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Creditor Insurance in India

  • March 2015
  • -
  • Finaccord
  • -
  • 24 pages

Finaccord’s report titled Creditor Insurance in India 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 India. Drawing on the results of a survey of 71 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 all 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 India.

Table Of Contents

Creditor Insurance in India
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
This report provides a comprehensive analysis of loan-related insurance policies in India 3
Rationale 3
The report tracks close to 100 initiatives for marketing creditor insurance through lending institutions 3
Methodology 3
Survey of banks and other lending institutions 3
Market data 4
Definitions 5
Creditor insurance 5
Mortgages, consumer finance and credit cards 5
Weighted provider share of partnerships 5
Operating models 6
Abbreviations and exchange rates 7
PartnerBASE and market data annexe 7
Finaccord 7
2.0 MARKET ANALYSIS 9
Banks and other lending institutions covered 9
Introduction to the banking sector 9
In terms of its total number of retail customers SBI leads the market ahead of Punjab National Bank. 9
. in a sector in which government-owned banks account for a majority of branches 10
Substantial swathes of the Indian population remain unbanked 10
The RBI follows a policy that generally encourages banking sector consolidation. 10
. with a number of mergers and acquisitions in evidence in recent years. 10
. including the acquisition of INV Vsysa Bank by Kotak Mahindra Bank in November 2014 11
Consumer lending market size and growth 12
Mortgage lending 12
Mortgage balances outstanding increased steadily between 2010 and 2014… 12
Non-mortgage lending 13
.while the value of non-mortgage consumer lending accelerated at a similar pace 13
Credit and other pay later cards 14
Having peaked in 2008, the credit card market has experienced limited growth since 2010 14
Creditor insurance provision rates, operating models and partnerships 15
Creditor insurance linked to mortgages 15
The vast majority of mortgage lenders in India sell related creditor insurance. 15
. with SBI Life emerging as the leader by weighted share of partnerships 15
Joint ventures involving overseas insurance groups have a strong position in the market. 16
. with co-owners including both banks and other types of entity 16
Creditor insurance linked to consumer finance 18
Three quarters of entities offering consumer credit have a related creditor insurance scheme in place 18
The main partnerships in this field are similar to those for mortgage-related creditor insurance. 18
. although there are a few that are unique to consumer finance 18
16 lending institutions have no apparent scheme in place for this type of creditor insurance 18
Creditor insurance linked to credit cards 20
Only a handful of schemes for card-related creditor insurance are up and running in India. 20
.and most of the country's major banks eschew this type of policy 20
Creditor insurance risk coverage 22
Creditor insurance policies in India are skewed towards simpler formats 22
Alternative distribution channels 23
Creditor insurance is quite widely available through automotive manufacturer brands and dealers 23
Creditor insurance market size, growth and forecast 23
The overall market for all forms of creditor insurance in India is advancing rapidly. 23
. with demand for policies linked to mortgages likely to remain robust 23

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in India contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in India (absolute and per capita), 2010 to 2014 12
Consumer non-mortgage lending balances outstanding in India (absolute and per capita), 2010 to 2014 13
Credit and other pay later cards issued and per capita in India, 2010 to 2014 14
Key data points for the consumer lending market in India, 2010 to 2014 15
Provision of creditor insurance linked to mortgages in India, 2015: provision rate, operating models and weighted provider share of partnerships 17
Provision of creditor insurance linked to consumer finance in India, 2015: provision rate, operating models and weighted provider share of partnerships 19
Provision of creditor insurance linked to credit cards in India, 2015: provision rate, operating models and weighted provider share of partnerships 21
Risk coverage of creditor insurance policies in India, segmented by type of underlying product, 2015 22
Creditor insurance gross written premiums in India, segmented by policy type, 2010, 2014 and 2018 24
Creditor insurance gross written premiums in India, segmented by cover type, 2010, 2014 and 2018 24
Creditor insurance gross written premiums in India, segmented by policy and cover type, 2010, 2014 and 2018 24

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