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Bancassurance in Belgium: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in Belgium.

Drawing on the results of a survey of 46 banking entities in Belgium, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance.

For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.

You may be able to use this report, plus the PartnerBASE™ dataset and market data annexes that accompany it, in one or more of the following ways:

- gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in Belgium;

- identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;

- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in Belgium;

- assess the background to the most significant bancassurance deals, differentiating between those that originate from long-term or strategic objectives and those that are more transient;

- appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in Belgium.

Overall, in a market in which banks hold a dominant position in the life insurance market and a steadily growing share of non-life insurance, across the 46 banks and other lending institutions researched in Belgium, Finaccord’s research identified over 150 bancassurance distribution initiatives for the various types of insurance investigated.

Table Of Contents

Bancassurance in Belgium: Life, Non-Life and Creditor Insurance
Executive Summary
Introduction
Market Background
INVESTMENT-RELATED LIFE INSURANCE AND RETIREMENT SAVINGS
PROTECTION-RELATED LIFE INSURANCE
ACCIDENT AND HEALTH INSURANCE
PERSONAL MOTOR AND HOUSEHOLD INSURANCE
CREDITOR INSURANCE


List of Graphics / Tables


0.0 EXECUTIVE SUMMARY
1.0 INTRODUCTION
What is this report about?
Distribution partnerships with banks and other lending institutions constitute the focus of this report
Rationale
Bancassurance is a major distribution channel for life insurance in Belgium
Methodology
Survey of banks and other lending institutions
Market data
Definitions
Investment-related life insurance
Retirement savings
Risk life insurance
Critical illness insurance
Income protection insurance
Accident insurance
Health / hospital cash plans
Medical expenses insurance
Personal motor insurance
Household insurance
Creditor insurance
Mortgages, consumer finance and credit cards
Weighted provider share of partnerships
Operating models
Abbreviations and exchange rates
PartnerBASE and market data annexe
Finaccord

2.0 MARKET BACKGROUND
Banks and other lending institutions covered
Introduction to the banking sector
BNP Paribas is the owner (or co-owner) of several consumer-facing banking entities in Belgium...
... in a market that has seen some important structural changes in recent years...
... such as the acquisition of Citibank Belgium by Credit Mutuel
Further changes to ownership structure seem likely to occur in future

3.0 INVESTMENT-RELATED LIFE INSURANCE AND RETIREMENT SAVINGS
Insurance market size and growth
The market for investment-related life increased strongly between 2009 and 2013
Distribution share of banks
Banks are dominant in individual life insurance, especially for single premium contracts
Bancassurance provision rates, operating models and partnerships
Investment-related life insurance
All of Belgium's mainstream retail banks offer investment-related life insurance...
…and more than half of those do so in conjunction with a captive or joint venture provider
Both AG Insurance and Belfius Insurance hold non-captive as well as captive partnerships...
... as does Delta Lloyd Life
Baloise Insurance, Generali, MetLife and VIVIUM are the only providers not affiliated to a bank
Retirement savings
Arrangements for retirement savings are virtually identical to those for investment-related life policies…
…although two banks make use of different providers in this arena
Performance of key bancassurance underwriters
On a combined basis, the market share in total life insurance of key Belgian bancassurers has plateaued

4.0 PROTECTION-RELATED LIFE INSURANCE
Insurance market size and growth
Protection-related life insurance increased by 3.4% per annum in nominal terms between 2009 and 2013
Distribution share of banks
Bancassurance provision rates, operating models and partnerships
Risk life insurance
By weighted share of partnerships, Belfius Insurance, AG Insurance and KBC Assurances are the leaders
Several significant banks have no arrangement for selling non-creditor risk life insurance
Critical illness insurance
Critical illness is rarely available in a stand-alone format from Belgian banks...
Income protection insurance
... although income protection insurance achieves a higher rate of provision
Performance of key bancassurance underwriters

5.0 ACCIDENT AND HEALTH INSURANCE
Insurance market size and growth
Premiums for health insurance are comfortably outgrowing those for accident insurance
Distribution share of banks
The distribution share of banks in accident and health insurance has advanced in recent years
Bancassurance provision rates, operating models and partnerships
Accident insurance
Most ‘accident insurance' in Belgium is, in fact, simply a form of third-party liability cover
Medical expenses insurance
DKV has picked up two significant distribution relationships in this domain
Health / hospital cash plans
Only one banking entity promotes stand-alone health or hospital cash plans
Performance of key bancassurance underwriters
The combined market share of key Belgian bancassurers in accident insurance has grown quickly...
...although they have made much less progress in health insurance

6.0 PERSONAL MOTOR AND HOUSEHOLD INSURANCE
Insurance market size and growth
Both the personal motor and household insurance markets are growing in real terms
Distribution share of banks
The distribution share of banks for both policy types has increased steadily in recent years
Bancassurance provision rates, operating models and partnerships
Personal motor insurance
Most of Belgium's main retail banks are active as distributors of motor insurance
Crelan is the largest banking institution with no arrangement in this field
Household insurance
Partnerships for household insurance are generally similar to those for personal motor policies
Performance of key bancassurance underwriters
The leading bank-owned underwriters sell via agents and brokers as well as through bank branches
... which explains their high market share in both motor insurance...
... and total property insurance

