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Creditor Insurance in Europe

  • June 2014
  • -
  • Finaccord
  • -
  • 437 pages

Finaccord’s report titled Creditor Insurance in Europe offers updated and detailed insights into the market for creditor insurance, sometimes also referred to as payment protection insurance or loan-related insurance, in 20 countries. Creditor insurance was worth around EUR 39.3 billion in gross written premiums in the region in 2013, including coverage for life and permanent disability as well as the temporary disability and unemployment elements. However, the progress of individual creditor insurance markets has been variable in recent years with steady growth in some territories offset by declines of varying degrees of magnitude in others, sometimes as a result of regulatory intervention.

Drawing on the results of a survey of over 1,200 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 close to 1,800 creditor insurance distribution deals traced by Finaccord. Together, the report, PartnerBASE™ dataset and market data file will provide you with the definitive guide to current and future opportunities in creditor insurance in Europe.

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 Europe 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 Europe 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 European countries;

- gain insight into the presence of leading creditor insurance market participants including Allianz, APRIL, Assurances du Crédit Mutuel, Aviva, AXA, BNP Paribas Cardif, CNP, Crédit Agricole Assurances, Credit Life International, Genworth Financial, MetLife and Société Générale Insurance.

Table Of Contents

Creditor Insurance in Europe
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
Gross written premiums across the 20 countries amounted to over EUR 39 billion in 2013..2
... within which mortgage-related policies made up over EUR 28 billion.3
... and cover for temporary incapacity and unemployment close to EUR 10 billion4
The leading eight groups are likely to account for around 43% of the total regional market ..5
CNP Assurances is prominent as a result of France's large creditor insurance market.6
Regulatory intervention has had a substantial impact already in the UK and the Netherlands..6
... and could also come into play in other countries or even across the EU as a whole .7
1.0 INTRODUCTION 8
What is this report about?..8
Distribution partnerships with banks and other lending institutions constitute the focus of this report ...8
Rationale.8
The report tracks almost 1,800 initiatives for marketing creditor insurance through lending institutions8
Methodology...9
Survey of banks and other lending institutions..9
Market data...11
Definitions .12
Creditor insurance.12
Mortgages, consumer finance and credit cards..13
Weighted provider share of partnerships 13
Operating models .14
Abbreviations and exchange rates..14
PartnerBASE and market data annexe ..14
Finaccord..15
2.0 EUROPEAN OVERVIEW 16
Introduction...16
Market analysis - consumer lending...16
Retail lending balances outstanding amounted to EUR 9.41 trillion across the 20 countries in 2013 .16
Mortgage lending in Turkey experienced particularly strong growth between 2009 and 2013... .19
... while Russia displays the highest nominal compound annual growth in non-mortgage consumer lending22
Switzerland's lending market is the largest in per capita terms followed by those of Norway and Denmark...25
Mortgage balances per capita remain below EUR 1,000 in Romania, Russia and Turkey .27
Consumer non-mortgage balances per capita are highest in Norway and lowest in Hungary 29
Non-mortgage credit has fallen as a proportion of total consumer lending in all but two countries..31
The UK accounts for over 17.5% of the region's total credit and other pay later cards in circulation...33
In per capita terms, the credit card markets of Hungary and Romania are the least developed..36
Creditor insurance provision rates and operating models .39
Creditor insurance linked to mortgages...39
In four out of 20 countries, provision of mortgage-related creditor insurance is universal39
Use of a single external underwriter constitutes the most regularly used operating model in 13 markets…...39
… although captive underwriters are preferred in four countries...39
When analysed on a weighted basis, the use of captive underwriters is significantly more prominent...42
When analysed at a group level, the leading eight provider groups account for around 45% of this market... ...44
... with CNP Assurances likely to be the regional leader45
Creditor insurance linked to consumer finance...46
The provision rate for policies linked to consumer finance hits a maximum level in Poland 46
A majority of initiatives are organised in conjunction with a single, external product provider..46

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