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Surety Bonds in Germany

Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables

 

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The series focuses on surety bonds and associated guarantees issued in relation to commercial activities

Rationale

Several factors provide rationale for the development of research about this market…

… including its size plus a predicted shift in favour of insurance-backed surety bonds…

… and the lack of alternative sources that analyse the entire market as opposed to just parts of it

Definitions

Surety bonds and related guarantees

Surety bonds and related guarantees add up to a quite complex family of financial products…

… including several different types of contract bond…

… and various forms of commercial bond…

… with competing products available from banks and other entities as well as from insurance providers

Abbreviations

Methodology

Research program

Market data analysis

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2.0 MARKET ANALYSIS

Introduction

Market characteristics

Key regulations

Surety bond types and substitutes

Typical period of validity

Market value and segmentation

Construction sector

Even in real terms, the German construction market achieved reasonable growth from 2011 to 2015…

Surety bonds and related guarantees

… which has also been beneficial for the market for surety bonds and related guarantees

Surety bonds for the construction sector make up over a half of the total market value…

… which is composed primarily of bank-issued guarantees

Most insurance-backed surety bonds are underwritten by insurers based in Germany itself…

...and about a third of that market value is intermediated by brokers

Underwriter utilisation by brokers and market shares

Euler Hermes and R&V enjoy the most regular utilisation by brokers of surety bonds…

… followed by VHV, AXA and Zurich

R&V is likely to be the market leader by value of insurance-backed surety bonds underwritten

Leading brokers

Gracher is the leading specialist intermediary of surety bonds in Germany

Market forecast

The value of the market for surety bonds and related guarantees is poised to expand further

… and insurers are expected to account for an increasing share of this sector

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for surety bonds in Germany, 2011, 2015 and 2019 (forecast)

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Value of the construction market in Germany, 2011 to 2015

Value of the market for surety bonds and related guarantees in Germany, 2011 to 2015

Segmentation of the value of the market for surety bonds and related guarantees in Germany between construction and other activities, 2015

Segmentation of the value of the market for surety bonds and related guarantees in Germany between insurance companies and banks, 2015

Gross written premiums for insurance-backed surety bonds in Germany, segmented between domestic and non-domestic underwriters, 2015

Segmentation of the value of the insurance-backed surety bond market in Germany between surety bonds issued directly and surety bonds intermediated by brokers, 2015

Percentage of brokers surveyed making regular use of particular underwriters of insurance-backed surety bonds in Germany, 2015

Estimated market shares of gross written premiums of underwriters of insurance-backed surety bonds in Germany, 2015

Estimated market shares of gross written premiums of underwriters of insurance-backed surety bonds in Germany, 2015 (table)

Value of the market for surety bonds and related guarantees in Germany segmented between insurance companies, banks and other institutions, 2019 (forecast)

Value of the market for surety bonds and related guarantees in Germany segmented between insurance companies, banks and other institutions, 2019 (forecast) (table)

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