Dublin – (work wire) – The report “European Insurance Brokerage Market – Growth, Trends, Impact of COVID-19, Forecast (2021-2026)” has been added to ResearchAndMarkets.com an offer.
After taking a look at the practices of a number of European countries, we will see that without insurance brokers there are very few insurance contracts concluded.
Given the importance of brokerage firms, the digitization of the insurance industry has its impact on distribution channels as well. Aggregators, that is, online brokers, have had their place in Europe for the past 20 years. The future of brokerage firms in Europe is completely shaped by technological developments in the key roles of brokers.
Brexit has a lasting impact on every possible industry in the EU and the UK. Brokerage firms operating in the European Union and the United Kingdom are not exempt from this. Right from registration to commercial profitability, insurance brokers have to operate in a more cautious manner.
Major market trends
The importance of brokerage firms as a distribution channel in the European region
We see a preference for brokers and independent financial advisors in the Americas across insurance types while in Europe, non-life insurance is primarily distributed by agents followed by brokers.
In non-life insurance products, brokerage firms account for more than 50% of total written premiums in Bulgaria and Belgium, and account for 15-50% of total premiums in countries namely Malta, Spain, Germany, Portugal, France and Poland, in 2017.
Even in life insurance, brokerages accounted for 20-45% of the total premiums in countries such as Belgium, Bulgaria and Germany. Overall, brokerages have been picking specific countries within Europe for the past 15 years with 19% of all written premiums in Europe being earned through the brokerage channel in 2017.
The importance of digital intermediaries in the European region
European aggregators are the digital brokers and expert advisors have evolved a lot in the past few years. According to estimates, nearly 50% of online insurance in Europe is sold through two pools. In many countries, assemblers have been the customer-facing side of their business. This business is mutually beneficial, as aggregators get good profit margins and increased interest in mergers and acquisitions from potential acquirers and insurance companies that can cater to a large client base by understanding the pros and cons of aggregator business models.
General assemblers start out as specialists in any one product and expand their reach by incorporating more segments. In many major European markets, insurance products still account for 75 percent or more of aggregate revenue for collectors.
The report includes an overview of the largest insurance brokers and internet aggregators operating in the studied market. The oligopolistic market has been covered with some of the major players dominating the studied market, in terms of their market share in detail.
The main topics covered
1.1 Market Scope
1.2 Market Definition
2 Research Methodology
2.1 Study Outcomes
2.2 Assumptions of the study
2.3 Analysis Methodology
2.4 Research stages
3 Executive Summary
4 Market dynamics
4.1 Market Overview
4.1.1 Historical performance of the insurance industry in Europe, by type of insurance
4.1.2 Distribution channels for the insurance market across Europe
4.1.3 The emergence of intermediaries – market share by types of insurance
4.1.4 Emergence of Intermediaries – Market Share by Country
4.2 Digital mediation
4.2.1 Summary of compilers in the European insurance market
4.2.2 Industry perspective on the development of broker technology
4.2.3 Automate underwriting and lead generation through digital brokerage
4.3 Impact of Brexit on insurance brokerage in Europe
4.3.1 Changes in the business models of insurance brokers with ties to the EU due to Brexit
4.3.2 Impact on Brexit brokerage business, by type of insurance
4.4 Market Drivers
4.5 Market Restrictions
4.6 Summary of the evolving regulatory landscape in the region
4.7 Porter’s Five Forces Analysis
4.7.1 Threat of new arrivals
4.7.2 Bargaining power of buyers/consumers
4.7.3 Suppliers’ Bargaining Power
4.7.4 The threat of substitute products
4.7.5 Intensity of competitive rivalry
4.8 PESTLE ANALYSIS
5 Market segmentation and analysis
5.1 By type of insurance
5.1.1 Life Insurance
5.1.2 Non-life insurance
5.1.3 New Life Works
5.2 by country
6 competitive landscapes
6.1 Overview (Market Concentration and Key Players)
6.2 Company Profiles
6.2.1 Marsh and McLennan Inc.
6.2.2 Willis Towers Watson plc
6.2.3 Any PLC
6.2.4 Arthur J. Gallagher & Co.
6.2.5 BGL Group
6.2.6 aggregators *
7 Market Opportunities and Future Trends
For more information on this report, visit https://www.researchandmarkets.com/r/7qibhu