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Creditor Insurance in Northern, Central and Eastern Europe
Publication Date Jan 2012
Publisher Finaccord
Product Type Report
Single User License help $ 3800.00
 

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Creditor Insurance in Northern, Central and Eastern Europe offers updated and detailed insights into the market for creditor insurance, sometimes also referred to as payment protection insurance or loan-related insurance, in 12 countries. Often categorised as a niche market, creditor insurance was worth around EUR 13.28 billion in gross written premiums in the region in 2011, including coverage for life and permanent disability as well as the temporary disability and unemployment elements. Moreover, with sustainable growth likely in most markets and with profit margins relatively high, creditor insurance remains an attractive business for both lending institutions and underwriters to cultivate. Drawing on the results of a survey of over 700 lending institutions in 12 countries (Austria, Czech Republic, Denmark, Finland, Germany, Norway, Poland, Romania, Russia, Sweden, Switzerland and Turkey), the report analyses the provision of creditor insurance by lending institutions, variances in provision by underlying lending product, operating models for provision of creditor insurance and weighted provider share of partnerships. The PartnerBASE? dataset that accompanies the report details each of the c. 1,035 creditor insurance distribution deals traced by Finaccord. Together, the report and PartnerBASE? dataset will provide you with the definitive guide to current and future opportunities in creditor insurance in Northern, Central and Eastern Europe. You may be able to use this report and the PartnerBASE? that accompanies it in one or more of the following ways: - appreciate the magnitude of the opportunity in creditor insurance in Northern, Central and Eastern Europe: the market is still growing in several countries; - identify partnership opportunities for creditor insurance and prioritise these according to the potential that they offer as defined by the size of lending institutions? retail customer base; - understand the supply structure for creditor insurance in Northern, Central and Eastern Europe and whether specialists are winning business by virtue of their focused approach; - assess the extent to which the provision of temporary incapacity and unemployment modules within creditor insurance policies is commonplace in Northern, Central and Eastern Europe; - gain insight into the international presence of leading creditor insurance market participants including Allianz, AmTrust Financial Services, Aviva, BNP Paribas Cardif, Europa, Genworth Financial, MetLife, Swiss Life, Talanx, The Warranty Group, UNIQA, and Vienna Insurance Group.

Executive Summary Introduction Regional Overview Austria Czech Republic Denmark Finland Germany Norway Poland Romania Russia Sweden Switzerland Turkey List of Graphics / Tables 0.0 EXECUTIVE SUMMARY Gross written premiums across the 12 countries amounted to around EUR 13.28 billion in 2011... ... within which mortgage-related policies made up around EUR 9.20 billion... ... and cover for temporary incapacity and unemployment approximately EUR 3.44 billion The leading eight groups are likely to account for close to a half of the total regional market Talanx is prominent as a result of partnerships with several substantial lending institutions in Germany BNP Paribas Cardif possesses many more relationships, spread across a wider range of countries An analysis focused on the non-life elements of creditor insurance would product different results 1.0 INTRODUCTION What is this report about? Distribution partnerships with banks and other lending institutions constitute the focus of this report Rationale Almost 70% of banking organisations surveyed sell at least one form of creditor insurance Methodology Survey of banks and other lending institutions Market data Definitions Mortgages, consumer finance and credit cards Creditor insurance Weighted provider share of partnerships Operating models Abbreviations and exchange rates Finaccord 2.0 REGIONAL OVERVIEW Introduction Market analysis ? consumer lending Balances outstanding reached EUR 3.39 trillion across the 12 countries in 2010 Five countries see mortgage balances expand at a compound annual rate in excess of 15% ... with the same countries experiencing similar progress in non-mortgage consumer credit outstanding Consumer lending markets in the region can be grouped into three main categories Switzerland?s huge mortgage market makes it the region?s largest in per capita terms? ? although mortgage balances per capita remain below EUR 3,000 in five of the countries analysed Consumer non-mortgage balances per capita in Norway are over 50% higher than in any other country Non-mortgage credit decreases as a proportion of total consumer lending in all but one country Turkey accounts for over one third of the region?s total credit and other pay later cards in circulation... ? although Russia?s market has grown most rapidly in recent years In per capita terms, the credit card markets of Norway and Sweden are the region?s most developed Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages In ten out of 12 countries, over 90% of mortgage lenders researched have a scheme for creditor insurance Use of a single, external underwriter constitutes the most regularly used operating model... ... albeit captive underwriters are present in all 12 countries and joint ventures in six When analysed on a weighted basis, the use of captive underwriters is more prominent When analysed at a group level, the leading eight provider groups account for almost a half of this market... ... with Talanx likely to be the regional leader thanks to partnerships in its native Germany Creditor insurance linked to consumer finance In all but one country, creditor insurance is promoted by more than 50% of firms offering consumer finance Captive and joint venture underwriters are slightly less prevalent in loan payment protection insurance... ... because the consumer finance market is populated by a larger number of small lending institutions Banks and other lending institutions in Russia are most likely to make use of multiple external underwriters BNP Paribas Cardif is the region?s leading provider in creditor insurance linked to consumer finance... ... with approaching 100 exclusive or shared partnerships in total Creditor insurance linked to credit cards Credit card payment protection insurance is most widespread in Poland and the Czech Republic On an unweighted basis, captive underwriters are utilised most frequently only in Turkey... ... although this country is joined by Denmark when results are viewed on a weighted basis For credit card payment protection insurance, Genworth Financial is the most prominent group ... as a result of its presence in Scandinavia and important relationships in Germany and Poland Market analysis ? creditor insurance The total market value is predicted to advance to EUR 17.64 billion in gross written premiums by 2015 Steady growth is predicted for the life insurance elements of creditor insurance... ... although the value of cover for temporary incapacity and unemployment is likely to rise more quickly In 2011, Germany accounted for well over a half of mortgage-related gross written premiums Turkey?s market for mortgage-related insurance is large relative to its underlying mortgage market In loan payment protection insurance, the most rapid growth is predicted for Turkey, Poland and Russia In relative terms, policies linked to consumer loans seem well-developed in Poland and the Czech Republic The market for credit card payment protection insurance is likely to grow most quickly in Russia... ... although the sheer number of schemes in Poland has created a valuable market in this country 3.0 AUSTRIA Banks and other lending institutions covered Introduction to the banking sector 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 Consumer lending market size and growth Mortgage lending Mortgage lending balances grew at an annual average of 3.7% between 2006 and 2010... Non-mortgage lending ... albeit non-mortgage lending barely grew at all Credit and other pay later cards Credit and other pay later cards reached an all-time high of 2.66 million in 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages The vast majority of Austrian mortgage lenders also offer creditor insurance Erste Bank?s bancassurance partnership was renewed for another 15 years in 2008 The Raiffeisen Bankengruppe has also entered into a long-term strategic relationships Both ERGO and Generali have bought majority stakes in major bancassurance providers in recent years Cardif maintains partnerships in this field with several medium-sized banks in Austria Creditor insurance linked to consumer finance Most providers of consumer finance offer related creditor insurance Cardif is strong among companies involved in automotive finance APRIL Financial Services organises creditor insurance for several lending institutions Several relatively small captive and joint venture underwriters are also active in this market Creditor insurance linked to credit cards Credit card payment protection insurance is rarely marketed in Austria Creditor insurance risk coverage All creditor insurance policies found in the research offer protection against death Alternative distribution channels Creditor insurance can also be bought from insurers directly although not online Creditor insurance market size, growth and forecast Growth in creditor insurance premiums is forecast to moderate slightly between 2011 and 2015 4.0 CZECH REPUBLIC Banks and other lending institutions covered Introduction to the banking sector The Czech banking sector has remained stable during and in the aftermath of recent financial crises... ...albeit the rate of foreign ownership could lead to significant restructuring Consumer lending market size and growth Mortgage lending Mortgage lending balances per capita doubled between 2006 and 2010 although they remain low Non-mortgage lending Strong growth was also recorded in the non-mortgage lending sector Credit and other pay later cards The number of credit and other pay later cards has fallen sharply relative to the high point of 2008 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages Mortgage-related creditor insurance is available from all mortgage lending institutions Poji?ťovnou Česk? Spořitelny, an external underwriter, is the market leader... ... although many of the other most prominent providers are captive entities... ... and Victoria Volksbanken is classifiable as a joint venture Two major relationships are determined by international bancassurance agreements Creditor insurance linked to consumer finance The leading four providers are as dominant in this field as they are for mortgage-related policies BNP Paribas Cardif has established several partnerships that are specific to consumer finance... ... and several other relationships are in evidence that are relevant only to this field Creditor insurance linked to credit cards Five underwriters are active in creditor insurance related to credit cards... ... among which BNP Paribas Cardif lays claim to the most partnerships Creditor insurance risk coverage All creditor insurance policies identified in the Czech Republic cover the risk of death Alternative