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Life Bancassurance in Europe: Protection-Related Life Insurance

Description:
Finaccord's report titled Life Bancassurance in Europe: Protection-Related Life Insurance offers fresh and valuable insights into the distribution by banks and other lending institutions of risk life, critical illness and income protection insurance in 20 European countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK.

Drawing on the results of a survey of nearly 1,200 banking entities, the study verifies that 45.5% offer at least one of the types of protection-related life insurance researched, giving a total of 890 initiatives in the three fields combined. Hence, given that the aggregate market for protection-related life insurance across the 20 countries, excluding creditor cover, is worth around EUR 41.6 billion, it is clear that banks and other lending institutions can intermediate a significant volume of business in this sector.

In addition to identifying the schemes for distribution of protection-related life insurance through the bancassurance channel, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external underwriters. Furthermore, it also calculates the weighted share of partnerships of the underwriters and other product providers involved, thereby illustrating not only which competitors hold which partnerships but also which competitors hold the most significant distribution deals.


KEY BENEFITS

You may be able to use this report and the PartnerBASE™ dataset that accompanies 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 risk life insurance, critical illness insurance and income protection insurance by a majority of significant banking entities in Europe;

- identify partnership opportunities for protection-related life insurance 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;

- 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 protection-related life insurance through banks and other lending institutions in Europe.

WHO SHOULD BUY THIS REPORT

The information provided by this research will be useful to:

1. Insurance underwriters: this study is a uniquely comprehensive guide to a key segment within Europe's bancassurance market that can be used to identity partnership opportunities and to monitor competitor activity;

2. Banks and other lending institutions: the research will help banking entities to understand how their bancassurance strategy compares to that of other comparable institutions both in their domestic market and across Europe as a whole;

3. Management consultancies: are you helping an insurance company or bank with its bancassurance strategy in the specific field of protection-related life insurance? Understand the current status of bank distribution of these two product categories in Europe, saving time and effort on researching the subject yourself;

4. Investment banks and private equity companies: with banking institutions under financial pressure in many European countries, this research may be useful to understanding where there is scope for them to divest captive or joint venture underwriters in order to raise capital.
 
Contents:
0.0 EXECUTIVE SUMMARY

In recent years, the total market value has grown at a compound annual average of 4.0%

Non-creditor business makes up more than half the market in seven countries out of 20

Growth rates in excess of 3% a year are being recorded even in the most mature markets

Bancassurers' share of protection-related life insurance does not exceed 80% in any country

Nearly a half of entities surveyed have a partnership for at least one type of protection-related life policy

Larger distributors are more likely to have captive or joint venture insurance partners

Six of the eight leading providers of these products across Europe as a whole are French...

... and six of the top eight are bank-owned



1.0 INTRODUCTION

What is this report about?

Distribution partnerships with banks and other lending institutions constitute the focus of this report

Rationale

Nearly a half of banking organisations surveyed sell at least one type of the products covered by this report

Methodology

Survey of banks and other lending institutions

Market data

Definitions

Protection-related life insurance

Risk life insurance

Critical illness insurance

Income protection insurance

Weighted provider share of partnerships

Operating models

Abbreviations and exchange rates

Finaccord



2.0 EUROPEAN OVERVIEW

Introduction

Market analysis – protection-related life insurance

Gross written premiums for protection-related life insurance have grown in each year since 2006...

...with the French market boosted by provident institutions and health mutuals in addition to insurers

Gross written premiums have risen in all but two of the 20 countries investigated

Non-creditor insurance makes up more than half of total protection-related life insurance across Europe...

...mainly because of the sheer size of the French non-creditor market

Per capita premiums for protection-related life insurance in France are more than 125 times those in Russia

Bancassurance analysis

Provision rates and operating models for risk life insurance

No banking entity in the Czech Republic was found to offer stand-alone risk life insurance

A half of all partnerships operate with a single external underwriter...

