Insurance brokers 2008

Transkriptio

1 1 (12) Publisher Financial Supervisory Authority Editor Merja Stenberg Tel Title Insurance Brokers 2008 Contents Text and tables Summary A summary and statistics regarding the activities of insurance brokers during the year 2008 drafted in accordance with the transaction report provided by the brokers to the Financial Supervisory Authority. Keywords Insurance brokers, mediated insurance premiums, received commissions Series/name and number Statistics ISSN ISBN Number of pages 12 Distributor Financial Supervisory Authority Review of 2008 At the end of 2008, there were 61 registered insurance brokerage companies, employing 196 persons who were registered as insurance brokers and 131 other staff members. At year-end, there were also three registered insurance brokers acting as private businessmen. The number of those working in the insurance brokerage business decreased slightly from The provision of the Act on Insurance Mediation concerning permission for insurance brokers to accept fees only from principals came into force on 1 September This prohibition against acceptance of fees from others than principals was subject to a transitional period, provided for in the Act on Insurance Mediation, according to which insurance brokers were allowed to accept fees from others than principals during a period of three years from the coming into force of the Act. The coming into force of the prohibition required changes to the organisation of the activities of life insurance brokers, in particular. Insurance brokers regulations and guidelines were amended on 17 March The main objectives of the amend-

2 2 (12) ment were to clarify and specify the content and linguistic form of the regulations and guidelines and to facilitate the application process for registration of agents. The Insurance Supervisory Authority s (ISA) inspections and written reports paid attention to defects identified especially in assignment contracts, in the provision of fair analyses and in the transfer of customer funds. ISA also examined one incident involving the conduct of insurance brokerage without proper registration. In the course of 2008, ISA received two written complaints concerning the activities of insurance brokers, primarily individual cases of negligence. The activities of ISA ceased at the end of With effect from the beginning of 2009, its supervisory tasks were mainly taken over by a new financial and insurance supervisory authority, the Financial Supervisory Authority (FIN-FSA), with responsibility for the supervision of entities such as banks, insurance companies and authorised pension insurers, as well as others active in insurance business, investment firms, fund management companies, the Finnish Central Securities Depository (APK) and the stock exchange. FIN-FSA also monitors compliance with listed companies disclosure requirement and trading in securities. The activities are mainly funded by the supervised entities. FIN-FSA operates administratively in connection with the Bank of Finland, but is independent in its decision-making. FIN-FSA has about 210 employees, and operates from two offices, both located in Helsinki. totalled and broken down by line of insurance. The insurance brokers share of the entire Finnish insurance market could not be calculated because figures were not available on the premium income which went abroad ( free provision of insurance services ). Since the beginning of the 2000s, insurance brokers share of premium income related to insurance mediated in Finland increased year by year until 2004, when it started to show a slight downward trend, which has continued ever since. In 2008, the share of insurance brokers decreased slightly from the previous year s 10.6% to 9.4% (Chart 1). The number of people working in this field also declined to some extent in 2008, compared with 2007 (Chart 2). Premiums for statutory accident insurance, life-insurance and non-life insurance mediated by brokers remained almost unchanged last year compared with 2007, while that of statutory pension insurance increased slightly from the previous year (Chart 3). Total premiums for insurance mediated by brokers in Finland and abroad, excluding statutory insurance, were somewhat lower last year than in Premiums for insurance brokered in Finland, excluding statutory lines, fell from EUR 251 million in 2007 to EUR 241 million in 2008, and brokerage abroad, excluding statutory lines, also diminished from EUR 182 million in 2007 to EUR 114 million in 2008 (Chart 4). In the inspection of insurance brokers' annual reports and table data, FIN-FSA examined individual cases of the centralisation of insurance on certain insurance companies, exploring discrepancies between information disclosed in annual reports and information in the Registry of Insurance Brokers especially in respect of staff data. Information in annual reports also generally contained deficiencies and inaccuracies that required further investigation. Often, insurance brokers also failed to comply with the deadlines imposed in the regulations and guidelines on the submission of annual reports and financial statement data. Insurance brokers on the insurance market Chart 1 shows the premium income for insurance policies taken out with Finnish insurance companies through insurance brokers, compared to the total premium income of Finnish insurance companies and associations, both

3 3 (12) Figure 1. The share of mediated insurance premiums in Finland % 5,2 4,9 4,7 4,3 4,4 6,4 3,7 3,4 2,9 2,5 1. Non-life insurance 2. Life insurance 3. Statutory accident at work insurance 4. Statutory pension insurance 5. Total 10,3 9,3 9,5 12,0 16,4 16,2 15,3 12,9 13,3 12, ,1 11,2 10,410,6 9, Figure 2. The personnel of insurance broker undertakings pcs Other personnel Reg. insurance brokers

4 4 (12) Figure 3. Premiums for mediated insurance in listed by insurance lines meur Statutory accident insurance Non-life insurance Life insurance Statutory pension insurance Figure 4. Insurance premiums (without statutory insurance) mediated to domestic and foreign insurance companies meur Domestic Foreign Total

5 5 (12) Insurance Broker: summary (Monetary information is rounded to the nearest euro) 2008 Premiums from insurance policies mediated by insurance brokers Non-life insurance To domestic insurance institutions To insurance institutions abroad Statutory accident insurance Total Life insurance To domestic insurance institutions To insurance institutions abroad Statutory employee's pension insurance Total Insurance premiums, total Payments Insurance premiums paid through the broker Non-life insurance Life insurance Total Fees Claims paid through broker Non-life insurance Life insurance Total Fees from insurers Non-life insurance Statutory accident insurance -85 Life insurance Statutory employee's pension insurance Total Fees from principals Total Fees, overall total Number of contracts New assignments received during the year Existing assingnments 1) Personnel employed by the broker Registered insurance brokers 1) Total number of personnel 2) Turnover Operating expenses Materials and services Staff costs, total Salaries Indirect labour costs Depreciation Other operating expenses Operating expenses, total 1) At the end of the reporting year 2) Average for the reporting year

6 6 (12) Table 1. Insurance brokers Försäkringsmäklarens officiella namn Registe- Hemort Rättigheter 1) Antalet anställda ringsår Registr. Annan Sammanlagt försäkr. personal mäklare Actual Risk Service Oy Ltd 1995 Helsinki H, V AIM Meklaritalo Oy 1998 Kuopio H, V, X Alansa Partner Oy 2002 Jyväskylä H, V Aon Finland Oy 1994 Helsinki H, V, X Artiva Advance Ky 2) 2006 Sodankylä H Aurabro Oy ( Tampere H Avian Oy 2000 Oulu H, V, X Benefit Advisors Oy 2005 Helsinki H, V Benefit Brokers Oy 1995 Helsinki H, V BH Broker House Oy 1997 Helsinki H City Yrityspalvelu JN Ky 2002 Helsinki H, V, X Colemont Finland Oy 2005 Vantaa H, V, X CORIMS Oy Ltd 2006 Espoo V Erkki Nuotio Oy 4) 2006 Kauniainen H, V Etelä-Savon Meklaritalo Oy 2002 Mikkeli H, V Evli Life Oy 2000 Helsinki H Finanssiaura Oy 2001 Turku H, V Finanssitutka Oy 2004 Alastaro H Finib Oy 2005 Helsinki H, V, X Finpremium Oy 1997 Kauniainen H, V, X Gallela Oy 2002 Helsinki H, V Harry Ingerström Oy Ab 5) 2006 Pietarsaari H, V Howden Insurance Brokers Oy 1995 Helsinki H, V Hultkrantz Placeringsmäkleri Aktiebolag 2004 Helsinki H Hymaka Oy 2006 Espoo H, V IIZI Firstbrokers Oy 1995 Helsinki H, V, X ITM Brokers Oy 2004 Helsinki H, V, X J&K Broker House Kommandiittiyhtiö ( Rovaniemi H, V JL Insurance Partners Oy 1999 Helsinki H, V JL Optimal Solutions Oy 1994 Helsinki H, V JMN Riskienkartoitus Oy Porvoo 2001 Porvoo H, V, X JT Brokers Oy 1999 Rovaniemi H, V Kaarti Broker Oy 2004 Helsinki H KB-Order Oy 1997 Turku H, V Marsh Oy 1995 Espoo H, V, X Meklari-Matti Oy 1999 Helsinki H, V Mercer Employee Benefits Oy 2000 Espoo H, V, X Miettinen Oy Vakuutusmeklaritoimisto 2000 Tuusula H, V MSR Finser Oy 2004 Vaasa H, V Novum Oy 1998 Oulu H, V, X Pro Tuottavuus Oy 2002 Helsinki H, V Rautatammi Finland Oy 2004 Helsinki H Rh-optimointi Oy ( Julkujärvi H, V Risk Consult Oy Ab 1996 Vaasa H, V Riskcraft Oy 2006 Espoo H, V RISKIOPTIMIT KY 2004 Mäntsälä H, V RVM Yhtiöt Oy 1999 Helsinki H, V Safenet Oy 1996 Kuopio H, V Sijoitusvoima Oy 2004 Helsinki H, V SRO Suomen riskienhallintaosakeyhtiö 2001 Helsinki H, V T. H. Hiltunen Ky ( Rovaniemi H, V TK Riskianalyysi Oy 2005 Espoo H, V TM-Vakuutusvälitys Oy 2003 Tuusula H, V TT Tuotontekijät Oy 2003 Helsinki H Vakuutusmeklariliike Semita Oy 2001 Orivesi H, V Vakuutusmeklaritoimisto Tapani Malkamäki Oy 2006 Lohja H, V, X Vakuutusmeklarit Risto Sihvola Oy 1995 Kouvola H, V, X Vakuutusmeklarit Ulf Kjerin Oy 2002 Kirkkonummi H, V Vakuutuspalvelut A. Lahti Oy 2004 Ilmajoki H, V Vakuutusvälitys Arktia Ky 1995 Rovaniemi H,V Willis Oy Ab 1995 Helsinki H, V, X Karjalainen Veikko Ilmari, yksityinen elinkeinonharjoittaja ( Vaasa H, V Moilanen Tuure Kalervo, yksityinen elinkeinonharjoittaja 2) 2005 Kajaani H, V Schneider-Sandqvist Eila Kaarina Elisabet, yksityinen elinkeinonharjoittaja 2004 Kotka H Totalt ) H = livförsäkring, V = skadeförsäkring, X = rätt att förmedla, försäkringspremier och skadeersättningar. 2) Verkat för Novum Ab 3) Ingen verksamhet under år ) Verkat för RVM Yhtiöt Ab 5) Verkat för Risk Consult Ab Följande försäkringsmäklare har avförts ur Försäkringsförmedlarregistret år 2008: Cib Consulting Oy Ab, HAV-Consulting Oy, KaMaAn Oy, Nessos Oy, Masa Brokers Ky, Korpela Antti Olavi, Partanen Matti Aarne Ilmari

