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Bancassurance in Spain: 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 Spain.

Drawing on the results of a survey of 76 banking entities in Spain, 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 Spain;

- 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 Spain;

- 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 Spain.

Overall, in a market in which banks hold a dominant position in the life insurance market and a significant share of non-life insurance, across the 76 banks and other lending institutions researched in Spain, Finaccord’s research identified exactly 450 bancassurance distribution initiatives for the various types of insurance investigated.

Table Of Contents

Bancassurance in Spain: 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 Spain 3
Rationale 3
The report tracks 129 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
The Spanish banking sector has seen a raft of mergers amid general economic uncertainty… 9
…and the ongoing restructuring process has seen the creation of several new holding companies 10
Further consolidation in the banking sector seems likely 11
Consumer lending market size and growth 11
Mortgage lending 11
Mortgage balances declined at a nominal compound annual rate of 3.3% between 2009 and 2013… 11
Non-mortgage lending 13
…and the value of total non-mortgage consumer lending has fallen back even faster in recent years 13
Credit and other pay later cards 14
The contraction in the number of credit cards in circulation has been less precipitous 14
Creditor insurance provision rates, operating models and partnerships 15
Creditor insurance linked to mortgages 15
Virtually all mortgage lenders offer related creditor insurance 15
Apart from MAPFRE and Caser this arena is dominated by captive and joint venture providers… 15
…with six of the top eight providers owned or co-owned by banking groups 16
13 mortgage lenders in Spain use a hybrid operating model for this type of creditor insurance... 16
... as a result of the fact that it combines both life and non-life elements 17
Creditor insurance linked to consumer finance 19
Providers of non-mortgage credit are also enthusiastic distributors of related creditor insurance 19
Many partnerships in this sphere are identical to those for mortgage-related creditor insurance… 19
…although the large number of specialist consumer credit providers results in a more diverse market 19
Creditor insurance linked to credit cards 21
Credit card payment protection insurance is less commonly marketed by card issuers in Spain... 21
... with just a baker's dozen active at the time of the research 21
Creditor insurance risk coverage 23
More than a half of policies include an option to cover temporary incapacity and unemployment 23
Alternative distribution channels 24
Several major insurers offer mortgage-related creditor insurance direct to consumers… 24
… although the online visibility of brokers is low in this field 24
Creditor insurance market size, growth and forecast 24
The market has fallen in value in recent years as a consequence of several factors... 24
... and is forecast to decline further up to 2017 25

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Creditor insurance gross written premiums in Spain, segmented by policy and cover type, 2009, 2013 and
2017 2
1.0 INTRODUCTION 3
Banks and other lending institutions in Spain contacted by Finaccord, segmented by type 4
2.0 MARKET ANALYSIS 9
Residential mortgage lending balances outstanding in Spain (absolute and per capita), 2009 to 2013 .... 12
Consumer non-mortgage lending balances outstanding in Spain (absolute and per capita), 2009 to 2013
13
Credit and other pay later cards issued and per capita in Spain, 2009 to 2013 14
Key data points for the consumer lending market in Spain, 2009 to 2013 15
Provision of creditor insurance linked to mortgages in Spain, 2014: provision rate, operating models and
weighted provider share of partnerships 18
Provision of creditor insurance linked to consumer finance in Spain, 2014: provision rate, operating
models and weighted provider share of partnerships 20
Provision of creditor insurance linked to credit cards in Spain, 2014: provision rate, operating models and
weighted provider share of partnerships 22
Risk coverage of creditor insurance policies in Spain, segmented by type of underlying product, 2014 .... 23
Creditor insurance gross written premiums in Spain, segmented by policy type, 2009, 2013 and 2017 ... 25
Creditor insurance gross written premiums in Spain, segmented by cover type, 2009, 2013 and 2017 .... 26
Creditor insurance gross written premiums in Spain, segmented by policy and cover type, 2009, 2013 and
2017 26

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