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Creditor Insurance in Sweden

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

Finaccord’s report titled Creditor Insurance in Sweden 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 Sweden. 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 close to 90 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 Sweden.

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 Sweden 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 Sweden?

- 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 Sweden.

Table Of Contents

Creditor Insurance in Sweden
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 Sweden

Rationale

The report tracks close to 90 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



Eight of the largest ten retail banking institutions are indigenous to Sweden

Consolidation has concentrated on smaller institutions in recent years

Swedbank co-operates closely with the majority of local savings banks

Consumer lending market size and growth

Mortgage lending

Mortgage balances outstanding were some 26% higher by the end of 2013 than they were in 2009...

Non-mortgage lending

…and the value of total non-mortgage consumer lending has also advanced quite substantially

Credit and other pay later cards

The number of credit cards in circulation has contracted slightly in recent years

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

Captive underwriters owned by the largest banks are quite prominent in this field...

...albeit Genworth Financial has established a number of significant relationships

Creditor insurance linked to consumer finance

Genworth Financial and Cardif Nordic are the leading insurance providers in this segment

The payment protection policies of Swedbank and related savings banks are limited to 'member loans'

Several other captive and non-captive providers are also in evidence in this field

Creditor insurance linked to credit cards

Credit card payment protection insurance is fairly commonly marketed by card issuers in Sweden...

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

Creditor insurance risk coverage

Policies sold to mortgage borrowers are least likely to cover temporary incapacity and unemployment

Alternative distribution channels

Borrowers can also acquire payment protection cover from a number of loan brokers...

... but cover is not marketed directly by insurers

Creditor insurance market size, growth and forecast

Fairly strong lending market growth is likely to have propelled the creditor insurance market forward...

... with further growth predicted up to 2017






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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