distribution channels Simply, a mortgage broker, offers mortgage-related life insurance Creditor insurance market size, growth and forecast Up to 2015, growth is expected to be strongest for mortgage-related creditor insurance 5.0 DENMARK Banks and other lending institutions covered Introduction to the banking sector Seven of the largest ten banking institutions are indigenous to Denmark The Danish banking sector has changed significantly as a result of the financial crisis... ...and the number of lending institutions is expected to decrease further However, the four largest Danish banks remain comparatively healthy Consumer lending market size and growth Mortgage lending Mortgage lending balances grew at an annual average of 5.2% between 2006 and 2010 Non-mortgage lending Danish consumers have cut back on their non-mortgage lending since 2008 Credit and other pay later cards Credit and other pay later cards issued grew at an annual average of almost 10% between 2006 and 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages All but two mortgage lenders are also active in mortgage-related creditor insurance Letpension and PFA entered into a distribution agreement in 2010 Four captive underwriters were found to be active in this bancassurance sector ALKA benefits in this sphere from a relationship with Arbejdernes Landsbank The offering of one bank is for stand-alone unemployment insurance only Creditor insurance linked to consumer finance Over two thirds of institutions offering consumer finance also offer a related creditor insurance policy Counting both captives and non-captives, around a dozen underwriters are active in this market Creditor insurance linked to credit cards Five underwriters account for ten schemes in Danish credit card payment protection insurance Creditor insurance risk coverage Policies sold to credit card customers are most likely to cover temporary incapacity and unemployment Alternative distribution channels Creditor insurance market size, growth and forecast Up to 2015, growth is expected to be strongest for credit card payment protection insurance 6.0 FINLAND Banks and other lending institutions covered Introduction to the banking sector Finland?s banking sector is relatively concentrated and dominated by OP-Pohjola and Nordea... ... albeit with competition from a range of other foreign-owned and co-operative / savings banks... ... plus S-Pankki, the banking arms of the S-Group retailing co-operative The Finnish banking system has a very low exposure to troubles elsewhere in Europe Consumer lending market size and growth Mortgage lending Balances moved up smoothly between 2006 and 2010 to reach over EUR 14.5 billion in the latter year Non-mortgage lending Non-mortgage lending also grew, but at a much lower compound annual rate Credit and other pay later cards The number of credit and other pay later cards issued peaked at 4.80 million in 2009 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages All lending institutions offering mortgages have an arrangement for selling related creditor insurance... Genworth Financial benefits from partnerships with four significant mortgage lenders Several captive underwriters are also in evidence... ... as is a joint venture established by S??st?pankki in conjunction with L?hivakuutus Creditor insurance linked to consumer finance The main partnerships in this market are identical to those for creditor insurance for consumer finance... ... albeit there are two extra relationships that are unique to this arena Creditor insurance linked to credit cards Schemes for credit card payment protection insurance are not widespread in Finland Creditor insurance risk coverage Policies offering comprehensive cover are in the majority although remain far from ubiquitous Alternative distribution channels Creditor insurance market size, growth and forecast The most favourable growth prospects are for mortgage-related creditor insurance 7.0 GERMANY Banks and other lending institutions covered Introduction to the banking sector In spite of some consolidation, Germany?s banking sector remains comparatively fragmented Many of the regional public sector banks have suffered during the financial crisis... ... although the savings banks are largely perceived by consumers to be safe institutions Taken as a whole, the co-operative banks possess the most retail branches in Germany Consumer lending market size and growth Mortgage lending The value of the German mortgage market has remained virtually static in recent years Non-mortgage lending ... while non-mortgage lending to consumers grew quite quickly in 2009 and 2010 Credit and other pay later cards Credit and other pay later cards issued in Germany exceeded 25 million for the first time in 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages External underwriters are normally used to source mortgage-related creditor insurance in Germany PB Leben, owned by Talanx, has access to a large number of potential customers through Postbank Deutsche Bank and Zurich have a relatively long-established bancassurance partnership In total, there are around 45 product providers active in this segment of German creditor insurance Only one bank was found to work with a joint venture underwriter Creditor insurance linked to consumer finance Out of 144 providers of consumer finance, 128 have an arrangement for related creditor insurance Cardif has a large number of partnerships with medium-sized lenders in Germany Eight institutions were making use of a captive underwriter for loan payment protection insurance Lending institutions with no scheme in this field include several sizeable organisations APRIL Financial Services achieved revenues of EUR 8 million in Germany in 2010 In