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Creditor Insurance in Switzerland

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

Finaccord’s report titled Creditor Insurance in Switzerland 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 Switzerland. Drawing on the results of a survey of 66 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 80 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 Switzerland.

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 Switzerland 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 Switzerland?

- 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 Switzerland.

Table Of Contents

Creditor Insurance in Switzerland
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 Switzerland

Rationale

The report tracks over 80 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



By number of retail customers, the Raiffeisen grouping and Postfinance are ranked first...

... albeit Credit Suisse and UBS account for over 50% of Swiss banking assets

Perceived as ‘safe havens', the cantonal banks have increased their market share in recent years

Many of Switzerland's savings banks belong to the Clientis grouping

Postfinance is allowed to operate without a regular banking license

GE Money Bank re-branded as Cembra Money Bank in October 2013

Consumer lending market size and growth

Mortgage lending

Mortgage balances increased at a real compound annual rate of 4.3% between 2009 and 2013…

Non-mortgage lending

…but the value of total non-mortgage consumer lending has trickled back since 2011

Credit and other pay later cards

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

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

Partnerships with single external underwriters are most commonly apparent in this market

Schweizerische Mobilar benefits from numerous partnerships with cantonal banks

Helvetia renewed its long-standing bancassurance agreement with Raiffeisen in 2009

AXA Winterthur maintains an important partnership in this arena with Postfinance

Swiss Life and Zurich are also active by means of major bancassurance relationships...

... as are Cardif and Nationale Suisse Creditor insurance linked to consumer finance

Most providers of consumer finance offer related creditor insurance

Through cashgate, Cardif is used by a number of significant Swiss banks

Eight other non-captive underwriters are active in this segment...

... with one relationship formerly classifiable as a captive deal having since changed

Creditor insurance linked to credit cards

Credit card payment protection insurance is marketed by only a handful of Swiss card issuers

Creditor insurance risk coverage

Mortgage-related products are commonly configured as relatively straightforward life insurance policies

Alternative distribution channels

Several online credit brokers in Switzerland offer creditor insurance

Creditor insurance market size, growth and forecast

Mortgage-related policies account for the more than 80% of the total market value…

... although they are likely to be outpaced by card-related policies up to 2017






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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