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Creditor Insurance in Romania

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

Finaccord’s report titled Creditor Insurance in Romania 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 Romania. Drawing on the results of a survey of 46 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 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 Romania.

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 Romania 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 Romania?

- 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 Romania.

Table Of Contents

Creditor Insurance in Romania
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 Romania

Rationale

The report tracks close to 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

Foreign banking groups play an important role in the Romanian banking sector…

…and in recent years the market has seen a fair amount of consolidation

Consumer lending market size and growth

Mortgage lending

Mortgage balances increased at a nominal compound annual rate of 13.9% between 2009 and 2013…

Non-mortgage lending

…but the value of total non-mortgage consumer lending has fallen back rapidly in recent years

Credit and other pay later cards

Expansion in the number of credit cards in circulation has been moderate

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

The vast majority of mortgage lenders in Romania offer related creditor insurance...

... with Groupama having established a total of five partnerships in this arena…

Second-ranked BCR Asigur?ri benefits from a multi-country strategic partnership set up by its parent

BRD Asigur?ri de Via?? is the most prominent captive provider in mortgage-related creditor insurance...

... although there are plenty of others competing for business...

... and also a significant number of non-captive providers, some with multiple partnerships

Creditor insurance linked to consumer finance

35 providers of consumer finance have clear arrangements in place for associated creditor insurance

Many partnerships in this sphere are identical to those for mortgage-related creditor insurance

Creditor insurance linked to credit cards

Credit card payment protection insurance is often not marketed by card issuers in Romania...

... albeit BRD Asigur?ri de Via?? leads the market in terms of weighted partnership shares

Creditor insurance risk coverage

A substantial proportion of creditor insurance propositions have yet to incorporate unemployment cover

Alternative distribution channels

Groupama is an exception to the rule by promoting creditor insurance directly to its customers

Creditor insurance market size, growth and forecast

Mortgage-related creditor insurance has been the engine of growth for the total market...

... and is expected to continue to be so in the coming years




LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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