Insurance Primarily Distributed in South Africa and Latin America

July 15 - A global survey conducted by Research and Markets has indicated that major retail chains are more involved in distributing insurance to South Africa and Latin America than to North America.

It was reported that 35 out of 64 countries researched had major retails brands that sold insurance.

The Research and Markets' study titled "Global Retailer Insurance: Affinity Schemes in Supermarket and Other Stores", examined the activity of more than 100 major retailers.

It reported on the involvement of retailers from different countries in the distribution of household insurance, standalone motor insurance, dental insurance, accident insurance, health insurance, pet insurance, travel insurance and life insurance.

Some of the retailing groups included Costco, Gap, Office Depot, Toys R Us, EBay, IKEA, Metro, Sears, Loblaw, Abercrombie & Fitch, Hudson's Bay Company, Safeway and Wal-Mart.

Out of the 100 companies that were researched, 19% reported selling standalone insurance products within South Africa, 9.4% reported selling insurance in Latin America and only 7% reported selling in North America.

More than 5% of the retail chains that were investigated are active in selling insurance. This includes chains from 12 different countries, including Canada.

A Finnacord Study in the UK was quoted in the Research and Markets report, stating that of UK consumers who purchase pet insurance, do so from a supermarket or other retail chains.

232 major retail brands, out of 106 retailing groups, from 35 countries were found to be active in 'brand assurance' by the first quarter of 2010.

It should be noted that successful retailers in less developed markets are fast on the rise. This may be due to the increasing number of consumers who are involved in formal retailing.