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Creditor Insurance in Norway

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

Finaccord’s report titled Creditor Insurance in Norway 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 Norway. Drawing on the results of a survey of close to 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 over 70 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 Norway.

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 Norway 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 Norway?

- 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 Norway.

Table Of Contents

Creditor Insurance in Norway
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 Norway

Rationale

The report tracks over 70 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



Three or arguably four of the ten lending institutions are owned by foreign parents

Consolidation has been more evident among small and medium-sized entities...

... most recently in the shape of the merger of Sparebanken Pluss and Sparebanken Sør

Two savings banks groups play an important role in Norway's retail banking sector

The country's robust economy has protected its banks from troubles experienced elsewhere

Consumer lending market size and growth

Mortgage lending Norway's large mortgage market grew by 2.2% per annum in real terms between 2009 and 2013…

Non-mortgage lending …

with the value of total non-mortgage consumer lending having also picked up since a fall in 2011

Credit and other pay later cards

The number of credit cards in circulation approached 6 million for the first time in 2013

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

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

Captive underwriters hold a prominent position in this arena Frende Forsikring maintains relationships with multiple savings banks…

... although some savings banks utilise alternative providers

Creditor insurance linked to consumer finance

Over 80% of institutions offering consumer finance also offer a related creditor insurance policy

Genworth Financial is in possession of at least ten deals, boosting its weighted share of partnerships

Creditor insurance linked to credit cards

Credit card payment protection insurance is marketed by around one half of card issuers in Norway...

... with eight underwriters identifiable at the time of the research

Creditor insurance risk coverage

Policies cross-sold with mortgages are least likely to cover temporary incapacity or unemployment

Alternative distribution channels

Creditor insurance market size, growth and forecast

Strong lending growth means that creditor insurance is also likely to be advancing at a healthy rate...

... a trend that should carry on up to 2017






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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