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Creditor Insurance in Austria

  • May 2014
  • -
  • Finaccord
  • -
  • 25 pages

Finaccord’s report titled Creditor Insurance in Austria offers uniquely detailed insights into the market for creditor insurance, sometimes also referred to as payment protection insurance or loan-related insurance, as acquired by individual borrowers in Austria. Drawing on the results of a survey of 64 lending institutions, the study analyses the distribution of creditor insurance by banks and other lending institutions, how provision rates vary for different lending products, operating models used for arranging creditor insurance, and distribution partnerships weighted by the size of distributors. The PartnerBASE™ dataset that accompanies the report details each of 90 creditor insurance distribution deals traced by Finaccord. In short, this study will provide you with the definitive guide to current and future opportunities in creditor insurance in Austria.

Key features of this study and the PartnerBASE™ dataset and market data annexe that accompany it include:

- quantification of creditor insurance market size and growth with a timeline from 2009 to 2013 and onwards to 2017: how much is this market really worth in Austria and what is its future development potential?

- segmentation of this market both by underlying loan type (differentiating between mortgages, point-of-sale automotive finance, other consumer finance and credit card loans) and by type of cover (differentiating between cover for death / permanent disability and temporary incapacity / unemployment);

- consideration of operating models used for creditor insurance: how advanced is the use of captive and joint venture underwriters by lending institutions in Austria?

- calculation of weighted provider share of partnerships: Finaccord’s unique quantitative analysis helps to identify which underwriters of creditor insurance hold the relationships that offer the most potential;

- investigation into alternative distribution channels for selling creditor insurance: a number of factors could increase the potential for entities other than the lending institutions themselves to sell creditor insurance in Austria.

Table Of Contents

Creditor Insurance in Austria
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

This report provides a comprehensive analysis of loan-related insurance policies in Austria

Rationale

The report tracks 90 separate initiatives for marketing creditor insurance through lending institutions

Methodology

Survey of banks and other lending institutions

Market data

Definitions

Creditor insurance

Mortgages, consumer finance and credit cards

Weighted provider share of partnerships

Operating models

Abbreviations and exchange rates

PartnerBASEâ„¢ and market data annexe

Finaccord



2.0 MARKET ANALYSIS



The banking system can be divided according to how banks operate at a national, regional and local level

Little structural change has been evident in recent years

Austria's larger banking groups have substantial exposure to central, eastern and south-eastern Europe

Consumer lending market size and growth

Mortgage lending

Mortgage balances continue to move up steadily whether measured in nominal or real terms...

Non-mortgage lending

…but the value of total non-mortgage consumer lending has diminished somewhat in recent years

Credit and other pay later cards

The number of credit cards in circulation peaked in 2011 and has since slipped back

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

All but two mortgage lenders in Austria offer related creditor insurance

Market leader s Versicherung benefits from a strategic partnership with Erste Group…

… while UNIQA's Raiffeisen Versicherung holds a long-term partnership with Raiffeisen Bankengruppe

ERGO and UniCredit entered into a long-term, multi-country distribution agreement in 2008

Captive and joint venture underwriters play a comparatively minor role in this sphere...

…in which a substantial number of insurers compete for distribution mandates

Creditor insurance linked to consumer finance

Providers of non-mortgage credit are also enthusiastic distributors of related creditor insurance

Cardif is especially strong among companies involved in automotive finance…

…and the large number of specialist consumer credit providers results in a diverse market

Creditor insurance linked to credit cards

Schemes for credit card payment protection insurance are much less widespread

Creditor insurance risk coverage

Over three quarters of policies include an option for insuring temporary incapacity or unemployment

Alternative distribution channels

Risk life policies that can be used to protect credit balances are available directly from a few insurers...

... but neither brokers nor aggregators appear to be present in this market

Creditor insurance market size, growth and forecast

The overall market has recorded steady growth in recent years...

... and this trend is expected to continue through to 2017






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Creditor insurance gross written premiums in Austria, segmented by policy and cover type, 2009, 2013 and 2017

1.0 INTRODUCTION

Banks and other lending institutions in Austria contacted by Finaccord, segmented by type

2.0 MARKET ANALYSIS

Residential mortgage lending balances outstanding in Austria (absolute and per capita), 2009 to 2013

Consumer non-mortgage lending balances outstanding in Austria (absolute and per capita), 2009 to 2013

Credit and other pay later cards issued and per capita in Austria, 2009 to 2013

Key data points for the consumer lending market in Austria, 2009 to 2013

Provision of creditor insurance linked to mortgages in Austria, 2014: provision rate, operating models and weighted provider share of partnerships

Provision of creditor insurance linked to consumer finance in Austria, 2014: provision rate, operating models and weighted provider share of partnerships

Provision of creditor insurance linked to credit cards in Austria, 2014: provision rate, operating models and weighted provider share of partnerships

Risk coverage of creditor insurance policies in Austria, segmented by type of underlying product, 2014

Creditor insurance gross written premiums in Austria, segmented by policy type, 2009, 2013 and 2017

Creditor insurance gross written premiums in Austria, segmented by cover type, 2009, 2013 and 2017

Creditor insurance gross written premiums in Austria, segmented by policy and cover type, 2009, 2013 and 2017

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