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市場調查報告書

東南亞的商用產物保險仲介

Commercial Non-Life Insurance Brokers in South-East Asia

出版商 Finaccord Ltd. 商品編碼 338821
出版日期 內容資訊 英文 105 Pages
商品交期: 最快1-2個工作天內
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東南亞的商用產物保險仲介 Commercial Non-Life Insurance Brokers in South-East Asia
出版日期: 2015年07月01日 內容資訊: 英文 105 Pages
簡介

本報告提供東南亞的商用產物保險市場相關調查分析,以商用產物保險銷售中仲介的重要性為焦點,提供主要6個國家 (印尼、馬來西亞、菲律賓、新加坡、泰國、越南) 的市場規模/區隔/成長率的固有資料、市場佔有率、主要仲介的排行榜等相關的系統性資訊。

摘要整理

第1章 簡介

第2章 地區概要

  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介

第3章 印尼

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

第4章 馬來西亞

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

第5章 菲律賓

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

第6章 新加坡

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

第7章 泰國

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

第8章 越南

  • 簡介
  • 法規環境
  • 商用產物保險市場
  • 商用產物保險仲介
    • 商用產物保險銷售中仲介的存在感概要
    • 競爭企業趨勢與專門領域
    • 仲介銷售策略
    • 未來發展預測

圖表

目錄

Finaccord's report titled ‘Commercial Non-Life Insurance Brokers in South-East Asia’, plus the BrokerBASE™ and market data annexe that accompany it, investigate the importance of brokers in the distribution of non-life insurance for business and public sector clients in six countries in South-East Asia, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Brokers are the most important single distribution channel in this sector, and Finaccord's research indicates that fees and commissions earned by brokers from commercial non-life insurance in these six countries were worth just over USD 700 million in 2014. Moreover, brokers are increasing their share of this market in most countries, often at the expense of tied agents, and are generally expected to continue growing their share in future.

This report first provides unique data for the size, segmentation and growth of the commercial non-life insurance market itself in each of the six countries in scope. It then quantifies the share of this market that is intermediated by brokers and ranks the leading brokers in each country according to their revenues from commercial non-life insurance in 2014, excluding income from other activities. This analysis is based on an investigation covering all significant insurance brokers in the region.

This report can be used in one or more of the following ways:

  • to quantify the size and dynamism of the broker market for commercial non-life insurance in South-East Asia;
  • to compare six countries in a single comprehensive source of information that uses a uniform methodology to size the underlying commercial non-life insurance market and to quantify brokers' share of distribution;
  • to assess a range of potential business opportunities: from selecting the territory that offers the best prospect for expansion, to targets for acquisition, to niche product development and ideas for distribution partnerships;
  • to understand the competitive landscape in each country through its market concentration, the importance of international brokers, and brokers' distribution strategies;
  • to identify the leading brokers in each country or across South-East Asia as a whole, with coverage of competitors such as Howden Broking Group, JLT and Lockton, as well as Aon, Marsh and Willis.

Table of Contents

0.0 EXECUTIVE SUMMARY

  • The region's commercial non-life insurance market was worth over USD 9 billion in premiums in 2014...
  • ...and its value increased in real terms in five of the six countries between 2010 and 2014
  • Brokers are the most important single distribution channel for commercial lines in the region
  • Thailand is the region's largest commercial lines broking market by value
  • Across the six countries combined, Aon holds a clear lead over Marsh by market share
  • In real terms, Indonesia's commercial lines broking market will expand the most rapidly

1.0 INTRODUCTION

  • What is this report about?
    • The focus is uniquely on commercial non-life insurance, excluding other types of business...
    • ...and on brokerage, even where intermediaries can act as both agents and brokers
  • Rationale
  • Methodology
    • Research program
    • Market data analysis
  • Definitions
    • Premiums
    • Abbreviations
  • BrokerBASE
  • Finaccord

