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European Non-Life Bancassurance Review 2005
Milliman, Jan 2005
Overall, bancassurance is still a minor distribution channel in most general insurance markets in Europe. However bancassurers have achieved significant penetration in some market segments related to their banking activity. Furthermore, bancassurance is gaining market share as a growing number of banks enter the non-life insurance market to reinforce their customer loyalty.
In this report, based on extensive research of the non-life activity of the leading European retail banks, we analyse the key success factors for non-life bancassurance, the various business models that have been implemented, the significant issues for the development of bancassurance and the main trends.
Finally, we provide an overview of the non-life bancassurance markets and an analysis of the strategy of the main banking players in non-life insurance in Belgium, France, Germany, Italy, Portugal, Spain and the United Kingdom. The report also includes a review of the development of bancassurance in Poland.
Prepared by our experienced insurance consulting team, the report provides essential information on the key features and trends in European non-life bancassurance.
Scope of the Report:
The report addresses the fundamental questions including:
- To what extent can the success of bancassurance in life insurance be replicated in non-life insurance?
- In which non-life market segments can bancassurers be successful?
- Are there synergies for banks in non-life business?
- What are the main business models implemented by European non-life bancassurers?
- Can bancassurers learn from the processes successfully implemented in life insurance to develop non-life insurance?
- How can bancassurers differentiate from traditional insurers in the non-life market?
- What are the main features of the non-life bancassurance markets in Belgium, France, Germany, Italy, Portugal, Spain and the United Kingdom? Who are the main non-life bancassurers in these markets?
Key Findings:
The market share of bancassurance in non-life business does not exceed 11% in any of the countries researched. However, bancassurers have a strong or even dominant position in some market segments.
Bancassurers cannot necessarily replicate the success they have had in the life market as some of the key success factors cannot be transferred to non-life insurance. However, they can build on the size of their customer base and their knowledge of clients to cross-sell non-life insurance products linked or related to banking products. Bancassurers can also learn from the processes successfully implemented in life insurance. As in life business, bancassurers operate in non -life insurance through a variety of models, ranging from the most integrated– full ownership of a non-life insurance company – to the least integrated – limited duration non-exclusive distribution partnerships.
France
In France, the market share of bancassurance is growing slowly but steadily, bancassurers are market leaders in niche segments and are expanding into new business areas.
United Kingdom
In the United Kingdom bancassurers have gained a significant market share in personal lines over the last five years. All major banks are involved in non-life business but they sometimes favour direct distribution over distribution through their branch network.
Spain
In Spain, non-life bancassurance has grown in recent years. Bancassurers have expanded on the back of the booming mortgage market to develop very successfully in multi-risk home insurance business.
Portugal
In Portugal, non-life bancassurance has achieved a higher market share than in most other countries and foreign insurers are very active in this market.
Belgium
Banking and insurance activities, including non-life insurance, are closely integrated in the large Belgian financial conglomerates.
Germany
In Germany, the market share of non-life bancassurance remains limited but the acceptance of alternative distribution channels is growing.
Italy
Non-life bancassurance is just emerging in Italy but a number of new ventures have been set up in 2004 and 2005 and this, combined with the strong bancassurance culture in Italy, should drive the development of this distribution channel.
Why You Need This Report:
The Report:
- Provides a unique in-depth analysis of European non-life bancassurance, based on extensive research of the non-life activity of Europe's largest retail banks
- Analyses the key success factors in non-life bancassurance and how bancassurers can build on their experience gained in life insurance
- Describes the main features of the non-life bancassurance markets in Belgium, France, Germany, Italy, Portugal, Spain and the United Kingdom
- Profiles the leading non-life bancassurance players in these countries
- Provides an overview on key topics such as the development of bancassurance in Poland
- Europe-wide, bancassurance is the most significant distribution channel for the life and pensions industry and is a growing channel for non-life insurance. Whether you are an active player in it, analyse it, compete with it, or simply want to understand its dynamics, this report is essential for you and your business.
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