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Creditor Insurance in Latin America

  • February 2016
  • -
  • Finaccord
  • -
  • 206 pages

Finaccord’s report titled Creditor Insurance in Latin America offers updated and detailed insights into the market for creditor insurance, sometimes also referred to as payment protection insurance or loan-related insurance, in six countries, namely Argentina, Brazil, Chile, Colombia, Mexico and Peru. Creditor insurance was worth USD 5.97 billion in gross written premiums in the region in 2015, including coverage for life and permanent disability as well as the temporary disability and unemployment elements.

Drawing on the results of a survey of close to 400 lending institutions, the report analyses the provision of creditor insurance by lending institutions, variances in provision by underlying lending product, operating models for provision of creditor insurance, weighted provider share of partnerships and the potential for selling creditor cover through distribution channels other than the lending institutions themselves. The PartnerBASE™ dataset that accompanies the report details each of well over 600 creditor insurance distribution deals traced by Finaccord.

You may be able to use this report and the PartnerBASE™ that accompanies it in one or more of the following ways:

- appreciate the magnitude of the opportunity in creditor insurance in Latin America and how this breaks down between policies cross-sold in conjunction with mortgages, point-of-sale automotive finance, other consumer finance and credit cards;

- identify partnership opportunities for creditor insurance and prioritise these according to the potential that they offer as defined by the size of lending institutions’ retail customer base;

- understand the supply structure for creditor insurance in Latin America and whether specialists are winning business by virtue of their focused approach;

- assess the extent to which the provision of temporary incapacity and unemployment modules within creditor insurance policies is commonplace in different Latin American countries;

- gain insight into the presence of leading creditor insurance market participants including BNP Paribas, Bradesco, CNP Assurances, Grupo Sura, Itaú Unibanco, MAPFRE, Santander and Zurich.

Table Of Contents

Creditor Insurance in Latin America
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
Gross written premiums across the six countries amounted to nearly USD 6 billion in 2015 2
within which policies in one category made up around 435% of the total… 3
and the value of cover for temporary incapacity and unemployment reached USD 160 billion 3
The leading ten groups are likely to account for nearly 90% of the total regional market… 8
… with MAPFRE the one non-Brazilian insurer breaking into the top four 8
10 INTRODUCTION 10
What is this report about? 10
Distribution partnerships with banks and other lending institutions constitute the focus of this report 10
Rationale 10
The report tracks over 600 separate initiatives for marketing creditor insurance 10
Methodology 11
Survey of banks and other lending institutions 11
Market data 11
Definitions 13
Creditor insurance 13
Mortgages, consumer finance and credit cards 13
Weighted provider share of partnerships 14
Operating models 14
Abbreviations and exchange rates 15
PartnerBASE and market data annexe 15
Finaccord 16
20 REGIONAL OVERVIEW 17
Introduction 17
Market analysis - consumer lending 17
Consumer lending balances amounted to almost USD 800 billion across the six countries in 2015 17
Mortgage lending in Brazil and Colombia experienced particularly strong growth between 2011 and 2015 19
with the latter country also displaying strong real growth in consumer non-mortgage lending 20
Chile's developed lending market makes it comfortably the largest in per capita terms… 22
Mortgage balances per capita in Chile are triple those of any other country in the sample 23
Consumer non-mortgage balances per capita are highest in Chile and lowest in Peru 25
Credit card loans account for a substantial proportion of total non-mortgage lending in several countries 25
Non-mortgage credit has fallen as a proportion of total consumer lending in all but two counties 27
Brazil accounts for over 85% of the region's total credit and other pay later cards in circulation 28
… and its market is also the one that has grown most rapidly in recent years 30
In per capita terms, the credit card markets of Colombia, Mexico and Peru remain under-developed 30
Creditor insurance provision rates and operating models 32
Creditor insurance linked to mortgages 32
In four out of six countries, provision of mortgage-related creditor insurance is universal 32
Use of a single external underwriter constitutes the most regularly used operating model in five markets… 32
… with captive underwriters employed frequently in Mexico 32
When analysed on a weighted basis, the use of captive underwriters is significantly more prominent 35
Policies including cover for temporary incapacity and / or unemployment are most widespread in Chile 37
When analysed at a group level, the leading three groups are seem likely to control over 50% of the market 38
The Brazilian government has an indirect stake in several insurers affiliated to state-owned banks 39
Creditor insurance linked to consumer finance 40
Over 80% of eligible lending institutions offer creditor insurance linked to consumer finance in all nations… 40
… and this policy type is ubiquitous in Peru 40
In weighted terms, captive underwriters are most visible in Mexico and least so in Chile 43
In all six countries, there is plenty of scope for the development of fully-fledged creditor insurance 45
Bradesco is likely to be the region's leading provider of creditor insurance linked to consumer finance 46
with MAPFRE and CNP identifiable as the most prominent groups from outside of Latin America 47
Creditor insurance linked to credit cards 47
Credit card payment protection insurance is offered most commonly by Peruvian card issuers 47
Viewed on a weighted basis, captive underwriters are likely to be dominant in Brazil, Mexico and Peru 50
Cover for temporary incapacity and / or unemployment is most common with Brazilian card-related policies 52
Groups outside of the top ten hold a combined weighted share of partnerships of 148% 53
Market analysis - creditor insurance 55
The total market value is predicted to advance to USD 837 billion in gross written premiums by 2019 55
Robust nominal growth is predicted for most elements of creditor insurance 56
… but inflation is likely to bring about much lower rates of real growth 59
In terms of its value, Brazil's market for mortgage-related creditor insurance is easily the largest 60
although that of Peru is most well-developed relative to the size of the mortgage lending sector 62
For creditor insurance linked to point-of-sale auto finance, the most rapid growth is predicted for Peru… 63
and this is also the case of policies linked to other types of consumer finance 65
Discounting inflation, real compound annual growth in card-related creditor insurance will be under 2% 67
There is most theoretical scope for growth for card-related creditor insurance in Brazil 69
30 ARGENTINA 71
Banks and other lending institutions covered 71
Introduction to the banking sector 71
In terms of its number of retail customers, Banco de la Nación leads the market… 71
… and state-owned banks generally account for a substantial share of the Argentine banking sector… 72
… albeit it remains quite fragmented when all types of institution are considered 72
Consumer lending market size and growth 72
Mortgage lending 72
Mortgage balances outstanding declined sharply in real terms between 2011 and 2015 72
… and inflation is a key factor holding back developed of mortgage lending 72
Non-mortgage lending 74
In real terms, the non-mortgage retail lending sector has posted very moderate growth 74
Credit and other pay later cards 75
Around 369 million credit and pay later cards have been issued in Argentina 75
Creditor insurance provision rates, operating models and partnerships 77
Creditor insurance linked to mortgages 77
Most mortgage lenders offer related creditor insurance 77
… and many by means of captive underwriters… 77
albeit ten non-captive underwriters and one joint venture are also active in this field 77
Creditor insurance linked to consumer finance 79
Over 60 institutions granting non-mortgage loans promote associated creditor insurance… 79
… with MetLife ranked first by weighted share of partnerships… 79
… ahead of captive or lender-owned underwriters such as Galicia Seguros and BNP Paribas Cardif 79
Other non-captive competitors include ACE, Assurant, CNP Assurances, MAPFRE and Sancor 79
Creditor insurance linked to credit cards 82
Likewise, a very clear majority of credit card issuers have an arrangement for related creditor insurance… 82
… with many partnerships replicating those for other types of loan-related cover… 82
… in a field in which there are also around 20 non-captive underwriters competing for mandates 82
13 credit card issuers have no apparent arrangement for payment protection insurance 83
Creditor insurance risk coverage 85
Cover for temporary incapacity and unemployment is available with a small minority of policies… 85
… although there is only a marginal difference between the weighted and unweighted analyses 86
Alternative distribution channels 87
Creditor insurance is available from other sources but rarely, if ever, as a stand-alone product 87
Creditor insurance market size, growth and forecast 87
The bulk of the market value is composed of policies related to consumer finance and credit cards 87
Once inflation has been accounted for, the market actually declined in value between 2011 and 2015 88
40 BRAZIL 93
Banks and other lending institutions covered 93
Introduction to the banking sector 94
In terms of its total number of retail customers Bradesco leads the market 94
but government-owned Banco do Brasil is the largest bank by total assets 94
The ten largest banks account for over 85% of assets 94
but total assets do not necessarily correlate with retail customer numbers 94
Consumer lending market size and growth 95
Mortgage lending 95
Growth in mortgage balances outstanding began to taper off in 2015… 95
Non-mortgage lending 96
… and the value of total non-mortgage consumer lending balances has declined in real terms 96
Credit and other pay later cards 97
Credit and other pay later cards per capita reached 311 by the end of 2015 97
As a percentage of GDP, lending to the private sector has grown rapidly in recent years 98
but a weakening economy has deeply affected the lending market and wider banking sector 98
Creditor insurance provision rates, operating models and partnerships 99
Creditor insurance linked to mortgages 99
All mortgage lenders covered by the research offer related creditor insurance 99
with Aliança do Brasil and Caixa Seguradora ranked most highly in the weighted analysis 99
A number of banks utilise insurers that are co-owned by Banco do Brasil and MAPFRE… 99
… with two other joint venture underwriters also present in this sector 99
Creditor insurance linked to consumer finance 102
Creditor insurance is on offer from the vast majority of institutions granting non-mortgage loans… 102
… with some partnerships replicating those for mortgage-related cover… 102
… albeit with a number of others that are unique to this segment… 102
… in which more than 20 underwriters hold one or more relationships with lending institutions 102
Creditor insurance linked to credit cards 105
A majority of credit card issuers have an arrangement for related creditor insurance… 105
… with Bradesco Seguros ranked first this time by weighted share of partnerships 105
Creditor insurance risk coverage 107
Larger lending institutions are generally more likely to offer more comprehensive insurance policies… 107
… as is clear from the unweighted and weighted analyses of policy risk coverage 108
Performance of key creditor insurance underwriters 109
The creditor insurance market share of Aliança do Brasil has grown rapidly in recent years… 109
having overtaken Caixa Seguradora in 2012 109
Alternative distribution channels 110
Creditor insurance is available from other sources but rarely, if ever, as a stand-alone product 110
Creditor insurance market size, growth and forecast 111
Creditor insurance policies linked to consumer finance account for the majority of the market value… 111
albeit those linked to mortgages grew the most by far between 2011 and 2015 113
50 CHILE 117
Banks and other lending institutions covered 117
Introduction to the banking sector 117
Chile's retail lending market is populated by a variety of different types of institution… 117
… including a significant number of credit unions and specialised lenders 117
Santander is the market leader in terms of total loans outstanding (and total deposits) 118
Consumer lending market size and growth 119
