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Bancassurance in Spain: Life, Non-Life and Creditor Insurance
Finaccord, November 2011
PUBLICATION OVERVIEW
Finaccord's report titled Bancassurance in Spain: Life, Non-Life and Creditor Insurance is about the distribution of insurance products through banks and other lending institutions in Spain.
Types of insurance considered are:
- investment-related life insurance and retirement savings;
- risk life insurance, critical illness insurance and income protection insurance;
- accident insurance, medical expenses insurance and health / hospital cash plans;
- personal motor insurance and household insurance;
- creditor insurance for mortgages, consumer finance and credit cards.
Based on a survey of 100 organisations, it identifies 612 bancassurance distribution initiatives across these types of insurance, and highlights the operating models and product providers used in the vast majority of cases. Moreover, it analyses these bancassurance agreements in terms of ‘weighted partnerships' which take into account the size of the retail customer base of the banking institutions distributing these policies, thereby differentiating between the most important relationships and those that are comparatively minor.
In addition, with the exception of creditor insurance, for which historic, current and forecast market size data is provided for 2007, 2011 and 2015, the report also sizes the market for the various types of insurance investigated in terms of gross written premiums between 2006 and 2010, provides a general introduction to the banking sector, comments upon the general influence of the bank distribution channel for these types of insurance, and presents available data for key bancassurance underwriters, including captives, joint ventures and other dedicated bancassurance underwriters.
REASONS TO BUY
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 a range of personal insurance products by a majority of significant banking entities in Spain;
- identify partnership opportunities for these types of 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 in Spain;
- assess the background to the most significant bancassurance deals, differentiating between those that originate from long-term or strategic objectives and those that are more transient;
- appreciate the magnitude of the opportunity to sell different types of life, non-life and creditor insurance through banks and other lending institutions in Spain.
0.0 EXECUTIVE SUMMARY
1.0 INTRODUCTION
What is this report about?
Distribution partnerships with banks and other lending institutions constitute the focus of this report
Rationale
Across Europe, over 80% of banking entities surveyed are active in this arena to one extent or another
Methodology
Survey of banks and other lending institutions
Market data
Definitions
Investment-related life insurance
Retirement savings
Risk life insurance
Critical illness insurance
Income protection insurance
Accident insurance
Health / hospital cash plans
Medical expenses insurance
Personal motor insurance
Household insurance
Creditor insurance
Mortgages, consumer finance and credit cards
Weighted provider share of partnerships
Operating models
Abbreviations and exchange rates
Finaccord
2.0 MARKET ANALYSIS
Banks and other lending institutions covered
Introduction to the banking sector
The end of the decade sees a raft of mergers amid general economic uncertainty…
…with more mergers and state take-overs in the forecast
Investment-related life insurance and retirement savings
Insurance market size and growth
Investment-related life insurance is composed primarily of endowments and unit-linked policies
The market for PPA contracts expanded rapidly between 2006 and 2010
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 single premium policies
Bancassurance provision rates, operating models and partnerships
Investment-related life insurance
By weighted share of partnerships, the three leading providers are all insurers owned outright by banks...
…while MAPFRE is the most prominent external provider of this type of insurance...
…followed by Zurich, to which four significant bancassurance relationships were attributable
The Spanish market is also populated by a large number of smaller captive insurance providers...
... and numerous joint ventures...
…although Spain's evolving banking market means that the future of many of these is uncertain
Retirement savings
Arrangements for retirement savings are virtually the same as those for investment-related life insurance
Performance of key bancassurance underwriters
Key bancassurance underwriters control over one third of the total insurance market in Spain
Protection-related life insurance
Insurance market size and growth
The market size is boosted by the substantial value of funeral expenses insurance
Distribution share of banks
Spanish banks remain powerful as distributors 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
Accident and health insurance
Insurance market size and growth
Expenditure on health insurance expands rapidly but accident insurance stagnates
Distribution share of banks
Whether measured by new or total sales, non-life bancassurance in Spain has grown in recent years
The distribution share of banks in accident insurance peaked in 2007...
... with a similar maximum share visible in the case of medical assistance insurance
Bancassurance provision rates, operating models and partnerships
Accident insurance
Accident insurance is marketed by almost a half of Spanish banking institutions investigated...
... with Allianz, MAPFRE and Caser the largest non-captive underwriters in this field
The bancassurance companies of CatalunyaCaixa have been co-owned by MAPFRE since late 2010
Smaller partnerships are spread across a further dozen insurance providers
Medical expenses insurance
The provision rate for medical expenses cover is slightly higher than that for accident insurance
Caser holds the highest weighted share of bancassurance partnerships in this arena...
... followed by MAPFRE and Sanitas
Mutua Madrileña acquired a 50% stake in the non-life operations of La Caixa in July 2011
Seven banks with a million or more customers do not distribute medical expenses insurance
Health / hospital cash plans
Fewer banks market stand-alone health or hospital cash plans...
