Keywords : Credit Card, retailer card, credit card production
Insurance and Assistance linked to Payment Cards and Bank Accounts in Austria investigates the market for insurance and assistance policies linked to banking products in this country. Drawing on the results of an investigation covering 202 individual payment card and bank account products offered by 26 banking institutions and specialised card providers in Austria, the report analyses the provision of a variety of different types of insurance and...
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Insurance and Assistance linked to Payment Cards and Bank Accounts in Austria investigates the market for insurance and assistance policies linked to banking products in this country. Drawing on the results of an investigation covering 202 individual payment card and bank account products offered by 26 banking institutions and specialised card providers in Austria, the report analyses the provision of a variety of different types of insurance and assistance policy in the following broad categories of cover: accident and health; creditor; personal and identity protection; shopping; travel; and other. In addition, concierge services are also included as a category in their own right. Moreover, the PartnerBASE™ dataset that accompanies the report details each insurance or assistance enhancement for each payment card and bank account product analysed.
Key features of this report include:
- quantification of the market size and segmentation for insurance and assistance linked to payment cards and bank accounts: approximately how much is the market worth in Austria?
- analysis of the many types of insurance and assistance policy marketed and how the risks covered vary from one distributor to another;
- consideration of the role of centralised payment card issuing entities in Austria and the degree to which individual banking institutions are concluding their own agreements for card-related insurance and assistance over and above the basic levels of cover already provided;
- calculation of provider share of partnerships based on number of relationships: which providers of insurance and assistance policies have been successful in establishing relationships with banking institutions and other card issuers or distributors?
- availability of an accompanying PartnerBASE dataset that details each individual insurance or assistance enhancement to the payment cards and bank accounts analysed in Austria.
Credit Card Industry in Austria
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY
1.0 INTRODUCTION
What is this report about?
The provision of over 30 forms of niche insurance and assistance is investigated in this study
Rationale
The new research builds upon that pioneered by Finaccord over a period of almost a decade in Europe
Methodology
Primary survey
The research covers 202 specific banking products offered by 26 banks and other organisations
Market size modelling
Operating models
Abbreviations
Definitions of specific types of insurance and assistance
PartnerBASE™
Finaccord
2.0 MARKET ANALYSIS
Banks and other payment card issuers covered
Introduction to the banking market
The banking system can be divided according to how banks operate at the national, regional and local level
Austrian banks are expected to raise EUR 2.9 billion to meet new capital requirements
Introduction to the payment card sector
Between 2007 and 2011 the number of credit cards in circulation grew by more than 10%
Insurance and assistance linked to payment cards and bank accounts
Overview of payment card and bank account products analysed
By product type, almost 30% of products analysed in Austria are affinity, co-branded or retailer cards
Broad types of insurance and assistance cover
Policies related to travel cover are most commonly available in Austria
Specific types of insurance and assistance cover
Comprehensive travel insurance is packaged centrally with the vast majority of credit cards in Austria
The majority of card-related insurance and assistance policies do not require payment of an extra fee
Operating models
Most card-related insurance and assistance is offered in collaboration with an external underwriter
Competitor share of partnerships
Accident / health cover: just one relationship is apparent in this domain
Creditor cover: ACE, Cardif and Donau are all active in this sphere
Shopping-related cover: Europäische Reiseversicherung holds a significant partnership
Travel-related cover: five product providers are visible in this category
Other cover: four of the same five suppliers are also present in the ‘other’ category
Market size
In relative terms, the value of the Austrian market is rather low...
... as is the percentage of the market funded by customers through payment of additional fees
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
The highest availability rate for any specific policy type in Austria is that for comprehensive travel insurance
1.0 INTRODUCTION
Specific types of insurance and assistance policy researched, grouped by broad category
2.0 MARKET ANALYSIS
Number of debit and credit cards in Austria, 2007 to 2011
Key metrics for debit and credit cards in Austria, 2007 to 2011
Summary of payment card and bank account products analysed in Austria, segmented by category, 2012
Summary of payment card and bank account products analysed in Austria, segmented by category, 2012 (table)
Relative weight of insurance and assistance policies linked to payment card and bank account products in Austria, segmented by broad type of cover, 2012
Penetration of specific types of insurance and assistance linked to payment card and bank account products in Austria, 2012: all products
Penetration of specific types of insurance and assistance linked to payment card and bank account products in Austria, 2012: premium products only
Split of specific type of insurance and assistance linked to payment card and bank account products in Austria between automatic cover and cover available for an additional fee, 2012
Operating models used for insurance and assistance policies linked to payment card and bank account products in Austria, segmented by specific type of cover, 2012
Competitor share of partnerships for accident / health insurance and assistance policies linked to payment card and bank account products in Austria, 2012
Competitor share of partnerships for creditor insurance policies linked to credit card products in Austria, 2012
Competitor share of partnerships for shopping-related insurance policies linked to payment card and bank account products in Austria, 2012
Competitor share of partnerships for travel-related insurance and assistance policies linked to payment card and bank account products in Austria, 2012
Competitor share of partnerships for other insurance and assistance policies linked to payment card and bank account products in Austria, 2012
Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in Austria, segmented by broad type of cover, 2011 (EUR million)
Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in Austria, segmented by cover acquired automatically and cover acquired through payment of an additional fee, 2011 (EUR million)