2.0 REGIONAL OVERVIEW

  • Regulatory information
    • Liberalisation of ASEAN financial services markets should be beneficial to insurance brokers...
    • ... expanding opportunities for commercial risks to be underwritten effectively
  • Commercial non-life insurance market
    • The value of commercial lines premiums in the region have risen consistently in recent years...
    • ... especially in Indonesia and Thailand...
    • ... although the Vietnamese market may have contracted slightly in real terms
    • Thailand and Malaysia account for nearly a half of commercial lines premiums in South-East Asia...
    • ... with commercial motor the largest segment, comfortably ahead of commercial property and MAT...
    • ... albeit with commercial liability cover and other commercial lines displaying the most rapid growth
  • Commercial non-life insurance brokers
    • Brokers' share of commercial non-life insurance distribution
      • At the regional level, the weighted distribution share of brokers in commercial lines is just under two thirds...
      • ...and it increased in all six countries between 2010 and 2014
      • Brokers are most important as distributors of commercial non-life insurance in Singapore and Thailand
    • Brokers' revenues from commercial non-life insurance distribution
      • The region's commercial lines broking market is worth just over USD 700 million...
      • ... with Indonesia's market having expanded at an especially impressive rate, even in real terms
    • Market concentration and the top five brokers in Europe
      • Thailand's commercial lines broking market is the most fragmented and that of Vietnam the least so
      • Aon and Marsh hold a combined market share of more than 25% across all six markets
      • Willis drops back in the regional ranking due to its lack of a direct retail presence in two countries
      • The leading commercial lines broker is either Aon or Marsh in all six countries
    • International broker networks
      • Several international broker networks lack representation in South-East Asia
    • Future outlook
      • The future direction of commercial lines broking revenues is dependent on a number of factors...
      • ... which point to the Indonesian market as the one that will continue generating the most real growth
      • The commercial lines broking market will carry on expanding, but at a slower rate than in previous years

3.0 INDONESIA

  • Introduction
  • Regulatory information
    • There are over 150 licensed insurance brokerages in Indonesia
    • Regulations that place a cap on foreign ownership of brokers may change in future
  • Commercial non-life insurance market
    • Indonesia's commercial lines market is expanding rapidly...
    • ... with growth apparent across all of the main segments
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • Brokers are increasing their distribution share in commercial lines to the detriment of agents
    • Competitor trends and specialisms
      • The commercial lines broking market is characterised by a relatively high degree of fragmentation
      • KBRU is the country's largest indigenous commercial non-life insurance broker...
      • ... although there are five others in the top ten
      • Among the top 20, IBS Group secures the highest proportion of total revenues from commercial lines
    • Brokers' distribution strategies
      • MIR Brokers (Mitra Iswara & Rorimpandey) is especially strong in the construction sector
    • Future outlook
      • Indonesian brokers are optimistic that the commercial lines broking market will carry on expanding...
      • ... causing its value to rise above USD 200 million by 2018

4.0 MALAYSIA

  • Introduction
  • Regulatory information
    • Insurance intermediaries are regulated by the Bank Negara Malaysia (BNM)
    • Changes in ownership of brokers require the prior written approval of the BNM
  • Commercial non-life insurance market
    • Around 40% of the commercial lines insurance market is composed of commercial motor insurance...
    • ... with MAT the next largest segment...
    • ... although premiums for commercial liability insurance have been growing most rapidly
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • In commercial lines, the distribution share of brokers is not far behind that of agents
    • Competitor trends and specialisms
      • The top ten brokers account for around 70% of the commercial lines broking market in Malaysia...
      • ... with Aon, JLT and Marsh all having been active in the country for several decades
      • JLT boosted its presence by purchasing Insfield Insurance Brokers in 2013
      • Tradewinds International Insurance Brokers is the largest indigenous broker in Malaysia
      • Both Lockton and Willis operate through brokerages in which they have partial ownership stakes
      • Howden Broking Group acquired a stake in CIMB Insurance Brokers in January 2015
      • Commercial non-life insurance is the most important source of revenue for all of the top 20 brokers...
      • ... with one generating upwards of 95% of its total revenues from this activity
    • Brokers' distribution strategies
      • A handful of the top 20 brokers have product or client sector specialisations...
      • ... and five belong to international broker networks
    • Future outlook
      • Compound annual growth of 3.3% in real terms is predicted for the Malaysian commercial lines market

5.0 PHILIPPINES

  • Introduction
  • Regulatory information
    • The Insurance Commission distinguishes between insurance agents and insurance brokers
    • There are around 60 brokerages active in non-life insurance in the Philippines
  • Commercial non-life insurance market
    • The commercial lines market of the Philippines grew quite rapidly between 2010 and 2014...
    • ...with commercial property insurance outperforming other segments in this respect
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • Brokers have consolidated their position as the main distribution channel for commercial lines
    • Competitor trends and specialisms
      • The commercial lines broking market is characterised by a fairly high degree of fragmentation...
      • ... with the top competitor restricted to a share of commercial lines broking revenues of less than 10%
      • Non-indigenous brokers in the top 15 include Aon, Howden, JLT, Lockton and Marsh
      • For primary insurance, Willis operates through a correspondent broker
      • Among the top 15, Trinity obtains the highest proportion of total revenues from commercial lines broking...
      • ... and BDO Insurance Brokers the least due to its primary focus on personal lines
    • Brokers' distribution strategies
      • Intertrade is particularly strong in the motor insurance segment
      • Five international broker networks have members in the Philippines
    • Future outlook
      • Commercial lines broking revenues are predicted to continue growing at a healthy rate
      • Brokers may benefit from advancing integration of financial services markets in the ASEAN region

