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Creditor Insurance in Vietnam

  • March 2015
  • -
  • Finaccord
  • -
  • 25 pages

Finaccord’s report titled Creditor Insurance in Vietnam 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 Vietnam. Drawing on the results of a survey of 53 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 Vietnam.

Table Of Contents

Creditor Insurance in Vietnam
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 Vietnam 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
Four of Vietnam's five largest banks by number of customers are state-owned. 9
. with Agribank leading the market by this measure 9
Indigenous banks control around 90% of the retail lending sector. 10
. although this market remains very small by international standards 10
Several Japanese banks have displayed an interest in Vietnam's banking sector 10
Consumer lending market size and growth 11
Mortgage lending 11
Mortgage balances grew at a nominal compound annual rate of 21.3% between 2010 and 2014. 11
Non-mortgage lending 12
. with a slightly lower rate in evidence for consumer non-mortgage lending 12
Credit and other pay later cards 13
Though still under-developed, Vietnam's credit card market is growing at a rapid pace 13
Creditor insurance provision rates, operating models and partnerships 14
Creditor insurance linked to mortgages 14
Over a half of all lenders offering home loans also have an arrangement for related creditor insurance 14
Three captive insurers and one joint venture are ranked in the top five by weighted share of partnerships 14
Prevoir is used for mortgage-related creditor insurance by six different banking entities 15
Several large banks have not yet introduced mortgage-related creditor insurance 15
Creditor insurance linked to consumer finance 17
Partnerships for policies linked to consumer finance are similar to those for mortgage-related cover. 17
. although a couple are unique to this sector 17
Creditor insurance linked to credit cards 19
Schemes for credit card payment protection insurance are rather less commonplace in Vietnam 19
Creditor insurance risk coverage 21
Most creditor insurance policies are limited to cover in the event of death and permanent disability 21
Alternative distribution channels 22
Several large insurers market creditor insurance through the agency distribution networks 22
Creditor insurance market size, growth and forecast 22
The very small creditor insurance market is expected to advance rapidly between 2014 and 2018. 22
. with the value of policies cross-sold with credit cards expected to increase most strongly 23
The introduction of more policies covering temporary incapacity or unemployment could spur higher growth 24

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
Banks and other lending institutions in Vietnam contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Vietnam (absolute and per capita), 2010 to 2014 11
Consumer non-mortgage lending balances outstanding in Vietnam (absolute and per capita), 2010 to 2014 12
Credit and other pay later cards issued and per capita in Vietnam, 2010 to 2014 13
Key data points for the consumer lending market in Vietnam, 2010 to 2014 14
Provision of creditor insurance linked to mortgages in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships 16
Provision of creditor insurance linked to consumer finance in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships 18
Provision of creditor insurance linked to credit cards in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships 20
Risk coverage of creditor insurance policies in Vietnam, segmented by type of underlying product, 2015 21
Creditor insurance gross written premiums in Vietnam, segmented by policy type, 2010, 2014 and 201823
Creditor insurance gross written premiums in Vietnam, segmented by cover type, 2010, 2014 and 2018 24
Creditor insurance gross written premiums in Vietnam, segmented by policy and cover type, 2010, 2014 and 2018 25

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