7 7 (12) Table 2. Total of insurance premiums for mediated insurance 1) The official name of the insurance broker For domestic For foreign Total insurance institutions insurance institutions Actual Risk Service Oy Ltd AIM Meklaritalo Oy Alansa Partner Oy Aon Finland Oy Avian Oy Benefit Advisors Oy Benefit Brokers Oy BH Broker House Oy City Yrityspalvelu JN Ky Colemont Finland Oy CORIMS OY Etelä-Savon Meklaritalo Oy Evli Life Oy Finanssiaura Oy Finanssitutka Oy Finib Oy Finpremium Oy Gallela Oy Howden Insurance Brokers Oy Hultkrantz Placeringsmäklerei Aktiebolag Hymaka Oy IIZI Firstbrokers Oy ITM Brokers Oy JL Insurance Partners Oy JL Optimal Solutions Oy JMN Riskienkartoitus Oy Porvoo JT Brokers Oy Kaarti Broker Oy KB-Order Oy Marsh Oy Meklari-Matti Oy Mercer Employee Benefits Oy Miettinen Oy Vakuutusmeklaritoimisto MSR Finser Oy Novum Oy Pro Tuottavuus Oy Risk Consult Oy Ab Riskcraft Oy RISKIOPTIMIT KY RVM Yhtiöt Oy Safenet Oy Sijoitusvoima Oy SRO Suomen riskienhallintaosakeyhtiö TK Riskianalyysi Oy TM-Vakuutusvälitys Oy TT Tuotontekijät Oy Vakuutusmeklariliike Semita Oy Vakuutusmeklaritoimisto Tapani Malkamäki Oy Vakuutusmeklarit Risto Sihvola Oy Vakuutusmeklarit Ulf Kjerin Oy Vakuutuspalvelut A. Lahti Oy Vakuutusvälitys Arktia Ky Willis Oy Ab Schneider-Sandqvist Eila TOTAL ) Tables 3 and 4 in total