...though captives are preferred in several countries

The captive model is most common on a weighted basis...

... simply because larger institutions are more likely to have established captive insurance providers

Provision rates and operating models for critical illness insurance

The provision rate for stand-alone critical illness insurance is highest in Norway

More than 10% of banks use a broker for critical illness insurance, compared to 5.8% for risk life

Captive providers are again more prominent on a weighted basis

Provision rates and operating models for income protection insurance

On average, just over one in five of the institutions surveyed offer income protection insurance

A majority of partnerships are built around captive underwriters when measured on a weighted basis

Distribution share of bancassurance for protection-related life insurance

Finaccord's analysis illustrates the influence of bancassurance on a standardised basis

The highest share attributable to the bancassurance channel is between 60% and 80%

Pan-European bancassurance groups

French captive bancassurance groups dominate the European market by size...

... and only two non-captives rank in the top tier



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

Insurance market size and growth

Austria's market for protection-related life insurance is delivering very little growth

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Risk life insurance is most commonly offered through external or joint venture underwriters

Both ERGO and Generali have bought majority stakes in major bancassurance providers in recent years

Oberösterreichische Versicherung acts both as an external and joint venture underwriter

Critical illness insurance

In conjunction with ACE, American Express markets a critical illness policy focused on cancer

Income protection inurance

Income protection insurance is quite commonly available from banks in Austria...

... with Raiffeisen Versicherung prominent in terms of its weighted share of partnerships

Cardif is unique in having introduced short-term income protection cover

A few banks offer income protection insurance in co-operation with joint venture underwriters

Performance of key bancassurance underwriters

On a combined basis, bancassurers increased their share of total life insurance between 2006 and 2010



4.0 BELGIUM

Banks and other lending institutions covered

Introduction to the banking sector

Structurally, Belgium's banking and insurance sectors are very closely linked

Dexia's banking and insurance operations were nationalised in October 2011

Insurance market size and growth

Growth in protection-related life insurance in Belgium derives primarily from group business

Distribution share of banks

Banks are dominant in individual life insurance, especially for single premium contracts

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Around one quarter of relevant banking entities in Belgium offer this type of cover

AG Insurance acts as a joint venture underwriter for two key distributors…

…whereas many leading (and often captive) insurers maintain just one partnership

Critical illness insurance

Only one specialist bank is found to be offering this type of protection-related life cover…

…and this instance may simply be the result of its clients' particular insurance-related needs

Income protection insurance

All of the major Belgian retail banks offer stand-alone income protection policies…

…and distribution partnerships for this type of cover mirror those used for risk life insurance

Performance of key bancassurance underwriters

On a combined basis, the market share in total life insurance of key Belgian bancassurers has plateaued



5.0 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

Insurance market size and growth

The market for protection-related life insurance has enjoyed relatively strong growth in recent years

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life, critical illness and income protection insurance

No lending institution was found to offer protection-related life insurance

Performance of key bancassurance underwriters

Among bancassurers, Komercní pojištovna has grown most rapidly in total life insurance



6.0 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

Insurance market size and growth

Consistent if modest growth characterises protection-related life insurance in Denmark

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Excluding specialised lenders, most banking entities are active in this field

By weighted share of partnerships, PFA is the market leader...

... followed by NyKredit Livsforsikring and three captive underwriters

PFA has developed an insurance policy with the specific focus of protecting children

Critical illness insurance

The main partnerships are similar to those for risk life insurance

Income protection insurance

The provision rate for this form of cover is almost the same as that for critical illness insurance

In a number of cases, stand-alone unemployment insurance is available

Performance of key bancassurance underwriters

The market share of total life insurance of Danica Pension fell sharply in 2009 and 2010



7.0 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

Insurance market size and growth

Growth in Finland's protection-related life insurance market plateaued somewhat in 2009 and 2010

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Risk life insurance is marketed by a handful of banking institutions in Finland...