Mortgage lending 119
The period from 2011 to 2015 witnessed significant growth in mortgage lending balances 119
Non-mortgage lending 120
… with total non-mortgage consumer lending balances also moving up over the same time frame 120
Credit and other pay later cards 121
Credit and other pay later cards in circulation fell back between 2011 and 2015 121
… as a result of non-bank card issuers pruning cards that were not being used 121
Creditor insurance provision rates, operating models and partnerships 124
Creditor insurance linked to mortgages 124
All mortgage lenders covered by the research offer mortgage-related creditor insurance 124
with BNP Paribas Cardif comfortably the leader by weighted share of partnerships 124
Several lending institutions utilise underwriters classifiable as joint ventures… 124
while BBVA and Banco BICE both maintain captives in this arena 124
Different types of creditor risk are sometimes dealt with by different underwriters 124
Creditor insurance linked to consumer finance 127
Virtually all non-mortgage lenders are also distributors of creditor insurance 127
… with use of a single external underwriter the operating model used by most 127
BNP Paribas Cardif, Banchile Seguros and BCI Seguros hold the most partnerships in this arena 127
Creditor insurance linked to credit cards 130
Only two card issuers in Chile lack an arrangement for related creditor insurance 130
with BNP Paribas Cardif and MetLife the leaders by weighted share of partnerships 130
ACE Seguros and BCI Seguros each claim four relationships in this sector 130
Creditor insurance risk coverage 132
Over 50% of policies on offer can be classified as comprehensive ones… 132
and these are generally more likely to be available from larger lending institutions 133
Performance of key creditor insurance underwriters 134
The leadership of BNP Paribas Cardif is confirmed by the latest market share data… 134
with this insurer having overtaken Banchile Seguros in 2014 134
Alternative distribution channels 135
Creditor insurance bundled with loans can also be obtained from two other main sources 135
Creditor insurance market size, growth and forecast 135
Mortgage-related creditor insurance accounts for the highest share of the total market value… 135
and their value has also grown most rapidly in recent years 136
60 COLOMBIA 141
Banks and other lending institutions covered 141
Introduction to the banking sector 141
One credit union and two specialised lenders feature in the top ten by number of retail customers… 141
… which is led by Bancolombia 141
CorpBanca has expanded into the Colombian market through two major acquisitions 142
Consumer lending market size and growth 143
Mortgage lending 143
The Colombian mortgage market has expanded rapidly and consistently in recent years… 143
Non-mortgage lending 144
… with non-mortgage consumer lending balances outstanding also advancing strongly… 144
Credit and other pay later cards 145
… albeit at 027 cards per capita, credit card penetration remains comparatively low 145
Creditor insurance provision rates, operating models and partnerships 147
Creditor insurance linked to mortgages 147
Creditor insurance is on offer from all mortgage lenders covered by the research 147
with seven providers prominent in the weighted analysis of partnerships… 147
… led by Alfa, BNP Paribas Cardif and Bolívar 147
In addition, other captive underwriters include BBVA Seguros and Colmena… 147
… albeit AXA Colpatria is the only competitor in this sphere classifiable as a joint venture 147
CREDITOR INSURANCE IN LATIN AMERICA
© FINACCORD (02/2016) V
Creditor insurance linked to consumer finance 149
A relationship with a single external underwriter constitutes the most popular operating model 149
Partnerships with Presta Todos, Sufi and TUYA make Sura more prominent in this market… 149
… with Solidaria also gaining visibility through additional relationships 149
In total, around 20 different underwriters compete for mandates for this type of creditor cover… 149
… and five consumer finance firms have no arrangement at all 150
Creditor insurance linked to credit cards 152
By weighted share of partnerships, Alfa and Sura are the leading underwriters in this segment 152
Three institutions employ multiple external underwriters for card-related creditor insurance 152
Creditor insurance risk coverage 154
Comprehensive insurance policies are more likely to be available from larger lending institutions… 154
… as is clear from the unweighted and weighted analyses of policy risk coverage 155
Alternative distribution channels 156
Intermediaries usually cross-sell creditor insurance packaged with the underlying lending products 156
Creditor insurance market size, growth and forecast 156
Creditor insurance policies linked to consumer finance account for the majority of the market value… 156
albeit those associated with mortgages have been delivering the most rapid growth by far 157
70 MEXICO 162
Banks and other lending institutions covered 162
Introduction to the banking sector 162
Banco Azteca leads the market in terms of its outright number of retail customers 162
but not when measured by its share of banking assets 162
The banking sector is dominated by several foreign-owned entities 163
A number of banks targeting lower-income customers are affiliated to retailing groups… 163