conjunction with PROCHECK24, Cardif introduced an innovative new policy in 2011 Since January 2011, Talanx has been a co-owner of Credit Life International ProTect Versicherung is a public sector insurer with a specific focus on creditor insurance Swiss Life Solutions utilises its ?NextGen? software platform across eight European markets Creditor insurance linked to credit cards Relatively few credit card issuers have an arrangement for related payment protection insurance Creditor insurance risk coverage The vast majority of creditor insurance policies potentially offer comprehensive cover Alternative distribution channels Creditor insurance can also be acquired through various insurance and loan brokers Creditor insurance market size, growth and forecast Total gross written premiums are likely to be close to EUR 7 billion in 2012 or 2013 8.0 NORWAY Banks and other lending institutions covered Introduction to the banking sector Four, or arguably five of the ten lending institutions are owned by foreign parents Two savings banks groups play an important role in Norway?s banking sector International financial crises have had a limited impact on Norway?s banking market Consumer lending market size and growth Mortgage lending In terms of balances per capita, Norway?s mortgage market is one of the most developed in Europe Non-mortgage lending Growth in non-mortgage credit resumed again in 2010 following a brief hiatus the previous year Credit and other pay later cards Credit and other pay later cards per capita stood at 1.18 in both 2009 and 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages Most lenders offer simple mortgage-related life insurance policies to their customers... ... with SpareBank 1 Gruppen unusual in having developed a more comprehensive product Four independent saving banks founded Frende Forsikring as a joint venture in 2007 Creditor insurance linked to consumer finance Over a half of banking entities offering consumer finance do not have a related creditor insurance product AmTrust International has secured one of the most important relationships in this field... ... and Genworth Financial possesses six deals, although these are all relatively small Providers of consumer finance with no involvement include several relatively substantial banks Creditor insurance linked to credit cards Five product providers are active in Norwegian credit card payment protection insurance... ... among which Genworth Financial and AmTrust International are again prominent Creditor insurance risk coverage Creditor insurance policies in Norway fall into two distinct groups Alternative distribution channels Creditor insurance market size, growth and forecast Compared to many European countries, the market for mortgage-related creditor insurance is fairly small 9.0 POLAND Banks and other lending institutions covered Introduction to the banking sector Eight of the top ten banking institutions by retail customer are owned by foreign parents... ... and the Polish government maintains a significant stake in PKO Bank Polski, the largest bank by assets Poland?s banking sector is characterised by significant merger and acquisition activity... ... with further changes in the market structure likely to occur in future years While comparatively strong, Poland?s banks are not immune to factors in the wider Euro zone Consumer lending market size and growth Mortgage lending Poland?s residential mortgage market continues to increase rapidly in value... Non-mortgage lending ... although non-mortgage lending levelled off somewhat during 2010 Credit and other pay later cards Many Polish issuers cut back on their credit card portfolios during 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages A wide range of operating models is used to source mortgage-related creditor insurance in Poland The distribution partnerships of Europa make it the most prominent provider in this sector... ... with InterRisk and PZU ranked second and third respectively Several mortgage lenders use multiple underwriters for creditor insurance Bank Zachodni WBKs? joint venture with Aviva was established in 2008 At least one distribution relationship is determined by an international bancassurance alliance Europa?s gross written premiums expanded rapidly between 2006 and 2010 Creditor insurance linked to consumer finance Virtually all providers of consumer finance offer a related creditor insurance policy ERGO Hestia, Cardif and Europa are likely to be the market leaders in this arena... ERGO Hestia owes its market-leading position mainly to its exclusive partnership with Bank Pekao, the second largest bank by retail customers in Poland, and a shared relationship (next to Cardif) with PKO Bank Polski, the country?s largest bank by the same measure, although it was also cited as an exclusive provider of this type of insurance by both Alior Bank and Bank Pocztowy. ... although more than 20 underwriters are active in this arena in total Creditor insurance linked to credit cards Credit card payment protection insurance is commonly marketed by card issuers in Poland Creditor insurance risk coverage Well over a half of over 100 policies analysed offer comprehensive protection Alternative distribution channels Creditor insurance market size, growth and forecast The market is forecast to continue growing rapidly between 2011 and 2015 10.0 ROMANIA Banks and other lending institutions covered Introduction to the banking sector Consumer lending market size and growth Mortgage lending Romania?s mortgage market has advanced strongly but remains in its infancy Non-mortgage lending Although balances fell in 2009 and 2010, the non-mortgage lending sector is significantly larger Credit and other pay later cards Although