... with captive underwriters used in a majority of cases

Critical illness insurance

The policies marketed by banks are mainly restricted to cover for cancer

Income protection insurance

Just one bank is active in this domain

Performance of key bancassurance underwriters

The combined market share of competitors with a strong exposure to bancassurance is increasing



8.0 FRANCE

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

France's market for protection-related life insurance is both large and multi-faceted

Distribution share of banks

French banks remain dominant in life insurance in spite of a slight fall in their distribution share since 2006

Bancassurance provision rates, operating models and partnerships

Risk life insurance

More than half of bancassurance partnerships for this type of cover involve a captive underwriter...

…with Predica, Cardif and ACM prominent in the wake of CNP Assurances, the sector leader

Carrefour Bank and La Banque Postale each make use of joint venture insurers

Critical illness insurance

Bank distribution of critical illness cover is virtually absent from the French market…

…and the ‘Plan Triple Sécurité' distributed by American Express is underwritten by ACE

Income protection insurance

The vast majority of French banks offering this cover do so via a captive underwriter…

…although external providers Generali and Intériale Mutuelle are also active in this market

Captive insurers with multiple vendors include ACM, Assurances Banque Populaire Vie, Cardif and Predica

Performance of key bancassurance underwriters

The leading three bank-owned insurers all expanded their share of the total life insurance market in 2010



9.0 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

Insurance market size and growth

Protection-related life insurance is composed primarily of the risk life and work incapacity segments

Reforms to the pension system have resulted in growing demand for work incapacity insurance

Distribution share of banks

Recent evidence suggests the distribution share of banks in protection-related policies is rising

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Around a half of banking institutions researched in Germany are distributors of risk life insurance

Commerzbank switched its bancassurance partner after buying Dresdner Bank from Allianz in 2008

Zurich's strategic partnership with Deutsche Bank has been running for over ten years

Rheinland Versicherungen extended its relationship with Santander Consumer Bank in early 2011

Several private sector insurers have established partnerships with public sector savings banks

ERGO Direkt (formerly KarstadtQuelle Versicherungen) is used by Valovis Bank

Building societies generally distribute the policies of their parent insurance companies

Six banks utilise captive brokers for risk life insurance

Several significant banking institutions are not distributors of stand-alone risk life insurance

Critical illness insurance

Critical illness insurance is not widely marketed by banking institutions in Germany

Income protection insurance

Provision rates and partnerships largely resemble those for risk life insurance...

... although some are unique to this form of cover...

... including relationships involving American Express and National Bank

Performance of key bancassurance underwriters

The bancassurance-focused subsidiaries of Talanx ceded market share between 2006 and 2010



10.0 IRELAND

Banks and other lending institutions covered

Introduction to the banking sector

Six major Irish banks have been reduced to three by the financial crisis...

... with foreign-owned banks making up the field

The Irish League of Credit Unions has the largest customer base, spread across 400 entities

Insurance market size and growth

Ireland's market for protection-related life insurance is likely to have declined since 2007

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Mortgage specialists do not offer stand-alone risk life insurance

Critical illness insurance

All banks offering stand-alone risk life insurance also offer stand-alone critical illness cover

Income protection insurance

EBS distributes income protection cover but not risk life or critical illness insurance

Performance of key bancassurance underwriters

Key bancassurance underwriters account for a very significant share of total life and pensions...

