L-R: President, Association of Registered Insurance Agents of Nigeria, Mr. Gbadebo Olamerun. Chief Executive Officer, Inspen Media, Mr. Chuks Okonta; Head, Benefits and Insurance Department, National Pension Commission, Mr. Olulana Loyinmi; Chief Compliance Officer, Stanbic IBTC Pension Managers Limited, Mrs. Idu Okwuosa; and Managing Director, Lancelot Ventures Limited, Mr. Adebayo Adeleke, during the 2014 Nigerian Insurance and Pension Award in Lagos
CONTINENTAL Reinsurance Plc, Africa's largest private reinsurer outside of South Africa has reiterated its commitment to create platforms for dialogue amongst leaders in the insurance industry for the advancement of the continent.
In a statement from the firm on Friday the company announced its plans to create an opportunity for dialogue amongst leaders during its upcoming summit in April for executives of insurance organizations in the continent planned to take place in South African under the theme, 'the changes and challenges shaping the context to the African insurance landscape in 2015.'
The Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, said this would be the second edition of the summit for industry leaders to network, share ideas and best practices.
"We are committed to the development of insurance companies in Africa and we have invited chief executive officers from major insurance firms, reinsurance brokerage firms and other strategic stakeholders from across Africa," he said.
The Group Managing Director said four main topics would be broached including sustainability, leadership and insurance legislation in Africa as well as the 'CNN effect' - how 24 hour news networks have an effect on the global political and economic climate.
Continental Re said that with regulators meeting on a regular basis and an apparent consensus in terms of increased regional co-operation, the insurance and reinsurance sector across Africa face challenges and opportunities. During the panel discussion lined up in the summit programme, delegates would look at how players could make the most of those cross-border opportunities while dealing with the challenges that increased regulation brings and how African insurers and reinsurers fit into the increasingly global picture in terms of regulation. The firm added that prominent leaders of financial institutions from different parts of the continent would make enlightening presentations at the summit.
It further pointed discussions around the World Bank's report that Sub-Saharan Africa's macroeconomic prospects remains promising. "Despite headwinds, medium-term growth for Africa remains favourable, with regional gross domestic product growth projected to strengthen to an average annual pace of 5.2 per cent in 2015‑16 from 4.6 per cent in 2014, and rise to 5.3 per cent in 2017, the delegates would look at how Sub-Saharan Africa can maintain this growth in a sustainable fashion."
Commissioner for Insurance, Mr. Fola Daniel, in this interview with Festus Akanbi, says the resolve of President Goodluck Jonathan’s administration to make insurance a pivot of economic development has not only underscored the potential of the sector but has also challenged operators to double their efforts
How will you describe the developments brought to bear in insurance industry under President Goodluck Jonathan’s administration? I think President Goodluck Jonathan’s administration is making insurance the centre point of development and that was highlighted by recent pronouncements. It will be recalled that in the 2015 Budget Speech, the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala set the ball rolling by saying that the government is poised to focus attention on the insurance sector.
In his Acceptance Speech when he was returned unopposed by the Peoples Democratic Party to contest for the 2015 Presidential Election, the President devoted prime time to highlight the potentials of the insurance industry. He is a president that is focusing on the totality of the financial services sector which is a tripod. Once you remove insurance, the tripod becomes incomplete. So with insurance being properly brought in, you have a complete tripod to drive with vigour, the economy of this country.
The current administration has recognised the potential of the insurance industry. They see an insurance industry that can drive the Transformation Agenda which is one of government’s main thrust. They see an insurance industry that is capable of generating employment and a springboard for curbing social discontents. Insurance industry, inclusive of agents and brokers, currently employs about 50,000 persons but insurance industry has the capacity to employ a lot more.