6.0 SINGAPORE

  • Introduction
  • Regulatory information
    • The minimum share capital requirement for setting up a brokerage depends on the type of activity
    • There are no restrictions on the foreign ownership of insurance brokerages in Singapore
  • Commercial non-life insurance market
    • Commercial liability insurance is the largest segment within the Singaporean commercial lines market...
    • ... and is also the most rapidly growing
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • Brokers have consolidated their position as the dominant distribution channel for commercial lines
    • Competitor trends and specialisms
      • The commercial lines broking market is characterised by a fairly high degree of concentration...
      • ... with the top three firms controlling more than 60% of commercial lines broking revenues
      • L.C.H. is the largest indigenous brokerage in Singapore's commercial lines broking market
      • Honan Insurance Group has bolstered its position by acquiring MACS Insurance Brokers
      • Among the top 15, Texel Asia obtains the highest proportion of total revenues from commercial lines...
      • ... and Pan Resources the least due to its primary focus on employee benefits
    • Brokers' distribution strategies
      • L.C.H. is particularly strong as a provider of marine insurance to shipping industry clients
      • Four of the top 15 commercial non-life brokers are members of international networks
    • Future outlook
      • The value of Singapore's commercial lines broking market will edge up further between 2014 and 2018

7.0 THAILAND

  • Introduction
  • Regulatory information
    • There are close to 500 registered brokers active in non-life insurance in Thailand...
    • ... including individuals as well as corporate entities...
    • ... although changes to the law may alter this picture in future
  • Commercial non-life insurance market
    • The Thai commercial lines market was worth just under USD 2.5 billion in premiums in 2014...
    • ... with commercial motor insurance the largest segment within this total
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • Brokers represent the main distribution channel for commercial lines in Thailand
    • Competitor trends and specialisms
      • The commercial lines broking sector is comparatively fragmented...
      • ... with the top ten brokerages limited to a combined share of less than 40% of the market
      • The leading six competitors are all owned entirely or in part by foreign investors...
      • ... with IMG Broker the largest wholly indigenous firm
      • Commercial lines generate a majority of revenues for 17 of the top 20 brokerages in Thailand...
      • ... albeit two are heavily oriented to personal lines
    • Brokers' distribution strategies
      • The leading commercial lines brokers in Thailand are typically generalists
      • Most firms belonging to international broker networks are from outside of the top 20
    • Future outlook
      • The distribution share of brokers in commercial lines is expected to have nudged up further by 2018

8.0 VIETNAM

  • Introduction
  • Regulatory information
    • Vietnamese law recognises the difference between insurance brokers and insurance agents
    • It is officially the case that broking commissions should not exceed 15% of premiums
    • For local clients with no foreign investors, insurance cover must be sourced locally
  • Commercial non-life insurance market
    • In nominal terms, the Vietnamese commercial lines insurance market has been growing quite rapidly...
    • ...with the small market for commercial liability insurance having been particularly buoyant in this respect
  • Commercial non-life insurance brokers
    • Overview of brokers' presence in the distribution of commercial non-life insurance
      • Brokers have been pushing up their distribution share in commercial non-life insurance...
      • ....although the value of the commercial lines broking market remains comparatively small
    • Competitor trends and specialisms
      • The commercial lines broking market is characterised by a high degree of concentration...
      • ... as a consequence of the fact that there are only 12 authorised firms in this field
      • Toyota Tsusho Insurance Broker was established as a joint venture in 2011
      • Commercial non-life insurance is by far the most important revenue stream for most brokers
    • Brokers' distribution strategies
      • Two brokers specialise mainly in MAT insurance for clients in the shipping and aviation sectors
      • In several cases, broker network members in Vietnam have not yet been authorised
    • Future outlook
      • Commercial lines broking revenues in Vietnam will carry on growing in both nominal and real terms

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

  • Thailand hosts the largest commercial non-life insurance market in South-East Asia
  • Premium growth was fastest in Indonesia in real terms between 2010 and 2014
  • The distribution share of brokers in commercial non-life insurance varies significantly across the six countries
  • Aon and Marsh account for more than 25% of commercial lines broking revenues across the six countries in scope
  • Revenues from commercial lines broking are predicted to grow in real terms in all six countries between 2014 and 2018

