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Creditor Insurance in Spain

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

Finaccord’s report titled Creditor Insurance in Spain 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 Spain. Drawing on the results of a survey of 76 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 120 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 Spain.

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 Spain 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 Spain?

- 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 Spain.

Table Of Contents

Creditor Insurance in Spain
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 Spain

Rationale

The report tracks 129 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

The Spanish banking sector has seen a raft of mergers amid general economic uncertainty…

…and the ongoing restructuring process has seen the creation of several new holding companies

Further consolidation in the banking sector seems likely

Consumer lending market size and growth

Mortgage lending

Mortgage balances declined at a nominal compound annual rate of 3.3% between 2009 and 2013…

Non-mortgage lending

…and the value of total non-mortgage consumer lending has fallen back even faster in recent years

Credit and other pay later cards

The contraction in the number of credit cards in circulation has been less precipitous

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

Virtually all mortgage lenders offer related creditor insurance

Apart from MAPFRE and Caser this arena is dominated by captive and joint venture providers…

…with six of the top eight providers owned or co-owned by banking groups

13 mortgage lenders in Spain use a hybrid operating model for this type of creditor insurance...

... as a result of the fact that it combines both life and non-life elements

Creditor insurance linked to consumer finance

Providers of non-mortgage credit are also enthusiastic distributors of related creditor insurance

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

…although the large number of specialist consumer credit providers results in a more diverse market

Creditor insurance linked to credit cards

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

... with just a baker's dozen active at the time of the research

Creditor insurance risk coverage

More than a half of policies include an option to cover temporary incapacity and unemployment

Alternative distribution channels

Several major insurers offer mortgage-related creditor insurance direct to consumers…

… although the online visibility of brokers is low in this field

Creditor insurance market size, growth and forecast

The market has fallen in value in recent years as a consequence of several factors...

... and is forecast to decline further up to 2017




LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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