... although this share fell to a four year low in 2009 for life insurance, in particular



11.0 ITALY

Banks and other lending institutions covered

Introduction to the banking sector

Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network…

… although these are being challenged by an array of ambitious regional competitors…

… including the banche di credito cooperativo and casse Raiffeisen…

… as well as several insurer-owned banks and banks falling under foreign ownership

Italy also plays host to a considerable number of specialised lending institutions

Italy's banking groups typically encapsulate a number of local or regional banking brands

Insurance market size and growth

Gross written premiums for protection-related life insurance peaked at EUR 2.13 billion in 2008

Distribution share of banks

Banks took the lion's share of sales of life insurance in every year from 2006 to 2010

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Two major banking groups each hold stakes in a pair of joint venture bancassurance entities

Some captive and joint venture firms have been successful in creating partnerships with external banks

Recent years have seen both the creation and winding down of joint venture underwriters

Unipol has owned over 60% of the equity capital of Arca since June 2010

A number of major banking entities ignore risk life insurance in favour of creditor policies

Critical illness insurance

Just three banking institutions offer policies with a significant critical illness component

Income protection insurance

Three major banking networks distribute income protection insurance

Assimoco is used as one of two providers by the Gruppo Bancario Raiffeisen as well as by ten local banks

Performance of key bancassurance underwriters

Over 30 bank-owned captive or joint venture underwriters are active in the Italian life insurance market



12.0 NETHERLANDS

Banks and other lending institutions covered

Introduction to the banking sector

The Dutch state exerts a greater influence on the retail banking sector than foreign institutions...

…and is likely to continue to do so until 2014 at least

ING has reshaped itself greatly in recent years

Several lending institutions have closed to new business

Insurance market size and growth

Different forms of income protection insurance are significant within the overall market

Distribution share of banks

Banks increased their share of the individual life insurance market between 2008 and 2010

Bancassurance provision rates, operating models and partnerships

Eight captive underwriters and three joint venture underwriters are active in this market

Where risk life insurance is not offered, there is usually a logical reason why this is the case

Critical illness insurance

No bancassurance policy in the Netherlands fits the definition of critical illness insurance

Income protection insurance

Dutch income protection plans are designed for medium-term disability, not unemployment

Performance of key bancassurance underwriters

Underwriters owned wholly or in part by banks account for over one third of total life insurance



13.0 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

Insurance market size and growth

Growth in the protection-related life insurance market has slowed since 2008

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Captive underwriters belonging to the three major financial groups are dominant in this market

Four independent savings banks founded Frende Forsikring as a joint venture in 2007

Several independent savings banks have chosen to co-operate with Gjensidige

Critical illness insurance

Norway's three major financial groups also occupy a strong position in this bancassurance sector

Income protection insurance

The partnerships in this market are mainly the same as those for critical illness insurance

Performance of key bancassurance underwriters

Vital Forsikring has enjoyed particularly rapid growth in the group life insurance market



14.0 POLAND

Banks and other lending institutions covered

Introduction to the banking sector

Eight of the top ten banking institutions by number of retail customers are owned by foreign parents...

... and the Polish government maintains a significant stake in the largest bank, PKO Bank Polski

Poland's banking sector is characterised by significant merger and acquisition activity...

... with further changes in market structure likely to occur in future years

While comparatively strong, Poland's banks are not immune to factors in the wider eurozone

Insurance market size and growth

Gross written premiums for protection-related life insurance have risen consistently in recent years

Distribution share of banks

A rising share of sales of group life insurance policies has brought bancassurers to the fore

The latest data indicates that, by value, investment-related policies are the largest bancassurance product

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Risk life insurance is promoted by a minority of banking institutions surveyed...

... although one of these is PKO Bank Polski, the largest retail bank in Poland

At least one distribution relationship is determined by an international bancassurance alliance

Several sizeable banking institutions do not market risk life insurance

Critical illness insurance

Just one banking entity was found to offer critical illness insurance in Poland

Income protection insurance

Income protection insurance has not yet been introduced as a bancassurance product

Performance of key bancassurance underwriters

Europa and Nordea Zycie increased their market share most significantly between 2006 and 2010



15.0 PORTUGAL

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

Gross written premiums for protection-related life insurance peaked at around EUR 1.12 billion in 2009

Distribution share of banks

Banks are almost completely dominant in the distribution of life insurance in Portugal

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Nine captive underwriters and three joint venture underwriters are active in this market...

