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  4. > Bancassurance in Russia: Life, Non-Life and Creditor Insurance

Bancassurance in Russia: 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 Russia.

Drawing on the results of a survey of 78 banking entities in Russia, 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 Russia;

- 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 Russia;

- 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 Russia.

Overall, in a market in which banks hold a fast-growing distribution share of almost 60% of the life insurance market, across the 78 banks and other lending institutions researched in Russia, Finaccord’s research identified close to 300 bancassurance distribution initiatives for the various types of insurance investigated.

Table Of Contents

Bancassurance in Russia: 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 Russia 3
Rationale 3
The report tracks 131 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
Banks owned ultimately by the state continue to exert a strong influence on Russia's banking sector... 9
... with several foreign banks having decided to exit the market 10
Russia's banking sector has changed very significantly in recent years... 10
... with a new wave of merger and acquisition activity in evidence since 2008... 10
... and with further changes in the market structure likely to occur 10
In spite of its problems, there is plenty of scope for the Russian retail banking market to grow 11
Consumer lending market size and growth 12
Mortgage lending 12
Russian home loans grew at a nominal compound annual rate of 23.7% between 2009 and 2013 12
Non-mortgage lending 13
The value of total non-mortgage consumer lending has expended rapidly in recent years 13
Credit and other pay later cards 14
The number of credit cards in circulation has grown 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 Russia 15
Rosgosstrakh, VSK, Allianz, Cardif and Sberbank Insurance are identifiable as market leaders... 16
...with VTB Insurance and AlfaStrakhovanie featuring as prominent captive underwriter 16
A number of banking institutions, including Probisenes Bank, work with a single underwriter... 16
... with a larger number opting for a hybrid operating model including both captive and non-captive insurers 16
Typically, mortgage-related insurance in Russia is configured differently to other European countries... 19
... with mandatory mortgage insurance complemented increasingly by voluntary creditor insurance 19
Creditor insurance linked to consumer finance 20
Around three quarters of loan lending organisations offer related creditor insurance 20
Allianz has established a number of valuable ties in this field 20
…and Russian Standard Insurance benefits mainly from its captive tie 20
This market features a relatively high number of captive providers 20
CiV Life and ERGO Life benefit from strategic partnerships 21
One quarter of entities offering consumer finance have no program for related creditor insurance 21
Creditor insurance linked to credit cards 23
Around one half of credit card issuers have developed an associated creditor insurance scheme 23
AlfaStrakhovanie claims the highest weighted share of partnerships in this field... 23
…and Cardif has distribution ties with two of Russia's major banks 23
Creditor insurance risk coverage 25
Cover for temporary incapacity and unemployment is most commonly available to credit card customers 25
Alternative distribution channels 26
All larger insurance companies promote forms of creditor insurance directly to their customers 26
Creditor insurance market size, growth and forecast 26
The market is going to grow at a rapid between 2013 and 2017 26
... although due the macro-economic environment less rapidly than in recent years 27
Statistics exist to help quantify the market for creditor insurance in Russia 29

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Creditor insurance gross written premiums in Russia, segmented by policy and cover type, 2009, 2013
and 2017 2
1.0 INTRODUCTION 3
Banks and other lending institutions in Russia contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Russia (absolute and per capita), 2009 to 2013 ... 12
Consumer non-mortgage lending balances outstanding in Russia (absolute and per capita), 2009 to 2013
13
Credit and other pay later cards issued and per capita in Russia, 2009 to 2013 14
Key data points for the consumer lending market in Russia, 2009 to 2013 15
Provision of creditor insurance linked to mortgages in Russia, 2014: provision rate, operating models and
weighted provider share of partnerships 18
Provision of creditor insurance linked to consumer finance in Russia, 2014: provision rate, operating
models and weighted provider share of partnerships 22
Provision of creditor insurance linked to credit cards in Russia, 2014: provision rate, operating models and
weighted provider share of partnerships 24
Risk coverage of creditor insurance policies in Russia, segmented by type of underlying product, 2014 .. 25
Creditor insurance gross written premiums in Russia, segmented by policy type, 2009, 2013 and 2017 .. 27
Creditor insurance gross written premiums in Russia, segmented by cover type, 2009, 2013 and 2017 .. 28
Creditor insurance gross written premiums in Russia, segmented by policy and cover type, 2009, 2013
and 2017 29

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