The President modestly calculated that he sees an insurance industry that can generate 300,000 jobs in the next two years. I think that is being modest because there is huge employment potential in the insurance industry. For example, take a look at the Insurance Intermediary, we are selling insurance largely through brokers. The brokers are wholesalers. They are interested in big tickets and I’m sure that is where they derive big commissions or brokerage, whilst the grassroots is largely unexplored and unexploited. We can take some graduates off the street by employing and training them as agents to go to every nooks and crannies of the country to sell insurance thus earning a living. So the President should be given the credit for recognising the potential of the insurance industry and setting a goal for the industry.
What are the measures being put in place to achieve this potential you just talked about? If you compare our insurance laws with similar laws all over Africa, I think we have the largest number of compulsory insurance such as Motor (Third Party), Group Life, Builders’ Liability, Occupiers’ Liability, Marine Insurance etc. We have 12 compulsory insurances, but these compulsory insurances are just there in the books. They are just there as laws, many people are not even aware of it. So what did we do in the last five years? We tried to create awareness. We sensitised Nigerians first about the existence of these compulsory insurances, how it is best as a means of managing our risks than the Ad-hoc assistance we get from government in times of trouble or turbulence or losses, so we have done that over the last five years and I’m glad to say that there is enhanced awareness amongst the populace. The income of the insurance industry in the last seven years has more than doubled. In fact, in the year 2007, we had an income of slightly N100billion but as at last year, we posted over N300 billion
Even if you look at the insurance sector in the whole of Africa, we ranked number five while South Africa ranked number one up to year 2012. Yet we have the largest population on the continent and a large economic base, so there is no reason for us to be in number five. Happily, last year, we came to number three. So, we are making some progress but I know we can do better.
Are you saying in essence that the pledge by the Coordinating Minister of the Economy and Minister of Finance that insurance will become one of the channels to develop the economy is achievable? The Coordinating Minister of the Economy and Minister of Finance is a technocrat in government. She is an economist of repute and a woman of honour who is not given to making empty promises. When she makes a pronouncement on issues, she follows it through.
We had an insurance summit in December last year. The conception of that summit commenced on November 26. It was her brain child. She called me on November 26 saying the government needed to support insurance sector having recognised what we had done so far. We subsequently agreed on an agenda that we should brainstorm through a summit.
At the end of the day, we had a very successful summit that even drew participants from outside Nigeria. It was well attended. One of the resolutions that emerged from the summit is that government would focus on insurance to strengthen it to perform its pivotal role in the nation’s economy. Again, within two weeks of that summit, a budget presentation was effected by the Coordinating Minister of the Economy/Minister of Finance and she reiterated Government’s resolve to support insurance growth. Closely followed was Mr. President’s statement on insurance in the course of his acceptance speech as candidate of the ruling party for the coming elections.
Will you say you have achieved much in the area of consumer protection? I’m very delighted to say that our quest to protect policy holders is succeeding. When I came on board in 2007, on average on weekly basis, we received 15 to 20 complaints from members of the public against insurance companies. We then reinvigorated the Complaints Bureau. We engaged more professionals and strengthened the Bureau. We thought these complaints would have quadrupled but because of the measure we took. Two months after I took over, we sanctioned two insurance companies, which hitherto were considered untouchable and that sent the correct message to insurance practitioners that it is no longer going to be business as usual and they were compelled to improve significantly on claims settlements processes.
We are not done yet because we believe that insurance companies must engender the kind of confidence that you find in insurance industry in United Kingdom, US and South Africa. Therefore we said, even though we saw some improvements, we still decided that we still need to keep on with the pressure.
What we did next was to set up a Call Centre which receives complaints from members of the public real-time. We also believe in self- regulation therefore we are working with the Nigerian Insurers Association to self -regulate as much as possible in the area of consumer confidence. The collaboration with NIA culminated in the setting up of an Ombudsman under the Chairmanship of a retired appeal court judge who is a very reputable gentleman. You will recall that since last January, we have been repeating a publication in newspapers asking insurance consumers that are aggrieved due to denial of genuine claims or delay in settlement to come forward and lodge complaints.
Insurers generally find this pressure discomforting and it has yielded accelerated attention. We will continue with this drive until we are able to achieve zero case of complaints for delayed settlement or denial of genuine claims.