they peaked in 2008, credit cards issued in 2010 were still over 60% higher in 2010 than in 2006 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages All but five mortgage lending institutions in Romania have an arrangement for related creditor insurance Romania?s second largest bank by retail customer numbers works with two underwriters Eight bank-owned captives are apparent in the market for creditor insurance linked to mortgages AEGON?s link with Banca Transilvania dates back to an agreement forged in 2010 Creditor insurance linked to consumer finance Close to a half of lending institutions offering consumer finance do not sell creditor insurance MetLife?s ALICO possesses four exclusive relationships in this domain Creditor insurance linked to credit cards Schemes for credit card payment protection insurance are comparatively thin on the ground Creditor insurance risk coverage Comprehensive creditor insurance policies are widely available in Romania Alternative distribution channels Creditor insurance market size, growth and forecast Mortgage-related creditor insurance will provide the main engine for growth up to 2015 11.0 RUSSIA Banks and other lending institutions covered Introduction to the banking sector Banks owned ultimately by the state continue to exert a strong influence on Russia?s banking sector... ... with several foreign banks having decided to exit the market Russia?s banking sector has changed very significantly in recent years... ... with a new wave of merger and acquisition activity in evidence since 2008... ... and with further changes in the market structure likely to occur In spite of its problems, there is plenty of scope for the Russian retail banking market to grow Consumer lending market size and growth Mortgage lending Residential mortgage lending balances in Russia have increased only slightly since 2008 Non-mortgage lending ... with a similar assertion applying to non-mortgage consumer credit Credit and other pay later cards Credit and other pay later cards issued in Russia grew at a very robust rate between 2006 and 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages In most cases, mortgage lenders source creditor insurance from a panel of approved underwriters... ... most of which are classifiable as non-captive providers In addition to VSK, Rosgosstrakh, ROSNO and Cardif are identifiable as market leaders... ...with AlfaStrakhovanie featuring as the most prominent captive underwriter A handful of banking institutions, including Probisenes Bank, work with a single underwriter... ... with a larger number opting for a hybrid operating model including both captive and non-captive insurers Just one joint venture underwriter is apparent in mortgage-related creditor insurance in Russia The Russian insurance sector was also experiencing some consolidation at the time of research Typically, mortgage-related insurance in Russia is configured differently to other European countries... ... with mandatory mortgage insurance complemented increasingly by voluntary creditor insurance Creditor insurance linked to consumer finance The link with its parent company makes Russian Standard Strakhovanie a leader in this sector... ... followed by Cardif, VSK, Rosgosstrakh and ROSNO Captive underwriters are comparatively prominent in the market for loan payment protection insurance As for mortgage-related creditor insurance, Sberbank maintains links with four separate insurers Underwriters with exclusive non-captive deals include Aviva, CiV Life, ERGO Russ and MetLife Alico A third of entities offering consumer finance have no program for related creditor insurance Creditor insurance linked to credit cards Around one third of credit card issuers have developed an associated creditor insurance scheme Russian Standard Bank uses its own captive underwriter for most of the credit cards that it issues Creditor insurance risk coverage Cover for temporary incapacity and unemployment is most commonly available to credit card customers Alternative distribution channels Creditor insurance market size, growth and forecast Total gross written premiums could break through the EUR 1 billion barrier by 2015 12.0 SWEDEN Banks and other lending institutions covered Introduction to the banking sector In 2011, SBAB received permission to commence banking operations Swedbank either owns or co-operates closely with the majority of local savings banks Sweden?s banking sector remains in relatively good health Consumer lending market size and growth Mortgage lending Mortgage lending balances grew at a consistent rate between 2006 and 2010 Non-mortgage lending ... albeit non-mortgage lending barely grew at all Credit and other pay later cards Credit and other pay later cards issued exceeded the ten million threshold for the first time in 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages Captive underwriters owned by the largest banks are most prominent in this field... ...albeit Genworth Financial has established a number of significant relationships Creditor insurance linked to consumer finance Genworth Financial and Cardif Nordic are the leading product providers in this segment... ... although several other captive and non-captive specialists are also in evidence Creditor insurance linked to credit cards Four underwriting competitors are active in this market... ... albeit Marsh is prominent as a broker by virtue of its partnership with EnterCard Creditor insurance risk coverage The vast majority of creditor insurance policies in Sweden offer comprehensive cover Alternative distribution channels Borrowers can also acquire payment protection cover from a number of loan brokers Creditor insurance market size, growth and forecast While still quite robust, growth