… albeit Walmart has divested its banking subsidiary to Grupo Financiero Inbursa 163
INFONAVIT accounts for a high proportion of mortgage loans outstanding… 163
… which limits the business available to mainstream banks and mortgage lenders 164
Sociedad Hipotecaria Federal (SHF) plays an important role in promoting development of home loans 164
Consumer lending market size and growth 164
Mortgage lending 164
Mortgage balances outstanding increased significantly between 2011 and 2015 164
Non-mortgage lending 166
… and the value of total non-mortgage consumer lending moved up at an even higher rate 166
Credit and other pay later cards 167
Credit and other pay later cards per capita reached 025 by the end of 2015 167
Creditor insurance provision rates, operating models and partnerships 169
Creditor insurance linked to mortgages 169
Mortgage lenders typically offer related creditor insurance 169
with the critical exceptions of INFONAVIT and FOVISSSTE… 169
… who have developed an alternative means of protection 169
Mortgage-related creditor insurance in Mexico is sourced through a variety of operating models 169
with eight providers prominent in the weighted analysis of partnerships… 169
… most notably captive and joint venture entities 169
Smaller mortgage lenders generally source creditor insurance from external underwriters 170
Creditor insurance linked to consumer finance 172
Creditor insurance is on offer from the vast majority of institutions granting non-mortgage loans 172
Seguros Azteca is prominent in the weighted analysis of partnerships… 172
… followed by the same insurers that are most visible in mortgage-related creditor insurance 172
Other providers include ACE, Assurant, AXA, BNP Paribas Cardif, MAPFRE, MetLife, Quálitas and RSA 172
Six non-mortgage lending institutions apparently lack an arrangement for creditor insurance 173
Creditor insurance linked to credit cards 175
A majority of credit card issuers have an arrangement for related creditor insurance 175
Seguros Inbursa is used by two retail sector card issuers as well as two affiliated banks 175
AIG works in this field with both Banco Ahorro Famsa and Distribuidora Liverpool 175
Four credit card issuers do not promote associated payment protection insurance 175
Creditor insurance risk coverage 177
Larger lending institutions are generally more likely to offer more comprehensive insurance policies… 177
… as is clear from the unweighted and weighted analyses of policy risk coverage 178
Alternative distribution channels 180
Brokers represent a further distribution channel for creditor insurance… 180
… as do car dealers 180
Creditor insurance market size, growth and forecast 180
Creditor insurance policies linked to mortgages account for the majority of the market value… 180
albeit those linked to point-of-sale automotive finance grew the most between 2011 and 2015 181
80 PERU 186
Banks and other lending institutions covered 186
Introduction to the banking sector 186
Banco de Credito del Perú is the leading bank both in terms of customer numbers and total assets… 186
… followed by BBVA Banco Continental and Scotiabank Perú 186
Institutions offering micro-loans serve large swathes of the low-income population 186
Significant merger and acquisition activity has occurred in the banking sector in recent years 187
Consumer lending market size and growth 188
Mortgage lending 188
Rapid growth in mortgage lending balances took place between 2011 and 2015… 188
Non-mortgage lending 189
… and the value of total non-mortgage consumer lending also increased albeit at a slower rate 189
Credit and other pay later cards 190
A modest rise in credit and other pay later cards occurred between 2011 and 2015 190
Creditor insurance provision rates, operating models and partnerships 192
Creditor insurance linked to mortgages 192
All mortgage lenders covered by the research offer mortgage-related creditor insurance 192
with Pacífico ranked first by weighted share of partnerships… 192
… albeit with La Positiva as the insurer with the most relationships 192
Creditor insurance linked to consumer finance 194
Creditor insurance is also a ubiquitous proposition among consumer finance firms 194
Interseguro, Pacífico and RIMAC all act as captive underwriters in this domain… 194
… albeit most lending institutions employ a single external underwriter 194
Creditor insurance linked to credit cards 196
Creditor insurance is also on offer from all Peruvian credit card issuers… 196
… with Scotiabank Perú the one entity to utilise more than one partner 196
Creditor insurance risk coverage 198
Temporary incapacity and unemployment cover are not commonly included in creditor insurance… 198
albeit they are more likely to feature as options available from the larger lending institutions 199
Performance of key creditor insurance underwriters 200
Pacífico has been a clear and consistent leader in Peruvian creditor insurance since 2010… 200
while MAPFRE increased its market share very significantly in 2014 200
Alternative distribution channels 201
Alternative distributors invariably bundle insurance cover organised by partner lending institutions 201
Creditor insurance market size, growth and forecast 201
Policies linked to mortgages account for the majority of the market value… 201
albeit those sold with credit cards grew the most between 2011 and 2015 202