How is NAICOM responding to changes in global insurance market? The key changes you will find in the global insurance market are mainly centered on improved confidence, trust, depth, capacity and sound business practice. So all the measures we have taken in the last few years are to ensure we are on the same page with international community.
Insurance is an international business and therefore, people should not be in Lagos and want to buy policy in South Africa or UK just because they can afford it. They should have an insurance industry they can trust. They should have an insurance industry that when an accident happens, people can simply exchange their cards and go their different ways with the assurance that the insurance company will not only come and remove those vehicles from the road but will even give you something to use while they effect repairs on the cars.
What is the latest on the collaboration between NAICOM and Securities and Exchange Commission to investigate some alleged diversion of investors’ funds?
The collaboration is not just between NAICOM and SEC. It is amongst financial services regulators namely, CBN, NAICOM, SEC, NDIC, PenCom and CAC, etc. We have regular meetings where we exchange ideas and compare notes about our regulated entities. As for SEC, we have had a very good and robust collaboration and it is working.
Can you give us the progress report on your zero tolerance policy on claims settlement? I believe I dealt with this sufficiently earlier. Nevertheless, I think you are referring to our Consumer Protection initiatives on claims settlement. If you are a doctor and a patient runs to you to complain, you don’t just give him a painkiller to cure that headache. That may do it but you really need to investigate why this guy is having recurring headache. Why do we have incidence of unpaid claims in insurance industry in the past? The truth of the matter from our investigation and analyses showed that a lot of these premiums are not even paid. Insurance is one of the few products that are bought on credit in this country.
People are taking insurance and owing insurance firms infinitely. We have a situation where an entity is insured for four years and it hasn’t paid premiums at all. So if an insurance company is not receiving premiums, it will not have money to pay claims. Insurance provides mechanism to pool premiums from different persons in order to meet liabilities and claims. Money therefore becomes available to grow the portfolio, run administrative duties and management expenses but when this money is not paid, the insurance industry is rendered incapacitated and that was where we found ourselves, which compelled us to invoke the “No Premium No Cover” provision of Section 50 of the Insurance Act 2003. We don’t enact law because NAICOM is not a parliament but we implement policies as regulators.
The “No Premium No Cover Policy” predated the 2003 Insurance Act. The law was there but it was not being implemented resulting in almost the death of the insurance industry. So when we invoked it from January last year, we saw an upsurge in cash flow of insurance firms. So, if we have removed the major reasons why they were not paying claims, then they no longer have reasons not to pay genuine claims. Therefore, if you look at the financial reports of insurance firms in 2013 and 2014, you will find minimal outstanding premiums.
For the first time, our fellow African brothers came to Nigeria to copy from us. Even though some of them do not have the legal backing, they administratively introduced the policy of No Premium No Cover and it is working for them. All the French speaking African countries have copied the no premium no cover policy. So, I’m glad that the culture is not limited to us but it is spreading all over Africa.
How will you address the issue of rate cutting in insurance industry in Nigeria? Rate or rating refers to consideration paid by Insureds for their risks carried by insurers. Rates can be viewed from three perspectives. The first category relates to compulsory insurances such as Motor Third Party Insurance. The approved rates stipulate that the insurer cannot charge beyond a maximum of 10 per cent. This provision became necessary to avoid exploitation of the insuring public. The nemesis of this arrangement is that no minimum is stipulated, leaving Insurers to apply discretion.
The second category of rate falls within what I will call commercial underwriting for domesticated risks. Now what are the factors determining the rates? You look at the risks factors and measure put in place by the insured to determine whether the rates applicable should be reduced or increased. When underwriters reduce rates in defiance of this technical consideration, it is generally referred to as rate cutting.
The third category of rates is big ticket risks such as Oil and Gas, Energy, Aviation etc. Many rates falling within this category are rates that emanate from Lead Reinsurers abroad. Such risks are shared across international borders and Nigerian Insurers may not have the sole prerogative to determine the rates.