in the Swedish creditor insurance market will slow between 2011 and 2015 13.0 SWITZERLAND Banks and other lending institutions covered Introduction to the banking sector The Swiss banking system can be segmented into four broad categories Perceived as ?safe havens?, the cantonal banks have increased their market share in recent years The Clientis and Raiffeisen groupings are also significant in Swiss retail banking Postfinance is allowed to operate without a regular banking license Consumer lending market size and growth Mortgage lending Mortgage lending balances per capita in Switzerland are the highest of any major country in Europe Non-mortgage lending Swiss consumers have reduced substantially their holdings of non-mortgage debt since 2006 Credit and other pay later cards The Swiss market for credit and other pay later cards grew consistently from 2006 to 2010 Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages Four underwriters dominate distribution relationships in this sector... ... among which the most prominent is Swiss Life... ... although Schweizerische Mobiliar claims a higher outright number of partnerships Nationale Suisse kicked off its bancassurance partnership with Coop Bank in 2008 A minority of mortgage lenders use an operating model other than a single, external underwriter Creditor insurance linked to consumer finance Most providers of consumer finance offer related creditor insurance Through cashgate, Cardif is used by a number of significant Swiss banks Six other non-captive underwriters are active in this segment At the time of the research, UBS had discontinued provision of any form of consumer finance Creditor insurance linked to credit cards Credit card payment protection insurance is marketed by only a handful of Swiss card issuers Creditor insurance risk coverage Mortgage-related products are commonly configured as relatively straightforward life insurance policies Alternative distribution channels Several online credit brokers offer creditor insurance in Switzerland Creditor insurance market size, growth and forecast By value, mortgage-related creditor insurance is dominant in Switzerland 14.0 TURKEY Banks and other lending institutions covered Introduction to the banking sector Consumer lending market size and growth Mortgage lending Growth in Turkish mortgage lending balances accelerated in 2010 Non-mortgage lending The non-mortgage consumer credit sector is also making strong progress Credit and other pay later cards Turkey?s market for credit and other pay later cards is one of the largest in Europe Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages Creditor insurance is sold by all Turkish banking institutions that also offer mortgages The leading five underwriters are all captive or joint venture entities Non-captive competitors include AXA, Chartis, Groupama, Işik and NEOVA Ageas acquired a 31% stake in Aksigorta during the first quarter of 2011 Creditor insurance linked to consumer finance All but three entities offering non-mortgage loans have an arrangement for related creditor policies By weighted share of partnerships, the top five insurers are the same as for mortgage-related cover Creditor insurance linked to credit cards Credit card payment protection insurance is available from ten out of 24 card issuers in Turkey Creditor insurance risk coverage Alternative distribution channels Cover for temporary incapacity and unemployment is available from some but not all banks Creditor insurance market size, growth and forecast By 2015, Turkish creditor insurance may be worth over ten times its value in 2007 LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY Loan and credit card payment protection policies are expected to outgrow mortgage-related policies The value of cover for temporary incapacity and unemployment is likely to become more important within the regional market total Summary table: gross written premiums for total creditor insurance in Northern, Central and Eastern Europe, 2007, 2011 and 2015 (forecast) (data) Weighted group share of bancassurance partnerships for all forms of creditor insurance, re-weighted by country and product market size, in Northern, Central and Eastern Europe, 2011 1.0 INTRODUCTION Banks and other lending institutions contacted by Finaccord, segmented by country and type 2.0 REGIONAL OVERVIEW Total consumer lending balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 Total consumer lending balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Residential mortgage balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 Residential mortgage balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Consumer non-mortgage balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 Consumer non-mortgage balances outstanding in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Size versus growth in total consumer lending balances outstanding in Northern, Central and Eastern Europe, 2006-2010 Size versus growth in residential mortgage lending balances outstanding in Northern, Central and Eastern Europe, 2006-2010 Size versus growth in consumer non-mortgage lending balances outstanding in Northern, Central and Eastern Europe, 2006-2010 Total consumer lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 Total consumer lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Residential mortgage lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 Residential mortgage lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Consumer non-mortgage lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 Consumer non-mortgage lending balances outstanding per capita in Northern, Central and Eastern Europe segmented by country, 2006-2010 (data) Consumer non-mortgage balances outstanding