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London, 24 June 2013 - On-going research from Finaccord shows that the global market for commercial non-life insurance broking will accelerate in the years leading up to 2016 driven by strong growth in the underlying market for commercial non-life insurance premiums in North America and emerging markets and the increasing importance of brokers in the intermediation of insurance policies for small and large businesses in the majority of countries surveyed. As far as the geographical distribution of broking revenues is concerned, the research indicates that taken together Canada and the US accounted for 50.8% of the global market in 2012. Finaccord expects that the value of the global market for commercial non-life insurance broking revenues will further increase to USD 55.43 billion in the years to 2016. Finaccord also carried out detailed analyses of the leading commercial lines brokers in each of the 30 markets investigated. Across the 30 countries surveyed by Finaccord, Aon was found to be the market leader in commercial lines broking in 16 countries ahead of Marsh which was the largest in eight. Finaccord is a market research, publishing and consulting company specialising in financial services. Countries covered by the Commercial Non-Life Insurance Brokers series are Argentina, Australia, Austria, Belgium, Brazil, Canada, China, the Czech Republic, Denmark, Finland, France, Germany, India, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Poland, Portugal, Romania, Russia, South Africa, Spain, Sweden, Switzerland, Turkey, the UK and the US. Finaccord’s definition of commercial non-life insurance includes property, motor, liability, MAT, legal expenses and other forms of commercial non-life insurance such as trade credit and surety. Sample graphics from the research, showing geographical splits for global commercial non-life insurance broking revenues in 2008, 2012 and 2016, and the estimated shares of global commercial non-life insurance broking revenues held by Aon, Marsh and Willis in 2012. IRDA or Insurance Regulatory and Development Authority creates an annual list of those insurance companies which have indulged in unfair business practices; and for this year, HDFC Life Insurance, Birla Sun Life and Reliance Life have topped the charts. As per data compiled under “Unfair Business Practices” by IRDA, which was submitted to the Finance Ministry, it has been revealed that total of 2.11 lakh complaints lodged against various insurance providers in India in 2013-14. For the period 2011-12, there were around 1 lakh complaints, which rose to 1.68 in 2012-13. Birla Sun Life received 6185 complaints, followed by Reliance Life which received 6168 complaints for the same period. Here are some of the other major insurance providers who have received the complaints related to unfair business practices.
Life Insurance of India (LIC), which has still 80% market share, had least complaints as only 763 cases were registered against them.
As observed in the filing of records by IRDA, the most common form of unfair business practice done by these insurance providers is: false promises. Customers are duped into accepting insurance policies by making false and lucrative offers, which doesn’t get materialized at the time of termination of that policy.
IRDA maintains an active grievance cell for policy users of both life and non-life insurance policies. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy.
Our flagship business publication has been defining and informing the senior-management agenda since 1964. The US life-insurance industry, as a group, has returned less than its cost of equity since 1985. The life-insurance industry, still recovering from the meltdown of 2008, will have to cope with a challenging macroeconomic and regulatory environment marked by high volatility, low interest rates, and slow economic growth. As economic pressures force employers and state and federal governments to cut back on benefits and eligibility, millions of Americans are unprepared for medical crises or retirement. First, many consumers in the middle market simply do not have the resources to fund their retirement needs; life insurers will need to focus on those in a position to invest in retirement products. In their search for growth, many carriers are also looking overseas to developing markets, where economies are expanding and life-insurance penetration is low. In short, while the new growth opportunities are substantial, companies must tailor products and distribution to meet the unique needs of consumers and deal with challenging macroeconomic and regulatory environments. Differences in the performance of life insurers are driven primarily by risk skills and the ability to manage liabilities, none among them more important than poolable risk. The authors would like to thank Alex D’Amico, Prashant Gandhi, Chandresh Kothari, Hasan Malik, Aser Rodriguez, Chad Slawner, and Giambattista Taglioni for their contributions to this article.
March 2011 – Emerging technologies could spark product innovations that change the way the industry serves customers.