So generally speaking, rate cutting in the Nigerian Market affects Motor Underwriting and all other largely domesticated businesses. Where our Insurers are jettisoning the well-tested underwriting considerations of appropriate rating to succumb to rate-based market-driven competition, it is a problem that is as serious as the incidence of nonpayment of premium earlier discussed. It has the potential of eroding the profitability of Insurance companies thus making investment in that Sector unattractive.
I am glad to note that all the stakeholders have realized this issue as a monster that must be curtailed very quickly. I am aware that concerted effort is presently ongoing to inject sanity into the rating regime We expect that the ongoing effort will culminate in agreed rating standards which NAICOM would be obliged to approve and ensure its enforcement in the interest of all stakeholders.
Why is it difficult for regulators to bail out weak insurance firms like the rescue package we had in the banking industry? Insurance is a risk transfer mechanism. Therefore unlike bankers, insurers are not deposit takers. Whereas a banking institution could be in possession of Trillions of depositors’ money, insurers who assume risks worth Trillions, keeps only a negligible portion of that risk usually within a proportion of their Shareholders’ Fund. The excess is transferred to Reinsurers whilst a portion to Retrocessionaires. Through this chain of risk spread, the collapse of one particular insurer cannot pose systemic risks.
In addition, recoveries will usually come from those who initially share in the risk. Because the risk which primary insurance firms share is well spread in such a way that even when there is a problem, those who are insured by this firm are not going to suffer irreparable loss because this company that is in crisis has recoverable from the reinsurers and if there is a significant crisis, what the regulator will do is to ring-fence the resources of those insurance companies to enable it to pay the policyholders.
A particularly large loss may, for instance, lead only to a momentary diminution of the Shareholders’ Fund (temporary insolvency) with a window for the Shareholders to fill the financing gap. The AIG crisis did not emanate from its core insurance activities, but from their unregulated activities. A collapse of an insurance entity, though may affect consumer confidence, will not affect the economic system the way the collapse of a major bank will.
Why can’t NAICOM enforce compliance with compulsory insurance using security agencies? As a regulator, I have to collaborate with law enforcement agencies to enforce compulsory insurances. We however have limitations. For instance, we have to work with the police who are already fully engaged thus making it difficult in addition to the huge resources required to conduct a nationwide enforcement. As part of our strategy, we realized that it is not fair if we do not educate the people before we start to enforce the laws. When people see values, there will be large voluntary compliance and that is what we have done.
The police have been overstretched. We use police on ad-hoc basis. So we are looking at what we can really do; we are looking at the totality of the stakeholders. The law stipulates that 25 per cent of the net premium in respect of compulsory insurance should be set aside for the purpose of providing grant or equipment to institutions engaged in fire fighting services. It means if the rate of compliance is high, then the fire services will get more from the insurance industry.
We are therefore reinvigorating our awareness campaign and stakeholders engagement to engender compliance. We are also happy to note that some state governments have passed laws to support the National Laws on compulsory insurance. Where we have apparent breaches, enforcement remains an option to adopt.
George Osborne’s reforms have freed up people’s pension cash - now they can spend it on cars, yachts and travel even before they retire
Fifty-five-year-old Andy Williams from Fife plans to retire in 10 years – and his first move will be to withdraw all his money from his pension fund.
He doesn’t want to spend what he estimates will be £40,000 on a fast car or exotic holiday; instead he wants to use the money to improve the care for his wife, who suffers from MS, and the lives of his four daughters. “My pension has been very disappointing and was never going to provide an adequate income for me and my wife in retirement,” he says.
Five hundred miles further south, 57-year-old Sheila Price, a production accountant in Hastings, has two pension pots with a combined value of £280,000, nearly eight times that of Williams’s fund. But, like Williams, she also plans to withdraw a big chunk from her pension fund in the next few years and shun annuities. She will use the money to pay off a credit card and perhaps fund a career change. “I believe we should have the right to choose what to do with our money,” she says.
