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Creditor Insurance in South Korea

  • March 2015
  • -
  • Finaccord
  • -
  • 21 pages

Finaccord’s report titled Creditor Insurance in South Korea 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 South Korea. Drawing on the results of a survey of 61 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 South Korea.

Table Of Contents

Creditor Insurance in South Korea
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 South Korea 3
Rationale 3
The report tracks the provision of creditor insurance across over 60 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
Four large financial groups are dominant in the banking sector. 9
. although specialised card issuers are also significant 9
Two non-indigenous banks feature in the top ten ranked by number of retail customers 10
Two co-operative groups have expanded their banking services significantly in recent years. 10
…and some insurance companies are also engaged in consumer lending 10
Many of the country's savings banks have been wound up or taken over 10
Consumer lending market size and growth 11
Mortgage lending 11
Mortgage balances outstanding reached a new peak at the end of 2014… 11
Non-mortgage lending 12
…as did consumer non-mortgage lending balances 12
Credit and other pay later cards 13
The number of credit cards in circulation has fallen sharply since 2011 13
Creditor insurance provision rates, operating models and partnerships 14
Several factors mean that banks do not distribute mortgage-related creditor insurance… 14
. including strict bancassurance regulations and an already-high life insurance penetration rate 14
Creditor insurance linked to consumer finance 15
Loan payment protection insurance is on offer from a handful of consumer finance firms 15
Creditor insurance linked to credit cards 17
Schemes for credit card payment protection insurance are comparatively common in South Korea 17
Hyundai Marine and Fire benefits most from its close relationship with BC Card 17
Creditor insurance risk coverage 19
All card-related creditor policies incorporate comprehensive coverage 19
Alternative distribution channels 20
Creditor insurance market size, growth and forecast 20
The South Korean market is composed mainly of credit card payment protection insurance. 20
. with other policy types under-developed in comparison 20

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in South Korea contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in South Korea (absolute and per capita), 2010 to 2014 11
Consumer non-mortgage lending balances outstanding in South Korea (absolute and per capita), 2010 to 2014 12
Credit and other pay later cards issued and per capita in South Korea, 2010 to 2014 13
Key data points for the consumer lending market in South Korea, 2010 to 2014 14
Provision of creditor insurance linked to consumer finance in South Korea, 2015: provision rate, operating models and weighted provider share of partnerships 16
Provision of creditor insurance linked to credit cards in South Korea, 2015: provision rate, operating models and weighted provider share of partnerships 18
Risk coverage of creditor insurance policies in South Korea, segmented by type of underlying product, 2015 19
Creditor insurance gross written premiums in South Korea, segmented by policy type, 2010, 2014 and 2018 21
Creditor insurance gross written premiums in South Korea, segmented by cover type, 2010, 2014 and 2018 21
Creditor insurance gross written premiums in South Korea, segmented by policy and cover type, 2010, 2014 and 2018 21

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