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Bancassurance in Italy: 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 Italy.

Drawing on the results of a survey of 117 banking entities in Italy, 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 Italy;

- 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 Italy;

- 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 Italy.

Overall, in a market in which banks hold a distribution share of almost 50% of the life insurance market and between 5% and 10% for personal non-life insurance, across the 117 banks and other lending institutions researched in Italy, Finaccord’s research identified over 680 bancassurance distribution initiatives for the various types of insurance investigated.

Table Of Contents

Bancassurance in Italy: Life, Non-Life and Creditor Insurance
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 Italy 3
Rationale 3
The report tracks 195 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 6
Operating models 6
Abbreviations and exchange rates 7
PartnerBASEâ„¢ 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, or arguably five, retail banking groups lay claim to a genuinely nationwide network… 9
… although these are challenged by an array of ambitious regional competitors… 10
… including the 'banche di credito cooperative' and 'casse Raiffeisen'… 10
… as well as several insurer-owned banks and banks falling under foreign ownership 10
Italy also plays host to a considerable number of specialised lending institutions 10
Italy's banking groups typically encapsulate a number of local or regional banking brands 11
Consumer lending market size and growth 11
Mortgage lending 11
Despite the economic turmoil, mortgage balances outstanding have remained fairly stable... 11
Non-mortgage lending 13
... albeit the value of total non-mortgage consumer lending has fallen back since 2011 13
Credit and other pay later cards 14
The number of credit cards in circulation has declined rapidly in recent years 14
Creditor insurance provision rates, operating models and partnerships 15
Creditor insurance linked to mortgages 15
A wide range of operating models is used to source mortgage-related creditor insurance in Italy... 15
... as policies are often underwritten by life and non-life insurers acting in concert 15
UniCredit Banca's complicated arrangements involve the use of multiple joint venture underwriters 16
Over 20 external providers of mortgage-related creditor insurance claim at least one relationship 16
Assimoco co-operates in this area with as many as 13 of the lending institutions investigated 16
Creditor insurance linked to consumer finance 18
Loan payment protection insurance is available from the vast majority of relevant lending institutions... 18
... with Cardif especially prominent in this arena 18
... and MetLife also a significant competitor 18
Once again, a large number of captive and joint venture underwriters are in evidence... 18
... a number of which are domiciled outside of Italy itself 18
The competition among non-captives is as fragmented and intense as it is for mortgage-related cover 19
Lending institutions with no arrangement in this area are all comparatively minor entities 19
Creditor insurance linked to credit cards 21
Credit card payment protection insurance is less commonly marketed by card issuers in Italy... 21
... and three providers are dominant by weighted share of partnerships 21
Creditor insurance risk coverage 23
In all segments, close to 90% of policies analysed cover temporary incapacity and unemployment 23
Alternative distribution channels 24
Credit brokers constitute a significant alternative distribution channel for creditor insurance... 24
... with some insurance providers specifically focused on this route to market 24
Some borrowers protect their loans with general-purpose protection-related life insurance 24
Creditor insurance market size, growth and forecast 24
As the lending sector has slowed, growth in the related insurance market has decelerated in recent years . 24
… and this trend seems likely to persist through to 2017 25

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Creditor insurance gross written premiums in Italy, segmented by policy and cover type, 2009, 2013 and
2017 2
1.0 INTRODUCTION 3
Banks and other lending institutions in Italy contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Italy (absolute and per capita), 2009 to 2013 12
Consumer non-mortgage lending balances outstanding in Italy (absolute and per capita), 2009 to 2013 . 13
Credit and other pay later cards issued and per capita in Italy, 2009 to 2013 14
Key data points for the consumer lending market in Italy, 2009 to 2013 15
Provision of creditor insurance linked to mortgages in Italy, 2014: provision rate, operating models and
weighted provider share of partnerships 17
Provision of creditor insurance linked to consumer finance in Italy, 2014: provision rate, operating models
and weighted provider share of partnerships 20
Provision of creditor insurance linked to credit cards in Italy, 2014: provision rate, operating models and
weighted provider share of partnerships 22
Risk coverage of creditor insurance policies in Italy, segmented by type of underlying product, 2014 23
Creditor insurance gross written premiums in Italy, segmented by policy type, 2009, 2013 and 2017 25
Creditor insurance gross written premiums in Italy, segmented by cover type, 2009, 2013 and 2017 26
Creditor insurance gross written premiums in Italy, segmented by policy and cover type, 2009, 2013 and
2017 26

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