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Summary table: gross written premiums for total creditor insurance in Latin America, split by country, 2011 and 2015 (table) 6
Summary table: gross written premiums for total creditor insurance in Latin America, split by country, 2015 and 2019 (forecast) (table) 6
Summary table: gross written premiums for total creditor insurance in Latin America, split by type of cover, 2015 and 2019 (forecast) (table) 7
Weighted group share of bancassurance partnerships for creditor insurance, re-weighted by country market size, in Latin America, 2015 9
10 INTRODUCTION 10
Banks and other lending institutions in Latin America contacted by Finaccord, segmented by country and type 12
20 REGIONAL OVERVIEW 17
Total consumer lending balances outstanding in Latin America, segmented by country, 2011 to 2015 18
Total consumer lending balances outstanding in Latin America, segmented by country, 2011 to 2015 (table) 18
Residential mortgage balances outstanding in Latin America, segmented by country, 2011 to 2015 19
Residential mortgage balances outstanding in Latin America, segmented by country, 2011 to 2015 (table) 20
Consumer non-mortgage balances outstanding in Latin America, segmented by country, 2011 to 2015 21
Consumer non-mortgage balances outstanding in Latin America, segmented by country, 2011 to 2015 (table) 21
Total consumer lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 22
Total consumer lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 (table) 23
Residential mortgage lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 24
Residential mortgage lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 (table) 24
Consumer non-mortgage lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 25
Consumer non-mortgage lending balances outstanding per capita in Latin America, segmented by country, 2011 to 2015 (table) 26
Consumer non-mortgage balances outstanding as % of total consumer lending balances outstanding in Latin America, segmented by country, 2011 to 2015 27
Consumer non-mortgage balances outstanding as % of total consumer lending balances outstanding in Latin America, segmented by country, 2008 to 2012 (table) 28
Total number of credit and other pay later cards issued in Latin America, segmented by country, 2011 to 2015 29
Total number of credit and other pay later cards issued in Latin America, segmented by country, 2011 to 2015 (table) 29
Total number of credit and other pay later cards issued in Latin America and their growth segmented by country, 2011 to 2015 30
Total number of credit and other pay later cards issued per capita in Latin America, segmented by country, 2011 to 2015 31
Total number of credit and other pay later cards issued per capita in Latin America, segmented by country, 2011 to 2015 (table) 31
Provision rates for creditor insurance linked to mortgages in Latin America, segmented by country, 2015 33
Operating models (unweighted) used for creditor insurance linked to mortgages in Latin America, segmented by country, 2015 34
Operating models (unweighted) used for creditor insurance linked to mortgages in Latin America, segmented by country, 2015 (table) 35
Operating models (weighted) used for creditor insurance linked to mortgages in Latin America, segmented by country, 2015 36
Operating models (weighted) used for creditor insurance linked to mortgages in Latin America, segmented by country, 2015 (table) 37
Provision rates for cover for temporary incapacity and unemployment within creditor insurance linked to mortgages in Latin America, segmented by country, 2015 38
Weighted group share of partnerships for creditor insurance linked to mortgages, re-weighted by country market size, in Latin America, 2015 39
Provision rates for creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 41
Operating models (unweighted) used for creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 42
Operating models (unweighted) used for creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 (table) 43
Operating models (weighted) used for creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 44
Operating models (weighted) used for creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 (table) 45
Provision rates for cover for temporary incapacity and unemployment within creditor insurance linked to consumer finance in Latin America, segmented by country, 2015 46
Weighted group share of bancassurance partnerships for creditor insurance linked to consumer finance, re-weighted by country market size, in Latin America, 2015 47
Provision rates for creditor insurance linked to credit cards in Latin America, segmented by country, 2015 48
