Insurance Brokerage Experience in Slovenia
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1 Insurance Brokerage Experience in Slovenia Leon Žiberna, Krik Aksum Insurance Intermediation
2 About us KRIK AKSUM In 2014 insurance brokerage companies Krik (established in 1991) and Aksum (established in 2006) merged into Krik Aksum 2013 premium written: app. EUR 20 millions 2013 commission: app. EUR 1 million Over 500 clients 11 employees 8 licenced insurance brokers
3 Insurance Brokers in Slovenia 90 registered insurance brokerage companies at the moment Estimation of 2013 premium brokered Rough estimation! (2013 turnover / 10% commission rate) 2013 insurance premium managed by insurance brokers: EUR (source: Slovenian Insurance Association) Top 5: app. 50% of premium Top 10: app. 70% of premium Top 17: app. 90% of premium
4 Slovenian Insurance Market in 2013 Source: Slovenian Insurance Association Premium written [EUR] Claims paid [EUR] Claims ratio TOTAL (NON-LIFE + LIFE) % NON-LIFE INSURANCE % LIFE INSURANCE % Insurance companies with market share 5% or more Insurance company Premium written [EUR] Market share TRIGLAV % Life + non life (without health) ADRIATIC_SLOVENICA % Life + non life (incl. health) VZAJEMNA % Health insurance company MARIBOR % Life + non life (without health) TRIGLAV ZDRAVSTVENA % Health insurance company
5 Slovenian Insurance Market in 2013 Source: Slovenian Insurance Association Premium written [1.000 EUR] Direct writing [1.000 EUR] Agents (tied and other) [1.000 EUR] Brokers [1.000 EUR] Bancassurance [1.000 EUR] Other [1.000 EUR] TOTAL NON-LIFE LIFE Premium written Direct writing Agents (tied and other) Brokers Bancassurance TOTAL 100% 23% 67% 5% 3% 2% NON-LIFE 72% 22% 44% 5% 0% 2% Other LIFE 28% 1% 24% 0% 3% 0%
6 Slovenian Insurance Market in 2013 Source: Slovenian Insurance Association Breakdown of insurance premiums by distribution channel Premium written Direct writing Agents (tied and other) Brokers Bancassurance Other TOTAL [1.000 EUR] TOTAL 100% 23% 67% 5% 3% 2% NON-LIFE [1.000 EUR] NON-LIFE 100% 30% 61% 6% 1% 2% LIFE [1.000 EUR] LIFE 100% 5% 84% 0% 11% 0%
7 Non-life Insurance Premiums 2011 Source: Insurance Europe Direct writing Agents Brokers Bancassurance Other Austria 36,2% 14,1% 35,9% 5,7% 8,1% Bulgaria 18,9% 36,6% 44,5% 0,0% 0,0% Germany 4,3% 60,5% 25,5% 6,1% 3,6% France 35,0% 34,0% 18,0% 11,0% 2,0% Croatia 71,7% 17,5% 4,7% 2,7% 3,4% Italy 7,0% 81,8% 7,6% 3,5% 0,1% Poland 15,9% 62,3% 16,9% 2,2% 2,7% Romania 26,1% 36,4% 33,8% 0,4% 3,2% Slovenia 28,0% 63,3% 5,7% 0,5% 2,5% Slovakia 22,2% 64,3% 0,7% 0,0% 12,8% United Kingdom 24,2% 5,0% 56,2% 8,2% 6,4%
8 Life Insurance Premiums 2011 Source: Insurance Europe Direct writing Agents Brokers Bancassurance Other Austria 23,2% 4,0% 16,7% 51,7% 4,4% Bulgaria 16,7% 60,9% 22,4% 0,0% 0,0% Germany 3,4% 49,8% 24,4% 19,8% 2,6% France 17,0% 7,0% 12,0% 61,0% 3,0% Croatia 39,4% 34,3% 2,5% 19,3% 4,5% Italy 9,5% 16,4% 1,0% 73,1% 0,0% Poland 34,6% 25,8% 1,9% 30,0% 7,7% Romania 10,6% 55,0% 20,8% 13,6% 0,0% Slovenia 4,4% 78,8% 9,5% 7,3% 0,0% Slovakia 37,4% 62,6% 0,0% 0,0% United Kingdom 8,5% 17,9% 73,6% 0,0% 0,0%
9 Premium Structure / Distribution Channel Source: Slovenian Insurance Association Breakdown of insurance premiums within distribution channels Slovenia 2013 Premium written Direct writing Agents (tied and other) Brokers Bancassurance Other Health 33,8% 82,4% 13,6% 8,3% 4,8% 6,9% Land motor vehicles casco 15,9% 3,4% 22,9% 11,4% 12,4% 8,0% Fire and natural forces 7,9% 2,0% 9,8% 19,3% 9,7% 0,2% Other damage to property 8,3% 2,1% 10,0% 23,2% 10,4% 0,1% Motor vehicles liability 17,0% 3,6% 24,7% 8,7% 12,6% 15,2% General liability 4,1% 2,1% 4,0% 17,0% 1,4% 0,0% Other 13,0% 4,4% 15,0% 12,1% 48,7% 69,7% Total 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
10 Insurance Environment Few insurance companies actively present Too small market for specialized insurers Week links to international insurance market Specific risks are difficult to insure Brokers not active enough within Insurance brokers association E.g. independent insurance conditions Financial services tax Paid from commission Changes in taxation directly influence brokers income
11 Insurance Environment - Risk Awareness Catastrofic risks Low liability sums insured Business interruption is rarely insured Deductibles Not common in Slovenia except in insurance lines where it is impossible / expensive to get insurance without it (machinery break down, PI, ) Certain events (losses) are insured Misleading claims ratio Policy holders too often evaluate price of insurance based on claims ratio only Premium for catastrofic risks is neglected
12 Insurance Brokerage Services Insurance brokers help customers: to indentify risks they face to take informed decision about the risks they wish to insure to conclude insurance contract according to customers needs with assisting customers with claims-related services and policy administration Insurance brokers also help insurers: to reach new clients to get information they need in underwriting process (with claims-related services and policy administration)
13 Legal Environment Insurance intermediares are mainly regulated by Insurance Act Under Insurance Act insurance broker have a full range of duties and obligations towards clients/insured and also insurer One of obligations listed requires insurance brokers to prepare an evaluation of the capital adequacy of an insurance undertaking for a policy holder on the basis of professional information available to him/her. Information required to evaluate capital adequacy is not available to insurance brokers. Does insurance broker has a right to decline insurer s proposal if he/she thinks insurer is not capital aqeduate but insurer has valid licence from Insurance Supervision Agency (capital adequacy being one of the requirements)?
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