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Commercial Non-Life Insurance Brokers In South Africa

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 MARKET ANALYSIS

Introduction

Regulatory information

Insurance intermediaries are facing important regulatory changes

Three separate bodies joined in 2008 to form the Financial Intermediaries Association

Commercial non-life insurance market

Premiums registered reasonable growth in nominal and real terms between 2008 and 2012... ...with commercial liability insurance outperforming other segments

Commercial non-life insurance brokers

Overview of brokers' presence in the distribution of commercial non-life insurance

Brokers are the dominant distribution channel for commercial non-life insurance in South Africa

Commercial non-life insurance is the biggest source of income for most of the larger brokers... ... although the revenue mix for bank-owned brokers is more oriented to personal lines

Competitor trends and specialisms

The largest three brokers control more than a third of commercial non-life broking revenues

Key acquisitions in recent years have made Aon the largest commercial broker in South Africa... ...while the takeover of Alexander Forbes Risk Services will push Marsh to become Aon's largest rival

Indwe Risk Services intends to increase its proportion of revenues from commercial clients... ...while the major banks also offer insurance broking to their business customers

PSG Konsult grew its business in 2011 through the acquisition of Pleroma Willis has a strong focus on very large corporations and the public sector

Brokers' distribution strategies

Only one of the top 30 brokers advertises itself as a regional specialist... ...although brokers promoting product specialisms are more widespread

SATIB Insurance Brokers specialises in working for tourism and leisure companies

Thus far, none of the top 30 brokers has started selling commercial insurance via the internet

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