as % of total consumer lending balances outstanding in Northern, Central and Eastern Europe, 2006-2010 Consumer non-mortgage balances outstanding as % of total consumer lending balances outstanding in Northern, Central and Eastern Europe, 2006-2010 (data) Total number of credit and other pay later cards issued in Northern, Central and Eastern Europe, 2006-2010 Credit and other pay later cards issued in Northern, Central and Eastern Europe, 2006-2010 (data) Size versus growth in credit and other pay later cards issued in Northern, Central and Eastern Europe, 2006-2010 Total number of credit and other pay later cards issued per capita in Northern, Central and Eastern Europe, 2006-2010 Total number of credit and other pay later cards in issue per capita in Northern, Central and Eastern Europe, 2006-2010 (data) Provision rates for creditor insurance linked to mortgages in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to mortgages in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to mortgages in Northern, Central and Eastern Europe, 2011 (data) Operating models (weighted) used for creditor insurance linked to mortgages in Northern, Central and Eastern Europe, 2011 Operating models (weighted) used for creditor insurance linked to mortgages in Northern, Central and Eastern Europe, 2011 (data) Weighted group share of bancassurance partnerships for creditor insurance linked to mortgages, re-weighted by country market size, in Northern, Central and Eastern Europe, 2011 Provision rates for creditor insurance linked to consumer finance in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to consumer finance in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to consumer finance in Northern, Central and Eastern Europe, 2011 (data) Operating models (weighted) used for creditor insurance linked to consumer finance in Northern, Central and Eastern Europe, 2011 Operating models (weighted) used for creditor insurance linked to consumer finance in Northern, Central and Eastern Europe, 2011 (data) Weighted group share of bancassurance partnerships for creditor insurance linked to consumer finance, re-weighted by country market size, in Northern, Central and Eastern Europe, 2011 Provision rates for creditor insurance linked to credit cards in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to credit cards in Northern, Central and Eastern Europe, 2011 Operating models (unweighted) used for creditor insurance linked to credit cards in Northern, Central and Eastern Europe, 2011 (data) Operating models (weighted) used for creditor insurance linked to credit cards in Northern, Central and Eastern Europe, 2011 Operating models (weighted) used for creditor insurance linked to credit cards in Northern, Central and Eastern Europe, 2011 (data) Weighted group share of bancassurance partnerships for creditor insurance linked to credit cards, re-weighted by country market size, in Northern, Central and Eastern Europe, 2011 3.0 AUSTRIA Residential mortgage lending balances outstanding in Austria (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Austria (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Austria, 2006-2010 Key data points for the consumer lending market in Austria, 2006-2010 Provision of creditor insurance linked to mortgages in Austria, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Austria, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Austria, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Austria, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Austria, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Austria, segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 4.0 CZECH REPUBLIC Residential mortgage lending balances outstanding in the Czech Republic (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in the Czech Republic (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in the Czech Republic, 2006-2010 Key data points for the consumer lending market in the Czech Republic, 2006-2010 Provision of creditor insurance linked to mortgages in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in the Czech Republic, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in the Czech Republic, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in the Czech Republic, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in the Czech Republic, segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 5.0 DENMARK Residential mortgage lending balances outstanding in Denmark (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Denmark (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Denmark, 2006-2010 Key data points for the consumer lending market in Denmark, 2006-2010 Provision of creditor insurance linked to mortgages in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Denmark, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Denmark, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Denmark, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Denmark segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 6.0 FINLAND Residential mortgage lending balances outstanding in Finland (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Finland (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Finland, 2006-2010 Key data points for the consumer lending market in Finland, 2006-2010 Provision of creditor insurance linked to mortgages in Finland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Finland, 2011: provision rate, operating models and weighted provider share of partnerships Creditor insurance gross written premiums in Finland, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Finland, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Finland segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 7.0 