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.

1. PRESS RELEASE
Commercial Non-Life Insurance Brokers: Global Research
Commercial non-life insurance broking markets outside of Europe and North America are growing
rapidly and will account for 23.6% of the global market by 2016
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.
Finaccord estimates global commercial non-life insurance broking revenues at USD 46.26 billion in
2012, up from USD 41.90 billion in 2008. While most markets in Europe saw only moderate increases
or declines in revenue over that period of time, emerging markets experienced high growth rates, led
by India with a nominal compound annual growth rate of 36.3% between 2008 and 2012, followed by
Argentina and China with annual increases of 28.0% and 22.4%, respectively.
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. 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. 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%.
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. Between 2012 and 2016, the
share of North America within the global total is likely to decline slightly to 50.1% whereas the share of
Europe is expected to experience a sharper drop from 29.0% to 26.6%.
“Brokers in North America will benefit from healthy growth rates in the underlying market for
commercial insurance”, commented Bernd Bergmann, a consultant at Finaccord. “Meanwhile, while
brokers in Europe are generally gaining at the expense of other distribution channels, growth in their
revenues is limited by the mediocre dynamics in commercial insurance premiums which are likely to
experience a slow recovery from the difficult market environment that characterised the years from
2008 to 2012.”
Meanwhile, countries elsewhere in the world (i.e. outside Europe and North America) are expected to
see their share of global commercial non-life insurance broking revenues grow from 20.2% to 23.4%.
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.
“Outside Europe and North America, the significance of brokers as intermediaries of commercial non-
life insurance can vary dramatically as they play only a very small role in some countries, such as

2. Japan where multi-tied agents are far more important, whereas brokers dominate the distribution of
commercial lines in Argentina, Australia, Brazil and South Africa among other countries. Crucially,
they also account for a rapidly rising proportion of the market in China and India”, continued Mr
Bergmann.
Finaccord also carried out detailed analyses of the leading commercial lines brokers in each of the 30
markets investigated. 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%. Finaccord’s analysis also indicates that Aon
has only a marginally higher market share in North America than Marsh. However, Aon is estimated to
have bigger lead over Marsh in Europe and in the rest of the world.
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. Meanwhile, Finaccord
identified six countries in which neither of these two international groups was market leader. The six
markets in question were Austria, China, Denmark, France, Portugal and Switzerland.
“Due to their frequent acquisitions, both Aon and Marsh tend to grow faster than the overall market in
most countries. However, outside of the major markets, the pool of viable acquisition targets can often
be limited. 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.
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Media contact: Roberto Napolitano, +44 (0)20 3008 4406, rnapolitano@finaccord.com.
Notes to editors:
Finaccord is a market research, publishing and consulting company specialising in financial services. 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.
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. It excludes
accident and health as well as life insurance and other forms of employee benefits. It also excludes
reinsurance, wholesale insurance and income generated by brokers from underwriting or from
intermediating non-insurance financial products.
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.

3. Note: market value, 2012 = USD 46.26 billion
Source: Finaccord Global Commercial Non-Life Insurance Broker research
Share of global commercial non-life insurance
broking revenues for Aon, Marsh and Willis, 2012
Aon, 13%
Marsh, 11%
Willis, 3%
Other
brokers, 73%
Note: market value, 2008 = USD 41.90 billion; market value, 2012 = USD 46.26 billion; forecast
market value, 2016 = USD 55.43 billion
Source: Finaccord Global Commercial Non-Life Insurance Broker research
Global commercial non-life insurance broking
revenues, geographical split for 2008, 2012 and 2016
0%
20%
40%
60%
80%
100%
201620122008
Europe North America Rest of the world