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Creditor Insurance in Thailand

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

Finaccord’s report titled Creditor Insurance in Thailand 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 Thailand. Drawing on the results of a survey of 39 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 Thailand.

Table Of Contents

Creditor Insurance in Thailand
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 Thailand 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 number of retail customers, Bangkok Bank leads the market. 9
. and is followed by Siam Commercial Bank and Krungthai Bank 9
Government-owned institutions play an important role in the mortgage lending sector 10
The presence of foreign-owned banks in the market is comparatively limited. 10
. with several overseas entities having exited the market in recent years 10
Consumer lending market size and growth 11
Mortgage lending 11
Residential mortgage balances grew at a nominal annual rate of 8.5% between 2010 and 2014 11
Non-mortgage lending 12
The compound annual growth rate for non-mortgage balances is higher than that for mortgages 12
Credit and other pay later cards 12
Credit card penetration has been growing at a consistent rate 12
Creditor insurance provision rates, operating models and partnerships 14
Creditor insurance linked to mortgages 14
Provision of creditor insurance by mortgage lending institutions is commonplace in Thailand 14
By weighted share of partnerships, Bangkok Life is the most prominent competitor. 14
. in a sector in which a dozen insurance providers claim at least one bank partnership 15
Creditor insurance linked to consumer finance 17
Loan payment protection insurance is offered by the vast majority of eligible lenders in Thailand. 17
. with the leading providers identical to those for mortgage-related creditor insurance 17
AIA holds the most distribution partnerships in this sphere 17
. although the deals with its largest banking partners are not exclusive ones 17
TMB Bank is the largest bank with no apparent arrangement for this type of cover. 17
Creditor insurance linked to credit cards 19
Schemes for credit card payment protection insurance are less widespread in Thailand 19
When viewed on a weighted basis, two joint venture underwriters are most prominent 19
Eight credit card issuers have no visible scheme in place for card-related creditor insurance 19
Creditor insurance risk coverage 21
Two lending institutions have introduced more comprehensive forms of creditor insurance 21
Alternative distribution channels 22
Most major life insurance companies market creditor insurance through the agency channel… 22
…and some specialist life insurance brokers are also known to sell the product. 22
… although few car dealers do so 22
Creditor insurance market size, growth and forecast 22
Growth in the creditor insurance market is likely to accelerate between 2014 and 2018. 22
. with mortgage-related cover continuing to constitute the largest single segment 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in Thailand contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Thailand (absolute and per capita), 2010 to 2014 11
Consumer non-mortgage lending balances outstanding in Thailand (absolute and per capita), 2010 to 2014 12
Credit and other pay later cards issued and per capita in Thailand, 2010 to 2014 13
Key data points for the consumer lending market in Thailand, 2010 to 2014 14
Provision of creditor insurance linked to mortgages in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships 16
Provision of creditor insurance linked to consumer finance in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships 18
Provision of creditor insurance linked to credit cards in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships 20
Risk coverage of creditor insurance policies in Thailand, segmented by type of underlying product, 2015 21
Creditor insurance gross written premiums in Thailand, segmented by policy type, 2010, 2014 and 2018 23
Creditor insurance gross written premiums in Thailand, segmented by cover type, 2010, 2014 and 201823
Creditor insurance gross written premiums in Thailand, segmented by policy and cover type, 2010, 2014 and 2018 23

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