7.0 CREDITOR INSURANCE
Consumer lending market size and growth
Mortgage lending
Belgium's residential mortgage lending market continues to expand at a fairly healthy rate...
Non-mortgage lending
... although the value of total non-mortgage consumer lending has decreased in real terms
Credit and other pay later cards
The number of credit cards in circulation edged up in both 2012 and 2013
Creditor insurance provision rates, operating models and partnerships
Creditor insurance linked to mortgages
Most mortgage lending institutions have an arrangement for selling related creditor insurance...
… with AG Insurance emerging as the provider with the highest weighted share of partnerships...
... followed by Belfius Insurance, KBC Assurances, ING Life Belgium and Argenta Assurances
Even the most prominent external underwriter is limited to a relatively low weighted share of partnerships
Creditor insurance linked to consumer finance
Most providers of consumer finance are also distributors of associated creditor insurance...
... with many adhering to the same approach as that used for mortgage-related policies
Cardif has built up a total of as many as 14 different partnerships in this arena...
... in a market in which there is no shortage of competing underwriters
Creditor insurance linked to credit cards
Credit card payment protection insurance is commonly marketed by card issuers in Belgium
Captive and joint venture underwriters are also prevalent in this field...
…albeit a few card issuers maintain insurance programs with external underwriters
Creditor insurance risk coverage
Quite a lot of policies in Belgium are only designed to provide cover in the event of death
Creditor insurance market size, growth and forecast
Mortgage-related creditor insurance accounts for close to 80% of the total market...
... which is forecast to grow at a nominal compound annual rate of 5.5% up to 2017

List of Graphics / Tables

TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY
Overview of bancassurance provision rates for different types of insurance in Belgium, 2014
1.0 INTRODUCTION
Banks and other lending institutions in Belgium contacted by Finaccord, segmented by type
2.0 MARKET BACKGROUND
3.0 INVESTMENT-RELATED LIFE INSURANCE AND RETIREMENT SAVINGS
Gross written premiums for investment-related life insurance and retirement savings in Belgium, 2009 to 2013
Gross written premiums for investment-related life insurance and retirement savings in Belgium, 2009 to 2013 (table)
Distribution share of banks in total life, individual life and group life insurance in Belgium, 2008 to 2012
Bancassurance provision of investment-related life insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of retirement savings in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Market share in total life insurance of key bancassurance underwriters in Belgium, 2008 to 2012
4.0 PROTECTION-RELATED LIFE INSURANCE
Gross written premiums for protection-related life insurance in Belgium, 2009 to 2013
Gross written premiums for protection-related life insurance in Belgium, 2009 to 2013 (table)
Bancassurance provision of risk life insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of critical illness insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of income protection insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
5.0 ACCIDENT AND HEALTH INSURANCE
Gross written premiums for accident and health insurance in Belgium, 2009 to 2013
Gross written premiums for accident and health insurance in Belgium, 2009 to 2013 (table)
Distribution share of banks in total non-life, personal non-life, accident and health insurance in Belgium, 2008 to 2012
Bancassurance provision of accident insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of medical expenses insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of health / hospital cash plans in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Market share in non-work accident insurance of key bancassurance underwriters in Belgium, 2009 to 2012
Market share in health insurance of key bancassurance underwriters in Belgium, 2009 to 2012
6.0 PERSONAL MOTOR AND HOUSEHOLD INSURANCE
Gross written premiums for personal motor and household insurance in Belgium, 2009 to 2013
Gross written premiums for personal motor and household insurance in Belgium, 2009 to 2013 (data)
Distribution share of banks in total motor and total insurance in Belgium, 2008 to 2012
Bancassurance provision of personal motor insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of household insurance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Market share in total motor liability insurance of key bancassurance underwriters in Belgium, 2009 to 2012
Market share in total motor damage insurance of key bancassurance underwriters in Belgium, 2009 to 2012
Market share in total property insurance of key bancassurance underwriters in Belgium, 2009 to 2012
7.0 CREDITOR INSURANCE
Residential mortgage lending balances outstanding in Belgium (absolute and per capita), 2009 to 2013
Consumer non-mortgage lending balances outstanding in Belgium (absolute and per capita), 2009 to 2013
Credit and other pay later cards issued and per capita in Belgium, 2009 to 2013
Key data points for the consumer lending market in Belgium, 2009 to 2013
Provision of creditor insurance linked to mortgages in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance linked to consumer finance in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance linked to credit cards in Belgium, 2014: provision rate, operating models and weighted provider share of partnerships
Risk coverage of creditor insurance policies in Belgium, segmented by type of underlying product, 2014
Creditor insurance gross written premiums in Belgium, segmented by policy type, 2009, 2013 and 2017
Creditor insurance gross written premiums in Belgium, segmented by cover type, 2009, 2013 and 2017
Creditor insurance gross written premiums in Belgium, segmented by policy and cover type, 2009, 2013 and 2017

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