The way that life and pensions products are distributed in Europe varies greatly from one county to another. While in the UK and Ireland independent intermediaries dominate, in other geographies such as France, Spain and Italy banks are the key channel for distributing these products.
Scope
* 14 major markets: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland and the UK
* Premiums on new contracts split by seven standardised distribution channels
* Forecasts to 2009
Report Highlights
Banks are currently the biggest distributors of life and pensions products, with a 32% share of the market in Europe. In countries such as France and Germany the banks have successfully taken market share from insurance company direct sales forces, utilising economies of scale and their ability to offer a 'one stop shop'.
Started in 1999 the Financial Services Action Plan includes a radical regulatory change affecting life and pensions distribution in Europe. While the changes will be positive in the medium-term, the weight of new regulation will place a heavy burden on distributors in the short-term, leading some intermediaries to exit the market.
Independent financial advisers currently hold 13% of the life and pensions distribution market. A rapid 22% growth is forecast in this channel as regulatory recognition and customer demand for choice boosts the market for impartial financial advice.
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