Andy and Sheila are typical of many thousands of people in their 50s and above who welcome the new pension freedoms, which start on 6 April and have been described as the greatest transformation of the UK pensions system since the introduction of the old-age pension in 1906. In effect, from that date, anyone over the age of 55 will be able to take what they want, when they want, from their pension funds and will no longer be herded into buying an annuity.
Annuities, the insurance contracts that most people swap their pension pots for, and which provide a regular monthly sum throughout retirement, have long had a bad reputation. This is partly because many see them as poor value for money: a hefty £100,000 pension pot would buy a 65-year old man an income of £5,500 a year at current rates, according to figures from financial firm Hargreaves Lansdown. Not much – especially when you consider that the average pot size for someone buying an annuity is closer to £30,000. They are also controversial because if someone dies before the annuity expires – and this could be the day after they pay for one – the remaining money becomes the property of the insurer.
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Now, instead, 5 million people will be eligible to access their pension pot within the next five years, according to the National Association of Pension Funds – and many of them clearly intend to do so.
Annuity sales plunged by 64% in 2014 compared with the previous year, as thousands of people wait instead to access their money in April. Actuarial firm Hymans Robertson estimates that as much as £6bn will be released from pension pots in the first four months of the reforms.
The radical changes, announced last March by George Osborne in his budget, are part of a wider pensions shake-up that has included an overhaul of the state pension, making it a flat-rate £155 a week for all and an abolition of the “pension death tax”, the 55% tax charge on beneficiaries inheriting pensions.
The pensions minister, Steve Webb, told the Observer that the reforms are a risk, but one that sees an end to a paternalistic approach that led to “mandatory annuities and a lot of dissatisfied people”. He describes the changes as “genuinely coalition” and not something driven by either the Conservatives or Liberal Democrats separately. Nevertheless, it is the Conservatives who are likely to be the biggest beneficiaries of the reforms, with some commentators speculating that it could be the thing that clinches an election victory for the Tory party.
The reforms are undoubtedly popular and a change of government would be unlikely to undo them. “The toothpaste is out of the tube and it would be very difficult to put it back in,” says Webb.
Webb made headlines last year saying he was “relaxed” about how people spent their retirement fund, even “if people do get a Lamborghini, and end up on the state pension”.Photograph: Adrian Weinbrecht/Getty Images
Ros Altmann, as well as being the government’s Older Workers Business Champion, has campaigned for years for an end to compulsory annuities. She is hugely supportive of the reforms, which she describes as stunning. “I don’t think anybody can exaggerate the impact of what has happened. People were being forced to buy an annuity when it was clear that they were being sold products that were not only not suitable for them a lot of the time but that they then couldn’t change once they had taken them out,” she says.
Annuities were always billed as being “safe” products, she says. They were anything but. “For many people, they were the very riskiest product they ever bought as they only cover you against one risk: the risk of living a long time. People just didn’t understand that they could lose the lot if they died tomorrow.”
But it’s not just financial experts and campaigners who are happy about the reforms. Plenty of companies from travel agencies to double-glazing operations are eagerly awaiting a surge in spending.
“The reforms are basically QE [quantitative easing] for consumers,” says Richard Downs, who runs cruiseship travel specialists Iglu and Planet Cruise. “The whole cruiseship industry is gearing up for the April pensions change.”
Bob Atkinson, travel expert at TravelSupermarket, agrees that more money will be spent on travel. “A large group of people are going to suddenly have access to a pot of money that will give them the opportunity to take a long-haul holiday or visit friends and family in far-flung places like Australia,” he says. “When people were given PPI repayments, many of them spent it on travel, cars and luxury goods. People may see this money in the same way.”
Conservatory salesmen could also get a shot in the arm if older people use the money to build that long dreamed-of conservatory. Double-glazing specialist Everest says it is expecting an increase in demand for its products, once the flexible changes come in. “We’re very optimistic that this new legislation will stimulate the economy as more customers use the opportunity to transform their homes, not just improve them,” says Ben Hitchcock, marketing director at Everest.