... albeit BBVA is one that does, through Sanitas
Performance of key bancassurance underwriters
Personal motor and household insurance
The value of the combined market hit a peak in 2008 before declining in subsequent years
Distribution share of banks
Banks are relatively minor distributors of motor insurance although their share is growing
In contrast, for household ‘multi-risk' insurance, bancassurance is a primary sales channel
Bancassurance provision rates, operating models and partnerships
Personal motor insurance
Around two thirds of Spanish banks investigated are distributors of personal motor insurance...
... with most electing to do so via either one or more non-captive underwriters
Línea Directa Aseguradora has been owned outright by Bankinter since 2009
30 banking institutions are not active in this field although these are mainly smaller companies
Household insurance
Captive underwriters are more prominent in the household insurance sector
By weighted share of partnerships, Caser is ranked first in this market...
... followed by Santander Seguros, BBVA Seguros and SegurCaixa
In addition to SegurCaixa, several other joint ventures are also active in this sphere
Allianz, AXA, Generali, Groupama, Liberty Seguros, MAPFRE and Zurich all hold sole provider deals...
... although Pelayo is limited to non-exclusive relationships only
Banking institutions not intermediating household cover are generally those not offering mortgages
Performance of key bancassurance underwriters
Creditor insurance
Consumer lending market size and growth
Mortgage lending
Predictably, growth in Spanish mortgage lending balances has stalled since 2008...
Non-mortgage lending
... with non-mortgage lending balances having actually declined by over 7%
Credit and other pay later cards
The Spanish credit card market declined slightly in both 2009 and 2010 having peaked in 2008
Creditor insurance provision rates, operating models and partnerships
Creditor insurance linked to mortgages
A broad variety of operating models are reported for mortgage-related creditor insurance in Spain
Large captive underwriters leverage high potential client numbers into the highest weighted share...
…while a very large number of insurers hold deals among the smaller mortgage lending institutions
Joint ventures have been popular...
…although Spain's evolving banking market means that the future of many of these is uncertain
Creditor insurance linked to consumer finance
Many partnerships for this form of creditor insurance replicate those for mortgage-related policies...
... although Cardif is ranked first in this field by weighted share of partnerships
Once again, numerous smaller captive and joint venture underwriters are in evidence
Creditor insurance linked to credit cards
Schemes for credit card payment protection insurance are comparatively few in number...
…with the potential reduced somewhat by free protection-related insurance packaged with cards
Creditor insurance risk coverage
Policies linked to consumer finance commonly include cover for temporary incapacity and unemployment
Alternative distribution channels
Several major insurers offer mortgage-related creditor insurance direct to consumers
Creditor insurance market size, growth and forecast
Spain's market for creditor insurance is unlikely to deliver more than weak growth from 2011 to 2015
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Overview of bancassurance provision rates for different types of insurance in Spain, 2011
1.0 INTRODUCTION
Banks and other lending institutions in Spain contacted by Finaccord, segmented by type
2.0 MARKET ANALYSIS
Gross written premiums for investment-related life insurance and retirement savings in Spain, 2006-2010
Gross written premiums for investment-related life insurance and retirement savings 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 investment-related life insurance in Spain, 2006-2009 (data)
Bancassurance provision of investment-related life insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of retirement savings 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 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 in Spain, 2008-2010 (data)
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 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
Gross written premiums for accident and health insurance in Spain, 2006-2010
Gross written premiums for accident and health insurance in Spain, 2006-2010 (data)
Distribution share of banks in total non-life insurance in Spain, 2006-2009 (data)
Distribution share of banks in accident insurance in Spain, 2006-2009 (data)
Distribution share of banks in health and medical assistance insurance in Spain, 2006-2009 (data)
Bancassurance provision of accident insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of medical expenses insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of health / hospital cash plans in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Gross written premiums for personal motor and household insurance in Spain, 2006-2010
Gross written premiums for personal motor and household insurance in Spain, 2006-2010 (data)
Distribution share of banks in total motor insurance in Spain, 2006-2009 (data)
Distribution share of banks in household ‘multi-risk' insurance in Spain, 2006-2009 (data)
Bancassurance provision of personal motor insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Bancassurance provision of household insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Residential mortgage lending balances outstanding in Spain (absolute and per capita), 2006-2010
Consumer non-mortgage lending balances outstanding in Spain (absolute and per capita), 2006-2010
Credit and other pay later cards issued and per capita in Spain, 2006-2010
Key data points for the consumer lending market in Spain, 2006-2010
Provision of creditor insurance linked to mortgages in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance linked to consumer finance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance linked to credit cards in Spain, 2011: provision rate, operating models and weighted provider share of partnerships
Risk coverage of creditor insurance policies in Spain, segmented by type of underlying product, 2011
Creditor insurance gross written premiums in Spain, segmented by policy type, 2007, 2011 and 2015 (forecast)
Creditor insurance gross written premiums in Spain, segmented by cover type, 2007, 2011 and 2015 (forecast)
Creditor insurance gross written premiums in Spain, segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data)
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