8 8 (12) Table 3. Insurance premiums for mediated non-life insurance The official name of the insurance broker For domestic For foreign Statutory Total insurance institutions insurance institutions accident insurance Actual Risk Service Oy Ltd AIM Meklaritalo Oy Alansa Partner Oy Aon Finland Oy Avian Oy Benefit Advisors Oy Benefit Brokers Oy BH Broker House Oy City Yrityspalvelu JN Ky Colemont Finland Oy CORIMS OY Etelä-Savon Meklaritalo Oy Evli Life Oy Finanssiaura Oy Finanssitutka Oy Finib Oy Finpremium Oy Gallela Oy Howden Insurance Brokers Oy Hultkrantz Placeringsmäklerei Aktiebolag Hymaka Oy IIZI Firstbrokers Oy ITM Brokers Oy JL Insurance Partners Oy JL Optimal Solutions Oy JMN Riskienkartoitus Oy Porvoo JT Brokers Oy Kaarti Broker Oy KB-Order Oy Marsh Oy Meklari-Matti Oy Mercer Employee Benefits Oy Miettinen Oy Vakuutusmeklaritoimisto MSR Finser Oy Novum Oy Pro Tuottavuus Oy Risk Consult Oy Ab Riskcraft Oy RISKIOPTIMIT KY RVM Yhtiöt Oy Safenet Oy Sijoitusvoima Oy SRO Suomen riskienhallintaosakeyhtiö TK Riskianalyysi Oy TM-Vakuutusvälitys Oy TT Tuotontekijät Oy Vakuutusmeklariliike Semita Oy Vakuutusmeklaritoimisto Tapani Malkamäki Oy Vakuutusmeklarit Risto Sihvola Oy Vakuutusmeklarit Ulf Kjerin Oy Vakuutuspalvelut A. Lahti Oy Vakuutusvälitys Arktia Ky Willis Oy Ab Schneider-Sandqvist Eila TOTAL

9 9 (12) Table 4. Insurance premiums for mediated life and pension insurance The official name of the insurance broker For domestic For foreign Statutory Total insurance institutions insurance institutions pension insurance Actual Risk Service Oy Ltd AIM Meklaritalo Oy Alansa Partner Oy Aon Finland Oy Avian Oy Benefit Advisors Oy Benefit Brokers Oy BH Broker House Oy City Yrityspalvelu JN Ky Colemont Finland Oy CORIMS OY Etelä-Savon Meklaritalo Oy Evli Life Oy Finanssiaura Oy Finanssitutka Oy Finib Oy Finpremium Oy Gallela Oy Howden Insurance Brokers Oy Hultkrantz Placeringsmäklerei Aktiebolag Hymaka Oy IIZI Firstbrokers Oy ITM Brokers Oy JL Insurance Partners Oy JL Optimal Solutions Oy JMN Riskienkartoitus Oy Porvoo JT Brokers Oy Kaarti Broker Oy KB-Order Oy Marsh Oy Meklari-Matti Oy Mercer Employee Benefits Oy Miettinen Oy Vakuutusmeklaritoimisto MSR Finser Oy Novum Oy Pro Tuottavuus Oy Risk Consult Oy Ab Riskcraft Oy RISKIOPTIMIT KY RVM Yhtiöt Oy Safenet Oy Sijoitusvoima Oy SRO Suomen riskienhallintaosakeyhtiö TK Riskianalyysi Oy TM-Vakuutusvälitys Oy TT Tuotontekijät Oy Vakuutusmeklariliike Semita Oy Vakuutusmeklaritoimisto Tapani Malkamäki Oy Vakuutusmeklarit Risto Sihvola Oy Vakuutusmeklarit Ulf Kjerin Oy Vakuutuspalvelut A. Lahti Oy Vakuutusvälitys Arktia Ky Willis Oy Ab Schneider-Sandqvist Eila TOTAL

