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Creditor Insurance in Italy

  • April 2014
  • -
  • Finaccord
  • -
  • 26 pages

Finaccord’s report titled Creditor Insurance in Italy 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 Italy. Drawing on the results of a survey of 117 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 200 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 Italy.

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 Italy 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 Italy?

- 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, including regulatory intervention, could increase the potential for entities other than the lending institutions themselves to sell creditor insurance in Italy.

Table Of Contents

Creditor Insurance in Italy
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 Italy

Rationale

The report tracks 195 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

Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network…

… although these are challenged by an array of ambitious regional competitors…

… including the 'banche di credito cooperative' and 'casse Raiffeisen'…

… as well as several insurer-owned banks and banks falling under foreign ownership

Italy also plays host to a considerable number of specialised lending institutions

Italy's banking groups typically encapsulate a number of local or regional banking brands

Consumer lending market size and growth

Mortgage lending

Despite the economic turmoil, mortgage balances outstanding have remained fairly stable...

Non-mortgage lending

... albeit the value of total non-mortgage consumer lending has fallen back since 2011

Credit and other pay later cards

The number of credit cards in circulation has declined rapidly in recent years

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

A wide range of operating models is used to source mortgage-related creditor insurance in Italy...

... as policies are often underwritten by life and non-life insurers acting in concert

UniCredit Banca's complicated arrangements involve the use of multiple joint venture underwriters

Over 20 external providers of mortgage-related creditor insurance claim at least one relationship

Assimoco co-operates in this area with as many as 13 of the lending institutions investigated

Creditor insurance linked to consumer finance

Loan payment protection insurance is available from the vast majority of relevant lending institutions...

... with Cardif especially prominent in this arena...

... and MetLife also a significant competitor

Once again, a large number of captive and joint venture underwriters are in evidence...

... a number of which are domiciled outside of Italy itself

The competition among non-captives is as fragmented and intense as it is for mortgage-related cover

Lending institutions with no arrangement in this area are all comparatively minor entities

Creditor insurance linked to credit cards

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

... and three providers are dominant by weighted share of partnerships

Creditor insurance risk coverage

In all segments, close to 90% of policies analysed cover temporary incapacity and unemployment

Alternative distribution channels

Credit brokers constitute a significant alternative distribution channel for creditor insurance...

... with some insurance providers specifically focused on this route to market

Some borrowers protect their loans with general-purpose protection-related life insurance

Creditor insurance market size, growth and forecast

As the lending sector has slowed, growth in the related insurance market has decelerated in recent years

… and this trend seems likely to persist through to 2017




LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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ref:plp2014

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