... with other types of product provider limited to partnerships that tend to be relatively small

Crédit Agricole entered into its bancassurance joint venture with Banco Espírito Santo in 2006

The final cost to CNP of its deal with Barclays will play out over 12 years following its commencement

Critical illness insurance

A cancer insurance policy specifically for females is available from two banking institutions

Income protection insurance

Three banking institutions have introduced short-term income protection insurance policies

Performance of key bancassurance underwriters

Fidelidade Mundial and Ocidental Vida have achieved consistent growth in their market share



16.0 ROMANIA

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

Between 2006 and 2010, protection-related life insurance is likely to have grown by around three quarters

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Three captive underwriters are apparent in the market for risk life cover sold by banks

BCR Asigurari, owned by Vienna Insurance Group, benefits from its tie with Banca Comerciala Romana

No non-captive underwriter holds more than two bancassurance relationships in this arena

Several sizeable banking institutions do not market risk life insurance

ERGO's link with UniCredit Tiriac Bank is part of a wider multi-country bancassurance agreement

Critical illness insurance and income protection insurance

Neither policy has been introduced as a bancassurance product in Romania

Performance of key bancassurance underwriters

BCR Asigurari de Viata closed the gap on the market leader, ING Asigurari de Viata, in 2010



17.0 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

Insurance market size and growth

The value of the market for protection-related life insurance has fluctuated up and down in recent years

Distribution share of banks

The primary bancassurance focus of Russian banks lies on creditor and motor insurance

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Stand-alone risk life insurance is rarely marketed by Russian banks

The bancassurance strategy of Sberbank is likely to evolve in future

Critical illness and income protection insurance

Performance of key bancassurance underwriters

Most ‘life insurance' distributed by banks is actually creditor insurance



18.0 SPAIN

Banks and other lending institutions covered

Introduction to the banking sector

The end of the decade saw a raft of mergers amid general economic uncertainty…

…with more mergers and state take-overs expected

Insurance market size and growth

The market size is boosted by the substantial value of funeral expenses insurance

Distribution share of banks

While still dominant, the share of banks in total life insurance has retreated slightly in recent years...

... although they remain powerful in the market for individual risk life insurance

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Risk life insurance policies are sold by close to three quarters of institutions investigated...

…and captive underwriters claim four of the top eight places by weighted share of partnerships

The most prominent non-captive underwriter in this sphere is MAPFRE

Well over 20 banks utilise joint venture underwriters for risk life insurance...

…although Spain's evolving banking market means that the future of many of these is uncertain

In addition to its co-ownership of BanSabadell Vida, Zurich also holds four other distribution deals

…while a significant number of banks still maintain captive underwriters

Critical illness insurance

Very few banks in Spain offer critical illness insurance...

Income protection insurance

... and the rate of provision of income protection insurance is only slightly higher

Short-term policies are offered by six relatively minor banking institutions

Performance of key bancassurance underwriters

Key bancassurance underwriters control over one third of the total insurance market in Spain



19.0 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

Insurance market size and growth

Gross written premiums for protection-related life insurance have declined consistently in recent years

A small but growing market exists for critical illness and income protection insurance

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Swedbank Försäkring is used as an exclusive provider by the majority of local savings banks...

... in a bancassurance market that is largely dominated by captive underwriters...

... albeit with one deal attributable to each of four non-captive competitors

Critical illness insurance

Only one banking institution markets any form of critical illness insurance

Income protection insurance

Provision rates for income protection insurance are almost as high as those for risk life cover

Cardif Nordic benefits from partnerships with Swedbank and most local savings banks

Most policies provide long-term cover paying up to 90% of the customer's income in case of illness

Performance of key bancassurance underwriters

On a combined basis, bancassurers hold over 40% of Sweden's total life insurance market