Car dealerships are gearing up for a boost in sales. Webb made headlines last year, saying he was “relaxed” about how people spent their retirement fund, even “if people do get a Lamborghini, and end up on the state pension”.
One of the biggest beneficiaries, however, could be the property market. A recent survey from the Bank of Ireland found that 29% of retirees nationwide were planning to use their pension to buy property. “There is going to be a stampede into property from those who were contemplating a low-yield annuity,” says Mark Hayward, managing director of the National Association of Estate Agents. “They will predominantly be buying first-time buyer properties [to let] and will be in a good position to do so, as they will be buying with cash.”
Henry Sherwood, a buying agent, says he has already had inquiries from parents wishing to buy homes for their children with their pension funds. “Our advice to parents is to take full advantage of the new rules to help secure their children a place on the property ladder,” he says. “If a parent bought their child a £500,000 property today, in 20 years it could potentially be worth up to £1.5m.”
However, the reality may be more mundane. A survey of more than 10,000 over-50s by Saga found that two-thirds said that once they had taken their tax-free lump sum, they would use the rest to “secure a sustainable future income”. A further 10% would use initial funds to pay off their mortgage and other debt, and 8% said they would take a holiday or buy themselves a few treats. A fifth said their pension pot was quite small and they would therefore cash in the lot. Only 54 said they would buy a sports car.
Not everyone is so enthused about the unfettered access to retirement savings. Many in the pensions industry and beyond think people will spectacularly underestimate their life expectancy or just not consider it all, leaving themselves with only the bare minimum later.
Chris Noon, a pensions expert from Hymans Robertson, thinks the reforms will lead to the average pension pot being spent in 10 years, with many extinguished much quicker than that.
“The new flexibilities are going to force people to spend money in retirement more quickly that they would in the past,” he says. “That puts more pressure on the state pension. I don’t think people are ready for this sort of change.” Critics have pointed to the situation in Australia, where the purchase of annuities is not compulsory. There, two-thirds of people have spent their pension pot before they reach the end of retirement.
Crucially, all of this potential spending frenzy is dependent on people being able to access their money in the first place. There is growing concern that a large number of pension providers are not ready to offer access to the cash people want come April, or are just not prepared to change their systems. Last week, the industry rounded on the government, accusing it of rushing through the reforms and failing to set up the guidance service, which is meant to help the over-55s decide what to do, properly.
Andy Williams.Photograph: Murdo MacLeod for the Observer
Whatever happens, savers such as Andy Williams do not intend to go back on their plans to access their cash.
“Both my wife’s father and my father had great plans for retirement and neither made it to pension age,” he says.
“You never really know what is round the corner, so I think if the government makes this available to me, I’m taking it.”
PENSIONS WHAT ARE THE NEW RULES?
■From 6 April, anyone over the age of 55 can take out all of their pension as cash and will no longer have to buy an annuity. It is already possible to avoid annuities but the rules governing it mean that generally only the very wealthy do this.
■ You will be able to take 25% of your fund tax-free and withdraw, if you want to, as much or as little of the rest of your money as you like. You will be taxed on this at your marginal rate (20%, 40% or 45%) rather than the 55% that you would be subject to now if you did this.
■The changes apply to those in defined contribution (sometimes known as money purchase) pension schemes. Those in defined benefit, or final salary schemes, can only take advantage of the freedoms if they transfer to a DC scheme. But if you are in an unfunded defined benefit scheme (such as nurses and soldiers), you won’t be able to transfer from April.
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The research estimates that the global mobile phone insurance market is expected for account for nearly $31 Billion in revenue by the end of 2015. The market is further expected to grow at a CAGR of nearly 10% over the next five years, eventually accounting for over $48 Billion in revenue by the end of 2020.
Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance have become an unavoidable and often necessary cost in modern life. Mobile phones, and smartphones in particular are no exception to this trend.
