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Creditor Insurance in the Netherlands

  • June 2014
  • -
  • Finaccord
  • -
  • 26 pages

Finaccord’s report titled Creditor Insurance in the Netherlands 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 the Netherlands. Drawing on the results of a survey of over 50 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 the 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 the Netherlands.

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 the Netherlands 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 the Netherlands?

- 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 the Netherlands.

Table Of Contents

Creditor Insurance in the Netherlands
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 the Netherlands

Rationale

The report tracks all significant 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



The concentrated Dutch banking market has been forced to restructure in recent years...

… with government intervention having been necessary in several cases

At the behest of the European Commission, ING is being broken up...

… with its insurance arm slated for divestment in 2014

Several lending institutions have withdrawn from the market

Consumer lending market size and growth

Mortgage lending

The Dutch mortgage market decreased slightly in real terms between 2009 and 2013…

Non-mortgage lending

…and the value of total non-mortgage consumer lending peaked in 2010

Credit and other pay later cards

The market for credit and other pay later cards in the Netherlands is essentially flat

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

By weighted share of partnerships, the Dutch market is relatively concentrated...

…and largely controlled by captive or joint venture underwriters owned by the leading banks

Credit Life International has secured partnerships with two significant mortgage lending institutions

Creditor insurance linked to consumer finance

The proportion of lending institutions with an arrangement for creditor insurance has fallen back visibly...

…mainly as a result of regulatory changes that came into force in 2013

Creditor insurance linked to credit cards

Only two underwriters are active in the small market for credit card payment protection insurance

Creditor insurance risk coverage

A number of lending institutions no longer offer cover for temporary incapacity and unemployment

Alternative distribution channels

The Nationale Hypotheek Garantie is important in the context of mortgage-related insurance

Mortgage and insurance brokers comprise another significant independent distribution channel...

... for 'housing protection' policies ('woonlasten beschermer') as well as conventional cover

Creditor insurance market size, growth and forecast

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

... and will continue to do so given the poor outlook for other policy types

Regulatory intervention by the Autoriteit Financiële Markten has had a substantial effect on the market...

… with a decree issued in 2013 causing three main areas of impact






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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