Insurance brokerage is a type of activity currently serving about 80 per cent of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices and providers as well as understand the needs of insurance customers well, gain a unique role.
New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Insurance Brokerage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177365/?utm_source=GNW
After having a look to the practice of a number of European countries, we will see that without insurance brokers there is a very small number of insurance contracts concluded.
Given the importance of the brokerage companies, the digitalization of the insurance industry has its impact on the distribution channels as well. Aggregators i.e. online brokers have their place in the Europe for the past 20 years. The future of Brokerage firms in Europe is completely shaped by the technological advancements in the key roless of brokers.
Brexit has an everlasting impact on every possible industry in the EU and UK. Brokerage firms with EU and UK operations are no exemption to this. Right from registration to business profitability, insurance brokers have to work in a more cautious manner.
Key Market Trends
Importance of the brokerage companies as a distribution channel in European region
We see a preference for brokers and independent financial advisers in the Americas across insurance types while in Europe, non-life insurance distribution is mainly done by agents followed by brokers.
In non – life insurance products, brokerage companies account for more than 50% gross premiums written in Bulgaria and Belgium countries, and account for 15 – 50% share of gross premiums of countries namely Malta, Spain, Germany, Portugal, France and Poland, in the year 2017.
Even in life insurance, brokerage firms accounted for 20 – 45% share of gross premiums of countries like Belgium, Bulgaria, Germany. As a whole, the brokerage firms have consistently been the choice of certain countries within Europe for the past 15 years with 19% of total premiums written in Europe acquired through brokerage channel in the year 2017.
Importance of Digital Brokers in European Region
European aggregators are the digital brokers and expert advisers have evolved a lot in the past few years. As per an estimate, almost 50% of the online insurance in Europe is sold via aggregators. In many countries, aggregators have been the customer-facing side for their business. This business is mutually beneficial, as aggregators get good profit margins and a surge in M&A interest from potential acquirers and insurers can cater to large customer base by understanding the pros and cons of aggregator’s business models.
Aggregators general begin as specialists in any one product and broaden their reach by incorporating more verticals. In many major European markets, insurance products still account for 75 percent or more of aggregators’ total revenue.
The report includes an overview of the largest insurance brokers and a online aggregators operating in the market studied. Oligopoly market with some of the major players dominating the market studied, in terms of market share is covered in detail.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177365/?utm_source=GNW
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