MarshBerry Europe — European Insurance Distribution Report 2023 [English]

As consolidation, digitisation and changing regulations upend the traditional insurance value chain, MarshBerry & BCON Research [Baken Adviesgroep] survey the shifting landscape and lay out for insurance brokers of all sizes.

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Overall, intermediaries play a pivotal role in the process of selling and delivering insurance products to European households or businesses. Intermediaries account for the distribution of 55% of all insurance premium in Europe. Zooming in on brokers the total share of premium reaches 31%.

Five trends are reshaping the dynamics of insurance distribution: regulatory compliance, the ageing workforce, harnessing technologic capabilities, the strong inflow of Private Equity (PE) activity and the rise of intermediaries with delegated underwriting authorities resulting in an upcoming class of speciality insurance.

The European insurance distribution market transforms at an incredible speed from fragmented to consolidated and from national to international. Across countries, a pattern is visible where domestic brokers are scaling from national to cross–border champions. And where international brokers use “deep pockets” (often PE–sponsored) to scale up operations over Europe.