Most major wireless carriers, insurance specialists, device OEMs, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
List of Companies Mentioned: A Wireless, ACE European Group, Allianz Insurance, AmTrust International Underwriters, Appalachian Wireless, Assurant, Asurion, AT&T, AT&T Mobility, Aviva, Best Buy, Brightstar Corporation, Carphone Warehouse, Diamond Wireless, EE, eSecuritel, First Direct, Fonesure, Fortegra, Geek Squad, GoCare Warranty Group, Hollard Group, HSBC Bank, iQmetrix, Liberty Mutual Insurance Group, Markerstudy, Microsoft, Mobile Rhino (Stuckey & Company), MTN, NIA (New India Assurance), Nokia, NQ Mobile, NTT DoCoMo, Pier Insurance Managed Services, Protect Your Bubble, ProtectCELL, Safeware, SPB, Sprint, SquareTrade, Supercover Insurance, Telefónica Group, Telefónica Insurance, The Allianz Group (Allianz SE), T-Mobile, Verizon Communications and Verizon Wireless.
Key Findings: The research estimates that the global mobile phone insurance market is expected for account for nearly $31 Billion in revenue by the end of 2015. The market is further expected to grow at a CAGR of nearly 10% over the next five years, eventually accounting for over $48 Billion in revenue by the end of 2020. In an effort to boost the uptake of mobile phone insurance, wireless carriers and insurance providers have extensively enhanced their insurance offerings with the addition of data protection/recovery features and integrated technical support. Mobile device OEMs are keen to develop alliances with local insurance regulators to improve the sales prospects of their smartphones sold through their branded retail stores
Topics Covered:
Mobile phone insurance ecosystem
Market drivers and barriers
Insurance policy structure, distribution channels and key trends
Industry roadmap, value chain and case studies
Profiles and strategies of 24 leading ecosystem players
Strategic recommendations for ecosystem players
Market analysis and forecasts from 2015 till 2020
Historical Revenue & Forecast Segmentation:
Market forecasts are provided for the following regional and country level submarkets:
Regional Segmentation
Asia Pacific
Eastern Europe
Latin & Central America
Middle East & Africa
North America
Western Europe
Country Level Segmentation
Algeria, Argentina, Australia, Austria, Belgium, Bolivia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Ecuador, Egypt, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Iran, Iraq, Ireland, Israel, Italy, Japan, Kenya, Lithuania, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Nigeria, Pakistan, Paraguay, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovak Republic, South Africa, South Korea, Spain, Sudan, Sweden, Taiwan, Tanzania, Thailand, Tunisia, Turkey, UK, Ukraine, Uruguay, USA, Venezuela and Vietnam
Key Questions Answered: How big is the mobile phone insurance opportunity? What trends, challenges and barriers are influencing its growth? How is the ecosystem evolving by region? What will the market size be in 2020 and at what rate will it grow? Which countries will see the highest percentage of growth? Who are the key market players and what are their strategies? What risks are typically covered in mobile phone insurance offerings? How can insurance help wireless carriers in reducing churn? What strategies should wireless carriers, device OEMs and insurance providers adopt to remain competitive?
List of Figures
Figure 1: Smartphone Installed Base by Region: 2011 - 2020 (Millions) 18 Figure 2: Mobile Phone Insurance Value Chain 25 Figure 3: Mobile Phone Insurance Industry Roadmap 27 Figure 4: Mobile Phone Claim Processing Lifecycle 32 Figure 5: Global Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 51 Figure 6: Mobile Phone Insurance Revenue by Region: 2011 - 2020 ($ Million) 52 Figure 7: Asia Pacific Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 53 Figure 8: Asia Pacific Mobile Phone Insurance Revenue by Country: 2011 - 2020 ($ Million) 53 Figure 9: Australia Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 54 Figure 10: China Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 54 Figure 11: Hong Kong Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 55 Figure 12: India Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 55 Figure 13: Indonesia Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 56 Figure 14: Japan Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 56 Figure 15: South Korea Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 57 Figure 16: Malaysia Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 57 Figure 17: New Zealand Mobile Phone Insurance Revenue: 2011 - 2020 ($ Million) 58 And more.
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