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Creditor Insurance in Japan

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

Finaccord’s report titled Creditor Insurance in Japan 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 Japan. Drawing on the results of a survey of 104 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 Japan.

Table Of Contents

Creditor Insurance in Japan
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 Japan 3
Rationale 3
The report tracks over 60 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
Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Japan Post Bank are the top three banks. 9
…albeit regional banks and Shinkin banks also play an important role in the market 10
The penetration of foreign-owned banking institutions is very limited 10
Several new branchless banks have been launched in recent years 10
Consumer lending market size and growth 11
Mortgage lending 11
Mortgage balances outstanding increased at a moderate rate between 2010 and 2014…. 11
Non-mortgage lending 12
… while the value of total non-mortgage consumer lending moved up at a similar pace. 12
Credit and other pay later cards 12
Japan's credit card market is both highly mature and stagnant in terms of cards issued 12
Creditor insurance provision rates, operating models and partnerships 14
Creditor insurance linked to mortgages 14
All but two mortgage lenders in Japan offer related creditor insurance 14
By weighted share of partnerships, Cardif ranks first by a significant margin. 14
. followed by Tokio Marine and Nichido and Sompo Japan Nipponkoa. 15
. in a market populated by a significant number of competing insurance providers 15
Creditor insurance linked to consumer finance 17
Creditor cover related to consumer finance is seldom offered by lending organisations in Japan. 17
. although the number of schemes has increased substantially since 2012 17
Creditor insurance linked to credit cards 17
Creditor insurance risk coverage 19
Most mortgage-related policies cover temporary incapacity as well as death and permanent disability. 19
. but unemployment cover is a lot less widespread 19
Alternative distribution channels 20
Several insurance companies market creditor insurance directly to consumers 20
Creditor insurance market size, growth and forecast 21
The value of Japan's creditor insurance market is dominated by mortgage-related insurance. 21
. albeit cover linked to consumer finance is likely to have been growing more rapidly 21

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in Japan contacted by Finaccord, segmented by type. 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Japan (absolute and per capita), 2010 to 2014 11
Consumer non-mortgage lending balances outstanding in Japan (absolute and per capita), 2010 to 2014 12
Credit and other pay later cards issued and per capita in Japan, 2010 to 2014 13
Key data points for the consumer lending market in Japan, 2010 to 2014 14
Provision of creditor insurance linked to mortgages in Japan, 2015: provision rate, operating models and weighted provider share of partnerships 16
Provision of creditor insurance linked to consumer finance in Japan, 2015: provision rate, operating models and weighted provider share of partnerships 18
Risk coverage of creditor insurance policies in Japan, segmented by type of underlying product, 2015 20
Creditor insurance gross written premiums in Japan, segmented by policy type, 2010, 2014 and 2018 22
Creditor insurance gross written premiums in Japan, segmented by cover type, 2010, 2014 and 2018 23
Creditor insurance gross written premiums in Japan, segmented by policy and cover type, 2010, 2014 and 2018 24

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