July 13, 2010 by Canadian Underwriter
Major retail chains are more highly involved in the distribution of insurance in South Africa and Latin America than they are in North America, according to a global survey conducted by Research and Markets.
The study, Global Retailer Insurance: Affinity Schemes in Supermarkets and other Stores, looks at the activities of more than 100 major retailing groups, including Abercrombie & Fitch, Costco, eBay, Gap, Hudson’s Bay Company, IKEA, Loblaw, Metro, Office Depot, Safeway, Sears, Toys ‘R’ Us and Walmart.
Out of the companies researched, 19% reported selling standalone insurance products in South Africa, followed by 9.4% in Latin America and 7% in North America.
Overall, 232 major retail brands, drawn from 106 retailing groups in 35 countries, were active in ‘brandassurance’ by 2010 Q1.
More than 5% of the retail chains investigated in 12 countries (including Canada) are active in selling insurance, the report notes.
The report cites a Finaccord study in the United Kingdom, which shows almost 20% of U.K. consumers acquiring pet insurance did so by means of a supermarket or other retailers or retail chains.
The full Research and Markets report is available for a fee at: http://www.researchandmarkets.com
Have your say: