286 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2019 (forecast) .......................................................................................................................... 287 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Switzerland, 2019 (forecast) (table) .............................................................................................................. 288

21.0 TURKEY .................................................................................................................................................... 289

Segmentation of commercial non-life insurance gross written premiums in Turkey by line of business, 2015 ................................................................................................................................................................ 290 Growth in commercial non-life insurance gross written premiums in Turkey segmented by line of business, 2011 to 2015 ................................................................................................................................................... 291 Segmentation of commercial non-life insurance gross written premiums in Turkey by line of business, 2011 to 2015 (table) ....................................................................................................................................... 291 Segmentation of commercial non-life insurance gross written premiums in Turkey between micro, small, medium, large and very large entities, 2015 ................................................................................................. 292 Segmentation of commercial non-life insurance gross written premiums in Turkey between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 293 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2011 and 2015 .................................................................................................................................. 294 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2011 and 2015 (table) ...................................................................................................................... 294


© FINACCORD (08/2016) XXIII

Segmentation of commercial non-life insurance broking revenues in Turkey between micro, small, medium, large and very large entities, 2015 ................................................................................................. 295 Segmentation of commercial non-life insurance broking revenues in Turkey between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 296 Share of the top three and the top ten brokers in commercial non-life insurance broking in Turkey, 2011 and 2015 ......................................................................................................................................................... 297 Market shares of commercial non-life insurance broking revenues of the top ten brokers in Turkey, 2015 ......................................................................................................................................................................... 298 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Turkey, 2015 ................................................................................................................................. 299 Partners of international broker networks in Turkey, 2016 .......................................................................... 300 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2019 (forecast) .................................................................................................................................. 301 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2019 (forecast) (table) ...................................................................................................................... 301

22.0 UK .............................................................................................................................................................. 302 Segmentation of commercial non-life insurance gross written premiums in the UK by line of business, 2015 ................................................................................................................................................................ 304 Growth in commercial non-life insurance gross written premiums in the UK segmented by line of business, 2011 to 2015 ................................................................................................................................................... 305 Segmentation of commercial non-life insurance gross written premiums in the UK by line of business, 2011 to 2015 (table) ....................................................................................................................................... 305 Segmentation of commercial non-life insurance gross written premiums in the UK between micro, small, medium, large and very large entities, 2015 ................................................................................................. 306 Segmentation of commercial non-life insurance gross written premiums in the UK between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 307 Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in the UK, 2011 and 2015 ........................................................................................................................................ 308 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the UK, 2011 and 2015 (table) ............................................................................................................................ 308 Segmentation of commercial non-life insurance broking revenues in the UK between micro, small, medium, large and very large entities, 2015 ................................................................................................. 309 Segmentation of commercial non-life insurance broking revenues in the UK between micro, small, medium, large and very large entities, 2015 (table) ..................................................................................... 310 Share of the top three and the top ten brokers in commercial non-life insurance broking in the UK, 2011 and 2015 ......................................................................................................................................................... 311 Market shares of commercial non-life insurance broking revenues of the top ten brokers in the UK, 2015 ......................................................................................................................................................................... 313 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 60 commercial non-life insurance brokers in the UK, 2015 ................................................................................................................................. 314 Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 60 commercial non-life insurance brokers in the UK, 2015 (cont.) ...................................................................................................................... 315 Partners of international broker networks in the UK, 2016 .......................................................................... 316 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the UK, 2019 (forecast) ........................................................................................................................................ 317 Brokers’ distribution share of the commercial non-life insurance market and revenues earned from it in the UK, 2019 (forecast) (table) ............................................................................................................................ 317

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TABLE OF CONTENTS - Finaccord of Contents/cont… · COMMERCIAL NON-LIFE INSURANCE BROKERS IN EUROPE life insurance…