20.0 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 licence

Insurance market size and growth

The Swiss market for protection-related life insurance is largely mature

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Risk life insurance

A substantial proportion of Swiss banks offer risk life insurance

AXA Winterthur and Swiss Life hold relationships with some of the largest banks in Switzerland

The Raiffeisen banking group has proved to be an effective distribution channel for life insurance

Schweizerische Mobiliar is also a significant product provider in this field

Some banks offer investment-related life insurance policies that incorporate a protection element

Critical illness insurance

Swiss banks are not active in the distribution of stand-alone critical illness insurance

Income protection insurance

Helvetia's relationship with the Raiffeisen banking group also extends to income protection insurance

Performance of key bancassurance underwriters



21.0 TURKEY

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

The value of Turkish protection-related life insurance is set to exceed EUR 1 billion in 2011

Distribution share of banks

While already dominant, Turkish banks extended their distribution share in life insurance in 2010

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Apart from Aviva, the most prominent underwriters for this product mainly act in a captive capacity

Banks with no arrangement for risk life insurance are mainly smaller institutions

MetLife has entered into a 15-year distribution partnership with Denizbank

Critical illness insurance

Over a third of banks and other lending institutions promote critical illness insurance

Income protection insurance

Comparatively few Turkish banking institutions distribute income protection insurance

Performance of key bancassurance underwriters

Bank-owned captives and joint ventures accounted for over 80% of total life insurance in 2010



22.0 UNITED KINGDOM

Banks and other lending institutions covered

Introduction to the banking sector

The crisis of 2007 onwards forced many institutions to close, merge or be nationalised...

... with Santander as the only bank to emerge much stronger from the turmoil...

... while the Nationwide and the Yorkshire rescued several building societies in trouble

New entrants are appearing, with 700 branches scheduled to change hands at the time of publication

Insurance market size and growth

The UK's market for protection-related life insurance is multi-faceted but mature

Distribution share of banks

The distribution share of banks and building societies in life insurance appears to be stable...

... although for critical illness insurance, it has fallen back quite significantly in recent years

Bancassurance provision rates, operating models and partnerships

Risk life insurance

Operating models are limited to brokers (IFAs) or a single underwriter

Aviva is the leading non-captive partner for risk life insurance in the UK...

... followed by Legal & General

Friends Life expanded its market share through Resolution's acquisition of AXA's protection business

HSBC Life (UK) is used by HSBC itself but not the banking group's other UK subsidiaries

Captive or external independent financial advisers are used by 13 other banks and building societies

Critical illness insurance

Most bancassurance distributors offer stand-alone critical illness cover as well as risk life insurance...

...with the notable exception of Aviva

Chartis's WellWoman Plan distributed by Barclays is unique among bancassurers

Income protection insurance

Both long-term and short-term policies are distributed by bancassurers...

...with HSBC and the Nationwide verified as the largest institutions that offer both types of policy

Pinnacle Insurance and CUNA Mutual are the leading external underwriters for short-term policies...

... with the latter having established deals with several smaller building societies as well as credit unions

Performance of key bancassurance underwriters

Bank-owned insurance providers account for a very low combined share of total life insurance



LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Bancassurance is comfortably the main channel for protection-related life insurance in six countries

Aviva and Santander are the leading non-French bancassurers in non-creditor protection-related life insurance in Europe

1.0 INTRODUCTION

Banks and other lending institutions contacted by Finaccord, segmented by country and type

2.0 EUROPEAN OVERVIEW

Gross written premiums for protection-related life insurance in Europe, 2006-2010

Provision rates for protection-related life insurance through bancassurance in Europe, 2011

Operating models (unweighted) used for risk life insurance in Europe, 2011

Operating models (unweighted) used for protection-related life insurance in Europe, 2011 (data)

Operating models (weighted) used for risk life insurance in Europe, 2011

Operating models (weighted) used for risk life insurance in Europe, 2011 (data)

Provision rates for critical illness insurance through bancassurance in Europe, 2011

Operating models (unweighted) used for critical illness insurance in Europe, 2011