December 2010 – Insurers that outsource the IT and administration of policies underwritten years ago can improve customer satisfaction, lower costs, and even reduce capital requirements. November 2010 – Top companies in our survey grind down costs by consolidating IT and rationalizing processes.
Create a profile to get full access to our articles and reports, including those by McKinsey Quarterly and the McKinsey Global Institute, and to subscribe to our newsletters and email alerts. We have received unconfirmed reports that Jackson National Life the American appendage of Prudential PLC (the UK company, not the NJ company known as the Rock)  will exit the United Stated Life Insurance market. We should be clear in pointing out that, as far as we know, this exit will only effect individual life insurance business underwritten and issued by Jackson.
Jackson has released official announcement that they will discontinue their life products and will no longer accept applications for new business August 1st 2012.
If more information develops on this decision from Jackson National Life, we will update this post. It’s Your Money Use it when You Need it: Do Structured Payment Products Belong in Your Portfolio?
This was a consequence of the enormous value of premiums in the underlying market for commercial non-life insurance in North America and the fact that brokers (including independent agents) dominate distribution in both Canada and the US.
Crucially, they also account for a rapidly rising proportion of the market in China and India”, continued Mr Bergmann. As might be expected, Aon and Marsh are by far the largest players in global commercial non-life insurance broking with Aon estimated to account for about 13% of global revenues ahead of Marsh with 11% and Willis with 3%. Meanwhile, Finaccord identified six countries in which neither of these two international groups was market leader. However, outside of the major markets, the pool of viable acquisition targets can often be limited. It provides its clients with insight into and information about major issues in financial services in the UK, Europe and globally, with a particular focus on marketing and distribution topics such as affinity marketing, bancassurance and strategic alliances. It excludes accident and health as well as life insurance and other forms of employee benefits.
In this year (2014-15), there have already been 48,721 complaints from insurance customers regarding unfair business practices. Even after you have complained to your insurance provider regarding any unfair business practice observed in your policy, you can contact IRDA and address your issue which gets stored in a integrated grievance management system maintained by IRDA.
Yet a market worth tens of billions of dollars awaits companies able to seize the opportunity. Despite the overall deterioration in the industry’s performance during the past decade, our research revealed a stunning spread in value creation among the 30 largest life insurers in the US market. We analyzed publicly available data for the life-insurance industry since 1985 and for the top 30 life insurers since 2000, and we interviewed dozens of industry analysts and executives. This is striking given how little mindshare and resources life insurers are investing in risk-skill innovation. Agent-based distribution has moved toward the affluent and mass affluent, leaving middle-market consumers underinsured (Exhibit 2).
Meanwhile, many consumers are looking for comprehensive retirement plans that reflect their family, employment, and real-estate status and aspirations—issues that require much more than insurance products. Research suggests that developing countries will account for more than 80 percent of global growth in the life market in the next decade. Companies with the discipline to focus on value rather than volume growth will make better decisions. Insurers looking for stronger margins will need to control costs, of course, which will lead to discussions about distribution, the single biggest source of cost today—and the biggest constraint on growth. To achieve profitable growth, carriers need to continue serving their core affluent markets while looking to less conventional sources of growth. Indeed, the share of brokers (as opposed to tied agents or direct sales) in the distribution of commercial non-life insurance in Canada is estimated to be the highest in the world at 96.3% while in the US, brokers are also dominant with a share of 73%. India is expected to enjoy the highest growth rate as Finaccord predicts that it is likely to more than double its existing market for commercial non-life insurance broking revenues between 2012 and 2016.


Finaccord’s analysis also indicates that Aon has only a marginally higher market share in North America than Marsh. The six markets in question were Austria, China, Denmark, France, Portugal and Switzerland. In future, it is reasonable to expect that Aon and Marsh will continue to grow their share of global commercial lines broking revenues but that some of that growth will have to be achieved organically,” concluded Mr Bergmann. It also excludes reinsurance, wholesale insurance and income generated by brokers from underwriting or from intermediating non-insurance financial products.
Those in the top quintile increased in value by about 10 percent annually, while those in the bottom quintile declined in value by about 3 percent—creating a 400 percent difference in adjusted book-value growth over the past decade. What we found is that the performance gap has been driven primarily by superior execution skills in managing liability risk, rather than from managing asset-based investment performance or product mix (Exhibit 1).
Another interesting insight from this inquiry is the limited role portfolio mix has played in explaining the spread in performance (only 25 percent difference between best and worst performance). The shift of financial responsibility from governments and employers to individuals, strong growth in developing markets, and an aging population not prepared for retirement will all offer profitable growth potential for life companies that can navigate the risks.
The third challenge is that products that deal with critical-illness exposures, end-of-life care, and longevity risks are difficult to understand, suggesting that the sales process needs to begin with consumer education. Yet there are hurdles to penetrating this market, including regulation, a scarcity of management talent, and different consumer mind-sets and behaviors. They will need to set clear parameters for risk appetite and establish robust metrics to manage capital and govern risk. There are many ways to improve distribution performance, from using deep analytics to identify leads and marketing opportunities to tailoring service offerings to agents based on their needs, as well as increasing the adoption of financial planning and building product-expert, wholesaler, and sales teams to drive agent performance. While the life-insurance industry has been a major player in the retirement space, both as a manufacturer of individual retirement products and as an administrator and asset manager of defined-contribution and defined-benefit plans, asset managers and securities firms have been the big winners. As with all strategies, the challenge is in the execution: winners will be those companies able to best weather the inevitable storms while continuing toward their ultimate goals. However, Aon is estimated to have bigger lead over Marsh in Europe and in the rest of the world. Ironically, this search for higher returns resulted in just the opposite: while riskier investment strategies boosted profits when markets cooperated, economic downturns more than erased those gains. Execution within a line of business was the leading driver of the spread in performance (45 percent), followed by investment performance (30 percent).
Based on typical margins of 5 percent, this could lead to an increase in the industry profit pool of a billion dollars annually. Still, some companies are building strong positions that drive growth, profit, and valuations through acquisitions, joint ventures, and long-term development from the ground up. Winners will also build more flexibility into product design and pricing to make fewer long-term guarantees and share risks with their customers. To strengthen its position in this enormous and growing market, the life-insurance industry needs to help retirees understand the products that will cover the most important risks—ones that life insurers are uniquely positioned to address, such as death during peak earning years, end-of-life illness, and outliving assets.
Group lines and accident- and health-insurance products have significantly outperformed individual lines on value creation. Life insurers can play a major role in helping people meet their retirement needs, and the flow of funds will be unprecedented as the population ages. This will entail revamping advisory capabilities to a fee-based model that offers an all-encompassing approach to financial planning.
Individual annuities have soaked up more than a third of industry capital and have created less than 20 percent of value.
Get simple answers from a State Farm agent, backed by the life insurance company millions of moms and dads already trust.



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