Operating models (unweighted) used for creditor insurance linked to credit cards in Latin America, segmented by country, 2015 49
Operating models (unweighted) used for creditor insurance linked to credit cards in Latin America, segmented by country, 2015 (table) 50
Operating models (weighted) used for creditor insurance linked to credit cards in Latin America, segmented by country, 2015 51
Operating models (weighted) used for creditor insurance linked to credit cards in Latin America, segmented by country, 2015 (table) 52
Provision rates for cover for temporary incapacity and unemployment within creditor insurance linked to credit cards in Latin America, segmented by country, 2015 53
Weighted group share of bancassurance partnerships for creditor insurance linked to credit cards, re-weighted by country market size, in Latin America, 2015 54
30 ARGENTINA 71
Residential mortgage lending balances outstanding in Argentina (absolute and per capita), 2011 to 2015 73
Consumer non-mortgage lending balances outstanding in Argentina (absolute and per capita), 2011 to 2015 74
Credit and other pay later cards issued and per capita in Argentina, 2011 to 2015 75
Key data points for the consumer lending market in Argentina, 2011 to 2015 (table) 76
Provision of creditor insurance linked to mortgages in Argentina, 2015: provision rate, operating models and weighted provider share of partnerships 78
Provision of creditor insurance linked to consumer finance in Argentina, 2015: provision rate, operating models and weighted provider share of partnerships 81
Provision of creditor insurance linked to credit cards in Argentina, 2015: provision rate, operating models and weighted provider share of partnerships 84
Unweighted risk coverage of creditor insurance policies in Argentina, segmented by type of underlying product, 2015 85
CREDITOR INSURANCE IN LATIN AMERICA
© FINACCORD (02/2016) IX
Weighted risk coverage of creditor insurance policies in Argentina, segmented by type of underlying product, 2015 86
Creditor insurance gross written premiums in Argentina, segmented by policy type, 2011, 2015 and 2019 (forecast) 88
Creditor insurance gross written premiums in Argentina, segmented by cover type, 2011, 2015 and 2019 (forecast) 90
Creditor insurance gross written premiums in Argentina, segmented by policy and cover type, 2011 and 2015 (table) 91
Creditor insurance gross written premiums in Argentina, segmented by policy and cover type, 2019 (table) (forecast) 92
40 BRAZIL 93
Residential mortgage lending balances outstanding in Brazil (absolute and per capita), 2011 to 2015 95
Consumer non-mortgage lending balances outstanding in Brazil (absolute and per capita), 2011 to 2015 96
Credit and other pay later cards issued and per capita in Brazil, 2011 to 2015 97
Key data points for the consumer lending market in Brazil, 2011 to 2015 (table) 98
Provision of creditor insurance linked to mortgages in Brazil, 2015: provision rate, operating models and weighted provider share of partnerships 101
Provision of creditor insurance linked to consumer finance in Brazil, 2015: provision rate, operating models and weighted provider share of partnerships 104
Provision of creditor insurance linked to credit cards in Brazil, 2015: provision rate, operating models and weighted provider share of partnerships 106
Unweighted risk coverage of creditor insurance policies in Brazil, segmented by type of underlying product, 2015 107
Weighted risk coverage of creditor insurance policies in Brazil, segmented by type of underlying product, 2015 108
Market share of top 15 underwriters of creditor insurance in Brazil, 2010 to 2014 (table) 110
Creditor insurance gross written premiums in Brazil, segmented by policy type, 2011, 2015 and 2019 (forecast) 112
Creditor insurance gross written premiums in Brazil, segmented by cover type, 2011, 2015 and 2019 (forecast) 114
Creditor insurance gross written premiums in Brazil, segmented by policy and cover type, 2011 and 2015 (table) 115
Creditor insurance gross written premiums in Brazil, segmented by policy and cover type, 2019 (table) (forecast) 116
50 CHILE 117
Residential mortgage lending balances outstanding in Chile (absolute and per capita), 2011 to 2015 119
Consumer non-mortgage lending balances outstanding in Chile (absolute and per capita), 2011 to 2015 120
Credit and other pay later cards issued and per capita in Chile, 2011 to 2015 122
Key data points for the consumer lending market in Chile, 2011 to 2015 (table) 123
Provision of creditor insurance linked to mortgages in Chile, 2015: provision rate, operating models and weighted provider share of partnerships 126

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