Operating models (unweighted) used for critical illness insurance in Europe, 2011 (data)

Operating models (weighted) used for critical illness insurance in Europe, 2011

Operating models (weighted) used for critical illness insurance in Europe, 2011 (data)

Provision rates for income protection insurance through bancassurance in Europe, 2011

Operating models (unweighted) used for income protection insurance in Europe, 2011

Operating models (unweighted) used for income protection insurance in Europe, 2011 (data)

Operating models (weighted) used for income protection insurance in Europe, 2011

Operating models (weighted) used for income protection insurance in Europe, 2011 (data)

Distribution share of bancassurance for protection-related life insurance in Europe, 2011

Weighted group share of bancassurance partnerships for protection-related life insurance, re-weighted by country bancassurance market size, in Europe

3.0 AUSTRIA

Gross written premiums for protection-related life insurance in Austria, 2006-2010

Gross written premiums for protection-related life insurance in Austria, 2006-2010 (data)

Bancassurance provision of risk life insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Austria, 2006-2010 (data)

4.0 BELGIUM

Gross written premiums for protection-related life insurance in Belgium, 2006-2010

Gross written premiums for protection-related life insurance in Belgium, 2006-2010 (data)

Distribution share of banks in total life, individual life and group life insurance in Belgium, 2006-2009 (data)

Bancassurance provision of risk life insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Belgium, 2006-2010 (data)

5.0 CZECH REPUBLIC

Gross written premiums for protection-related life insurance in the Czech Republic, 2006-2010

Gross written premiums for protection-related life insurance in the Czech Republic, 2006-2010 (data)

Market share in total life insurance of key bancassurance underwriters in the Czech Republic, 2006-2010 (data)

6.0 DENMARK

Gross written premiums for protection-related life insurance in Denmark, 2006-2010

Gross written premiums for protection-related life insurance in Denmark, 2006-2010 (data)

Bancassurance provision of risk life insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Denmark, 2006-2010 (data)

7.0 FINLAND

Gross written premiums for protection-related life insurance in Finland, 2006-2010

Gross written premiums for protection-related life insurance in Finland, 2006-2010 (data)

Bancassurance provision of risk life insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Finland, 2006-2010 (data)

8.0 FRANCE

Gross written premiums for protection-related life insurance in France, 2006-2010

Gross written premiums for protection-related life insurance in France, 2006-2010 (data)

Distribution share of banks in total life insurance in France, 2006-2010 (data)

Bancassurance provision of risk life insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in France, 2009-2010 (data)

9.0 GERMANY

Gross written premiums for protection-related life insurance in Germany, 2006-2010

Gross written premiums for protection-related life insurance in Germany, 2006-2010 (data)

Bancassurance provision of risk life insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Germany, 2006-2010 (data)

10.0 IRELAND

Gross written premiums for protection-related life insurance in Ireland, 2006-2010

Gross written premiums for protection-related life insurance in Ireland, 2006-2010 (data)

Bancassurance provision of risk life and critical illness insurance in Ireland, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Ireland, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance and pensions of key bancassurance underwriters in Ireland, 2006-2009 (data)

Market share in total life insurance of key bancassurance underwriters in Ireland, 2006-2009 (data)

11.0 ITALY

Gross written premiums for protection-related life insurance in Italy, 2006-2010

Gross written premiums for protection-related life insurance in Italy, 2006-2010 (data)

Distribution share of bancassurance in total life and 'class 1' life insurance in Italy, 2006-2010 (data)

Bancassurance provision of risk life insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Italy, 2006-2010 (data)

12.0 NETHERLANDS

Gross written premiums for protection-related life insurance in the Netherlands, 2006-2010

Gross written premiums for protection-related life insurance in the Netherlands, 2006-2010 (data)

Distribution share of banks in total individual life, mortgage-related life and funeral expenses insurance in the Netherlands, 2008 and 2010 (data)

