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Creditor Insurance in Indonesia

  • March 2015
  • -
  • Finaccord
  • -
  • 23 pages

Finaccord’s report titled Creditor Insurance in Indonesia 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 Indonesia. Drawing on the results of a survey of 74 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 Indonesia.

Table Of Contents

Creditor Insurance in Indonesia
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 Indonesia 3
Rationale 3
The report tracks over 50 separate 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, Bank Rakyat Indonesia is the country's largest bank. 9
…although Bank Tabungan Negara is the largest competitor in the mortgage lending sector 9
Four of the top 15 banking institutions are state-owned. 10
A number of banking entities with foreign parents are active in the market. 10
. and there have been several important bank mergers in recent years 10
Consumer lending market size and growth 11
Mortgage lending 11
Mortgage balances outstanding increased substantially between 2010 and 2014…. 11
Non-mortgage lending 11
.while the value of non-mortgage consumer lending also increased albeit at a slower pace 11
Credit and other pay later cards 12
The credit card market has grown steadily since 2010 12
Creditor insurance provision rates, operating models and partnerships 14
Creditor insurance linked to mortgages 14
The vast majority of mortgage lending institutions have a related creditor insurance proposition 14
Captive and joint venture arrangements are conspicuous in this market 14
One competitor - Sinar Mas - has eight separate partnerships in this field 15
In total, over 20 insurance providers have established bank distribution relationships 15
Creditor insurance linked to consumer finance 17
Initiatives in this arena are mainly organised through external underwriters 17
BRIingin Life leads the market by weighted share of partnerships. 17
. followed by AXA Mandiri, Allianz, Mega Life and AIA 17
A large proportion of lenders have no apparent scheme in place for this type of creditor insurance 17
Creditor insurance linked to credit cards 19
AXA Mandiri is the most prominent provider in this sphere through two major partnerships. 19
. and is followed by Manulife which also benefits from a significant relationship 19
Creditor insurance risk coverage 21
Cover for unemployment has yet to be introduced to the Indonesian creditor insurance market 21
Alternative distribution channels 22
Borrowers can buy creditor insurance from agents and brokers as well as from banks 22
Creditor insurance market size, growth and forecast 22
The overall market for all forms of creditor insurance in Indonesia is advancing rapidly. 22
. with demand for policies linked to mortgages likely to grow most quickly in future 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in Indonesia contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Indonesia (absolute and per capita), 2010 to 2014 11
Consumer non-mortgage lending balances outstanding in Indonesia (absolute and per capita), 2010 to 2014 12
Credit and other pay later cards issued and per capita in Indonesia, 2010 to 2014 13
Key data points for the consumer lending market in Indonesia, 2010 to 2014 14
Provision of creditor insurance linked to mortgages in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships 16
Provision of creditor insurance linked to consumer finance in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships 18
Provision of creditor insurance linked to credit cards in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships 20
Risk coverage of creditor insurance policies in Indonesia, segmented by type of underlying product, 2015 21
Creditor insurance gross written premiums in Indonesia, segmented by policy type, 2010, 2014 and 2018 23
Creditor insurance gross written premiums in Indonesia, segmented by cover type, 2010, 2014 and 2018 23
Creditor insurance gross written premiums in Indonesia, segmented by policy and cover type, 2010, 2014 and 2018 23

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