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Creditor Insurance in Denmark

  • June 2014
  • -
  • Finaccord
  • -
  • 24 pages

Finaccord’s report titled Creditor Insurance in Denmark 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 Denmark. Drawing on the results of a survey of 43 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 close to 50 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 Denmark.

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 Denmark 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 Denmark?

- 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 Denmark.

Table Of Contents

Creditor Insurance in Denmark
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 Denmark

Rationale

The report tracks close to 50 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

Banks and other lending institutions covered

Introduction to the banking sector

Seven of the largest ten retail banking institutions are indigenous to Denmark

The Danish banking sector has experienced significant changes in recent years...

... with several entities having been taken over by Finansiel Stabilitet...

...and with others having been subject to private-sector merger and acquisition activity

However, the finances of the four largest Danish banks remain comparatively healthy

Consumer lending market size and growth

Mortgage lending

Denmark's large mortgage market continued to edge up between 2009 and 2013…

Non-mortgage lending

…but the value of total non-mortgage consumer lending has fallen back quite drastically

Credit and other pay later cards

The number of credit cards in circulation contracted sharply in both 2012 and 2013

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

All but two mortgage lenders are also active in mortgage-related creditor insurance

10 banking institutions use the combination of Letpension and PFA…

…while Danica Pension benefits from a sole captive partnership

Three other providers account for the bulk of remaining business in this market

Creditor insurance linked to consumer finance

Over two thirds of institutions offering consumer finance also offer a related creditor insurance policy

After PFA, Genworth Financial holds the most exclusive partnerships in this sphere

Creditor insurance linked to credit cards

Credit card payment protection insurance is less commonly marketed by card issuers in Denmark...

... with just four underwriters identifiable at the time of the research

Creditor insurance risk coverage

Policies sold to credit card customers are most likely to cover temporary incapacity and unemployment

Alternative distribution channels

Creditor insurance market size, growth and forecast

Mortgage-related policies account for the vast majority of the market value...

... which is forecast to move up further between 2013 and 2017




LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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