Bancassurance provision of risk life insurance in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in the Netherlands, 2006-2009 (data)

13.0 NORWAY

Gross written premiums for protection-related life insurance in Norway, 2006-2010

Gross written premiums for protection-related life insurance in Norway, 2006-2010 (data)

Bancassurance provision of risk life insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in group life insurance of key bancassurance underwriters in Norway, 2006-2010 (data)

14.0 POLAND

Gross written premiums for protection-related life insurance in Poland, 2006-2010

Gross written premiums for protection-related life insurance in Poland, 2006-2010 (data)

Distribution share of banks in total life insurance and assorted segments in Poland, 2006-2010 (data)

Bancassurance provision of risk life insurance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Poland, 2006-2010 (data)

15.0 PORTUGAL

Gross written premiums for protection-related life insurance in Portugal, 2006-2010

Gross written premiums for protection-related life insurance in Portugal, 2006-2010 (data)

Distribution share of banks in total life insurance in Portugal, 2008-2010 (data)

Bancassurance provision of risk life insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Portugal, 2006-2009 (data)

16.0 ROMANIA

Gross written premiums for protection-related life insurance in Romania, 2006-2010

Gross written premiums for protection-related life insurance in Romania, 2006-2010 (data)

Bancassurance provision of risk life insurance in Romania, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Romania, 2006-2010 (data)

17.0 RUSSIA

Gross written premiums for protection-related life insurance in Russia, 2006-2010

Gross written premiums for protection-related life insurance in Russia, 2006-2010 (data)

Bancassurance provision of risk life insurance in Russia, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Russia, 2006-2010 (data)

18.0 SPAIN

Gross written premiums for protection-related life insurance in Spain, 2006-2010

Gross written premiums for protection-related life insurance in Spain, 2006-2010 (data)

Distribution share of banks in total life insurance in Spain, 2006-2009 (data)

Distribution share of banks in individual and group risk life insurance in Spain, 2006-2009 (data)

Bancassurance provision of risk life insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life and non-life insurance of key bancassurance underwriters still active and mentioned / covered by the research in Spain, 2008-2010 (data)

Market share in total life and non-life insurance of key bancassurance underwriters no longer active and / or not mentioned / covered by the research in Spain, 2008-2010 (data)

19.0 SWEDEN

Gross written premiums for protection-related life insurance in Sweden, 2006-2010

Gross written premiums for protection-related life insurance in Sweden, 2006-2010 (data)

Bancassurance provision of risk life insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Sweden, 2006-2010 (data)

20.0 SWITZERLAND

Gross written premiums for protection-related life insurance in Switzerland, 2006-2010

Gross written premiums for protection-related life insurance in Switzerland, 2006-2010 (data)

Bancassurance provision of risk life insurance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships

21.0 TURKEY

Gross written premiums for protection-related life insurance in Turkey, 2006-2010

Gross written premiums for protection-related life insurance in Turkey, 2006-2010 (data)

Distribution share of banks in life insurance and pensions in Turkey, 2009 and 2010 (data)

Bancassurance provision of risk life insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in Turkey, 2006-2010 (data)

22.0 UNITED KINGDOM

Gross written premiums for protection-related life insurance in the UK, 2006-2010

Gross written premiums for protection-related life insurance in the UK, 2006-2010 (data)

Distribution share of banks in critical illness and life insurance in the UK, 2005, 2007 and 2009 (data)

Bancassurance provision of risk life insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of critical illness insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships

Bancassurance provision of income protection insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships

Market share in total life insurance of key bancassurance underwriters in the UK, 2006-2010 (data)
 
Countries Covered
- Austria
- Belgium
- Czech Republic
- Denmark
- Finland
- France
- Germany
- Ireland
- Italy
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- Spain
- Sweden
- Switzerland
- Turkey
- United Kingdom
 
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