1.0 INTRODUCTION

2.0 REGIONAL OVERVIEW

  • Commercial non-life insurance gross written premiums in South-East Asia, 2010 to 2014
  • Compound annual growth rates for commercial non-life insurance gross written premiums in South-East Asia, in nominal values segmented by country, 2010 to 2014
  • Compound annual growth rates for commercial non-life insurance gross written premiums in South-East Asia, in real values segmented by country, 2010 to 2014
  • Commercial non-life insurance gross written premiums in South-East Asia segmented by country, 2014
  • Commercial non-life insurance gross written premiums in South-East Asia segmented by country, 2010 to 2014 (table)
  • Commercial non-life insurance gross written premiums in South-East Asia segmented by line of business, 2014
  • Compound annual growth rates in commercial non-life insurance gross written premiums in South-East Asia, in nominal values segmented by line of business, 2010 to 2014
  • Commercial non-life insurance gross written premiums in South-East Asia segmented by line of business and by country, 2014 (table)
  • Brokers' distribution share of commercial non-life insurance gross written premiums in South-East Asia segmented by country, 2010 and 2014
  • Brokers' share of commercial non-life insurance gross written premiums in South-East Asia segmented by country, 2010 and 2014 (table)
  • Brokers' revenues from commercial non-life insurance premiums in South-East Asia segmented by country, 2014
  • Nominal compound annual growth rates for brokers' revenues from commercial non-life insurance in South-East Asia segmented by country, 2010 to 2014
  • Brokers' revenues from commercial non-life insurance in South-East Asia segmented by country, 2010 and 2014 (table)
  • Market concentration as measured by market share of top three and top ten commercial non-life insurance brokers in South-East Asia segmented by country, 2014 segmented by country, 2013
  • Market concentration as measured by market share of top three and top ten commercial non-life insurance brokers in South-East Asia segmented by country, 2014 (table)
  • Top five brokers' share of commercial non-life insurance broking revenues in South-East Asia, 2014
  • Top five commercial non-life broker revenues, number of first-place rankings and number of top ten rankings in South-East Asia, 2014 (table)
  • International broker networks ranked by number of members in South-East Asia, 2014
  • Forecast change in commercial non-life insurance gross written premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in South-East Asia in real terms segmented by country, 2014 to 2018
  • Forecast change in commercial non-life insurance gross written premiums, brokers' share of these premiums and brokers' revenue from commercial non-life insurance in South-East Asia in real terms segmented by country, 2014 to 2018 (table)
  • Comparison of growth in brokers' revenue from commercial non-life insurance in South-East Asia segmented by country, 2014 to 2018 (forecast)
  • Brokers' revenues from commercial non-life insurance in South-East Asia segmented by country, 2014 and 2018 (forecast) (table)

3.0 INDONESIA

  • Segmentation of the commercial non-life insurance market in Indonesia, 2014
  • Growth in the commercial non-life insurance market in Indonesia by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in Indonesia by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in Indonesia, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in Indonesia, 2014
  • Importance of different types of insurance broking for the top 20 commercial non-life insurance brokers in Indonesia
  • Partners of broker networks in Indonesia, 2014
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2018 (table)

4.0 MALAYSIA

  • Segmentation of the commercial non-life insurance market in Malaysia, 2014
  • Growth in the commercial non-life insurance market in Malaysia by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in Malaysia by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in Malaysia, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in Malaysia, 2014
  • Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in Malaysia
  • Partners of broker networks in Malaysia, 2014
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2018 (table)

5.0 PHILIPPINES

  • Segmentation of the commercial non-life insurance market in the Philippines, 2014
  • Growth in the commercial non-life insurance market in the Philippines by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in the Philippines by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in the Philippines, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Philippines, 2014
  • Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in the Philippines
  • Partners of broker networks in the Philippines, 2014
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018 (table)

6.0 SINGAPORE

  • Segmentation of the commercial non-life insurance market in Singapore, 2014
  • Growth in the commercial non-life insurance market in Singapore by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in Singapore by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in Singapore, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in Singapore, 2014
  • Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in Singapore
  • Partners of broker networks in Singapore, 2014
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018 (table)

7.0 THAILAND

  • Segmentation of the commercial non-life insurance market in Thailand, 2014
  • Growth in the commercial non-life insurance market in Thailand by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in Thailand by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Thailand, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Thailand, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in Thailand, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in Thailand, 2014
  • Importance of different types of insurance broking for the top 20 commercial non-life insurance brokers in Thailand
  • Partners of broker networks in Thailand, 2015
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Thailand, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Thailand, 2018 (table)

8.0 VIETNAM

  • Segmentation of the commercial non-life insurance market in Vietnam, 2014
  • Growth in the commercial non-life insurance market in Vietnam by segment, 2010 to 2014
  • Size and growth of the commercial non-life insurance market in Vietnam by segment, 2010 to 2014 (table)
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2010 and 2014
  • Brokers' share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2010 and 2014 (table)
  • Market concentration for commercial non-life insurance broking in Vietnam, 2014
  • Market shares of commercial non-life insurance broking revenues of the top ten brokers in Vietnam, 2014
  • Importance of different types of insurance broking for the top ten commercial non-life insurance brokers in Vietnam
  • Partners of broker networks in Vietnam, 2015
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2018
  • Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2018 (table)
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