GERMANY Residential mortgage lending balances outstanding in Germany (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Germany (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Germany, 2006-2010 Key data points for the consumer lending market in Germany, 2006-2010 Provision of creditor insurance linked to mortgages in Germany, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Germany, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Germany, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Germany, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Germany, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Germany segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 8.0 NORWAY Residential mortgage lending balances outstanding in Norway (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Norway (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Norway, 2006-2010 Key data points for the consumer lending market in Norway, 2006-2010 Provision of creditor insurance linked to mortgages in Norway, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Norway, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Norway, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Norway, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Norway, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Norway segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 9.0 POLAND Residential mortgage lending balances outstanding in Poland (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Poland (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Poland, 2006-2010 Key data points for the consumer lending market in Poland, 2006-2010 Provision of creditor insurance linked to mortgages in Poland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Poland, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Poland, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Poland, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Poland, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Poland segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 10.0 ROMANIA Residential mortgage lending balances outstanding in Romania (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Romania (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Romania, 2006-2010 Key data points for the consumer lending market in Romania, 2006-2010 Provision of creditor insurance linked to mortgages in Romania, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Romania, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Romania, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Romania, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Romania, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Romania, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Romania segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 11.0 RUSSIA Residential mortgage lending balances outstanding in Russia (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Russia (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Russia, 2006-2010 Key data points for the consumer lending market in Russia, 2006-2010 Provision of creditor insurance linked to mortgages in Russia, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Russia, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Russia, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Russia, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Russia, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Russia, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Russia segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 12.0 SWEDEN Residential mortgage lending balances outstanding in Sweden (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Sweden (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Sweden, 2006-2010 Key data points for the consumer lending market in Sweden, 2006-2010 Provision of creditor insurance linked to mortgages in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Sweden, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Sweden, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Sweden, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Sweden segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 13.0 SWITZERLAND Residential mortgage lending balances outstanding in Switzerland (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Switzerland (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Switzerland, 2006-2010 Key data points for the consumer lending market in Switzerland, 2006-2010 Provision of creditor insurance linked to mortgages in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Switzerland, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Switzerland, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Switzerland, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Switzerland segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) 14.0 TURKEY Residential mortgage lending balances outstanding in Turkey (absolute and per capita), 2006-2010 Consumer non-mortgage lending balances outstanding in Turkey (absolute and per capita), 2006-2010 Credit and other pay later cards issued and per capita in Turkey, 2006-2010 Key data points for the consumer lending market in Turkey, 2006-2010 Provision of creditor insurance linked to mortgages in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in Turkey, segmented by type of underlying product, 2011 Creditor insurance gross written premiums in Turkey, segmented by policy type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Turkey, segmented by cover type, 2007, 2011 and 2015 (forecast) Creditor insurance gross written premiums in Turkey segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data)

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