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GAP Insurance for New and Used Cars in Europe

Finaccord’s report titled GAP Insurance for New and Used Cars in Europe provides comprehensive and in-depth research covering 20 countries in Europe among which GAP insurance in a stand-alone format was found to be present in 16, namely: Austria, Belgium, the Czech Republic, Denmark, France, Germany,  Ireland, Italy, the Netherlands, Poland, Portugal, Russia, Slovakia, Spain, Turkey and the UK.

Based on a survey of 1,155 dealers in these countries and an investigation typically covering between 30 and 50 automotive brands in each territory, the study delivers unique insights into the market for stand-alone GAP insurance for new and used passenger cars bought by consumers. Moreover, the research also generates data describing the size, in terms of gross written premiums, for the market for GAP insurance for new and used cars in each country.

In addition to this unique market data, the survey results are also used to measure the extent to which automotive dealers and manufacturer brands actually organise and intermediate GAP insurance in each country, to calculate average customer take-up rates for GAP insurance at the point of sale, and to understand relationships between manufacturers or importers and external GAP insurance providers for branded or endorsed programs.

Key findings from the executive summary include:

  • Finaccord estimates that the market across all 20 countries was worth EUR 1.05 billion in 2015 and that while growth in recent years may have been held back by falling sales of new cars in some countries, it will have been boosted by increasing provision via dealers and manufacturer brands;
  • according to the survey, provision rates for GAP insurance rates among dealers are highest in France and the UK at 91.8% and 91.3%, respectively, followed by Poland (83.6%), the Czech Republic and Slovakia (both 80.0%), Italy (75.3%) and Germany (74.0%);
  • across countries in which at least one dealer reported offering GAP insurance and calculated on an unweighted basis, 67.7% worked only with tied providers, 25.5% sold only non-tied products and 6.8% distributed GAP cover from both sources;
  • computed as a weighted share of dealer and manufacturer brand partnerships for each country and reweighted by the size of the market in each country across Europe, Covéa emerges as the leading provider as a result of its very strong position in the French market - other leading independent providers on this measure are, in descending order, Allianz, MAPFRE, AXA, BNP Paribas, Munich Re, AutoProtect and AmTrust Financial Services.

For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links above, or e-mail info@finaccord.com.

$2,795.00 USD
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Finaccord is also able to undertake bespoke research and consulting assignments about this and other subjects. For further information about the types of consulting that Finaccord is able to carry out, please visit our Consulting page.