1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Creditor Insurance in Turkey

Creditor Insurance in Turkey

  • June 2014
  • -
  • Finaccord
  • -
  • 25 pages

Finaccord’s report titled Creditor Insurance in Turkey 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 Turkey. Drawing on the results of a survey of 32 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 Turkey.

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 Turkey 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 Turkey?

- 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 Turkey.

Table Of Contents

Creditor Insurance in Turkey
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 Turkey

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



The five largest banking networks by number of retail customers still have Turkish owners...

... although foreign competitors have entered the market, usually through acquisitions

These include Burgan Bank, Commercial Bank of Qatar and Sberbank

Consumer lending market size and growth

Mortgage lending

Mortgage balances increased at a real compound annual rate of 17% between 2009 and 2013…

Non-mortgage lending

…and the value of total non-mortgage consumer lending has grown even faster…

…although the market is likely to slow down significantly for two main reasons

Credit and other pay later cards

The rapid advance in the number of credit cards in circulation has continued

Creditor insurance provision rates, operating models and partnerships

Creditor insurance linked to mortgages

Virtually all mortgage lenders in Turkey offer related creditor insurance

Four of the leading five underwriters are classifiable as captives

In recent years, both Ageas and Cigna have taken sizeable equity stakes in Turkish insurers...

... and Allianz acquired Yapi Kredit Sigorta in July 2013

As well as Allianz, other non-captive competitors include AIG, AXA, ERGO, Groupama, I?ik and MetLife

Creditor insurance linked to consumer finance

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

Captive and joint venture underwriters affiliated with Turkey's large banks dominate this segment

Several partnerships in this field differ to those observed for mortgage-related creditor insurance

Creditor insurance linked to credit cards

Over a half of credit card issuers have a scheme for credit card payment protection insurance...

... with ten underwriters active in this field

Creditor insurance risk coverage

Most creditor insurance policies in Turkey cover all four core risks

Alternative distribution channels

Creditor insurance market size, growth and forecast

The market is likely to have grown rapidly in value in recent years...

... and its value is quite evenly split between life and non-life elements

However, change may be occasioned by a consumer protection law introduced in May 2014






LIST OF GRAPHICS / TABLES


TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

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

2.0 MARKET ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Veronica

+1 718 514 2762

Purchase Reports From Reputable Market Research Publishers
Governance, Risk and Compliance – The Brazilian Insurance Industry

Governance, Risk and Compliance – The Brazilian Insurance Industry

  • $ 950
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Governance, Risk and Compliance – The Brazilian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Brazil. It provides detailed ...

International Risk & Payment Review (Online)

International Risk & Payment Review (Online)

  • $ 1600
  • Industry report
  • October 2016
  • by Dun and Bradstreet (Altares)

International Risk & Payment Review The International Risk & Payment Review is an invaluable monitoring tool providing detailed country assessment, which facilitates the management of ongoing business ...

Personal Accident and Health Insurance in Brazil, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in Brazil, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • September 2016
  • by Timetric

Synopsis Timetric’s 'Personal Accident and Health Insurance in Brazil Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Brazilian life insurance segment, ...


ref:plp2014

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.