10 10 (12) Table 5. Commissions received from insurers The official name of the insurance broker Non-life Statutory workers' Life insurance Statutory Total insurance compensation pension insurance Actual Risk Service Oy Ltd AIM Meklaritalo Oy Alansa Partner Oy Aon Finland Oy Avian Oy Benefit Advisors Oy Benefit Brokers Oy BH Broker House Oy City Yrityspalvelu JN Ky Colemont Finland Oy CORIMS OY Etelä-Savon Meklaritalo Oy Evli Life Oy Finanssiaura Oy Finanssitutka Oy Finib Oy Finpremium Oy Gallela Oy Howden Insurance Brokers Oy Hultkrantz Placeringsmäklerei Aktiebolag Hymaka Oy IIZI Firstbrokers Oy ITM Brokers Oy JL Insurance Partners Oy JL Optimal Solutions Oy JMN Riskienkartoitus Oy Porvoo JT Brokers Oy Kaarti Broker Oy KB-Order Oy Marsh Oy Meklari-Matti Oy Mercer Employee Benefits Oy Miettinen Oy Vakuutusmeklaritoimisto MSR Finser Oy Novum Oy Pro Tuottavuus Oy Risk Consult Oy Ab Riskcraft Oy RISKIOPTIMIT KY RVM Yhtiöt Oy Safenet Oy Sijoitusvoima Oy SRO Suomen riskienhallintaosakeyhtiö TK Riskianalyysi Oy TM-Vakuutusvälitys Oy TT Tuotontekijät Oy Vakuutusmeklariliike Semita Oy Vakuutusmeklaritoimisto Tapani Malkamäki Oy Vakuutusmeklarit Risto Sihvola Oy Vakuutusmeklarit Ulf Kjerin Oy Vakuutuspalvelut A. Lahti Oy Vakuutusvälitys Arktia Ky Willis Oy Ab Schneider-Sandqvist Eila TOTAL

11 11 (12) Table 6. Commissions received from insurers and fees received from principals The official name of the insurance broker Commissions received Fees received Total Actual Risk Service Oy Ltd AIM Meklaritalo Oy Alansa Partner Oy Aon Finland Oy Avian Oy Benefit Advisors Oy Benefit Brokers Oy BH Broker House Oy City Yrityspalvelu JN Ky Colemont Finland Oy CORIMS OY Etelä-Savon Meklaritalo Oy Evli Life Oy Finanssiaura Oy Finanssitutka Oy Finib Oy Finpremium Oy Gallela Oy Howden Insurance Brokers Oy Hultkrantz Placeringsmäklerei Aktiebolag Hymaka Oy IIZI Firstbrokers Oy ITM Brokers Oy JL Insurance Partners Oy JL Optimal Solutions Oy JMN Riskienkartoitus Oy Porvoo JT Brokers Oy Kaarti Broker Oy KB-Order Oy Marsh Oy Meklari-Matti Oy Mercer Employee Benefits Oy Miettinen Oy Vakuutusmeklaritoimisto MSR Finser Oy Novum Oy Pro Tuottavuus Oy Risk Consult Oy Ab Riskcraft Oy RISKIOPTIMIT KY RVM Yhtiöt Oy Safenet Oy Sijoitusvoima Oy SRO Suomen riskienhallintaosakeyhtiö TK Riskianalyysi Oy TM-Vakuutusvälitys Oy TT Tuotontekijät Oy Vakuutusmeklariliike Semita Oy Vakuutusmeklaritoimisto Tapani Malkamäki Oy Vakuutusmeklarit Risto Sihvola Oy Vakuutusmeklarit Ulf Kjerin Oy Vakuutuspalvelut A. Lahti Oy Vakuutusvälitys Arktia Ky Willis Oy Ab Schneider-Sandqvist Eila TOTAL

12 Specification Insurance Brokers must supply the Financial Supervisory Authority with an annual report according to the authority s instructions. Broker statistics include a summary of the statistical data supplied by the insurance brokers. 12 (12) The Insurance Supervisory Authority published the Insurance Brokers Statistics from 1999, with the Financial Supervisory Authority 1) taking over the publication from 2009 onwards. The nature of the data collected for these statistics has remainded failry similar, enabling comparability over time ( ). The statistics supply an indepth and broad view of the operation of insurance brokers. The set of statistics is published in the autumn following the financial year concerned. The tables in the reports are also available in Excel format. The information is collected in Excel table format from insurance brokers and then entered into a database, after which it is integrated and the statistics prepared. The data can then be used for various statistical reports. 1) The Insurance Supervisory Authority and the Financial Supervision Authority merged with effect from 1 January 2009 to form a new authority, the Financial Supervisory Authority.