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Non-Life Bancassurance in Europe: Accident and Health Insurance Product Image

Non-Life Bancassurance in Europe: Accident and Health Insurance

  • Published: November 2011
  • Region: Europe
  • 277 Pages
  • Finaccord

Non-Life Bancassurance in Europe: Accident and Health Insurance offers updated and expanded insights into the distribution by banks and other lending institutions of accident insurance, medical expenses insurance and health / hospital cash plans 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 reveals that 38.4% offer at least one of these three types of cover, giving around 790 initiatives for accident and health insurance in total. Hence, given that the aggregate market for accident and health insurance across the 20 countries is worth around EUR 167.5 billion, it is clear that banks and other lending institutions can intermediate a significant volume of business across these two sectors.

In addition to identifying bancassurance schemes for the distribution of accident insurance, medical expenses insurance and health / hospital cash plans, the research also classifies and analyses these according to the operating model READ MORE >

0.0 EXECUTIVE SUMMARY

Accident and health insurance is worth an estimated EUR 167.5 billion across these 20 countries

Four countries account for around three quarters of this pan-European market total

Premiums per capita are highest in the Netherlands, Switzerland and France

The role played by banks in the distribution of these policies varies hugely across Europe…

…and is estimated to be strongest in Portugal and Turkey

Provision rates for accident insurance are highest in Turkey and Austria

Banks in the Czech Republic and Russia do not distribute medical expenses policies

The average Europe-wide provision rate for health / hospital cash plans is just 7.5%

The most common way for banks to organise provision is via a single external underwriter

In the Netherlands and Portugal, accident policies are commonly underwritten on a captive basis

Within the weighted operating model analyses, captives and joint ventures take on added significance

The leading three pan-European partners to banks in this field are Munich Re, Allianz and ACE

Europe's top eight underwriters account for a weighted share of partnerships of around 40%

1.0 INTRODUCTION

What is this report about?

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

Rationale

Around 40% of the banking entities surveyed sell at least one of the products covered by this report

Methodology

Survey of banks and other lending institutions

Market data

Definitions

Accident insurance

Medical expenses insurance

Health / hospital cash plans

Weighted provider share of partnerships

Operating models

Abbreviations and exchange rates

Finaccord

2.0 EUROPEAN OVERVIEW

Introduction

Market analysis – accident and health insurance

Across Europe, these markets had a combined value of around EUR 167.5 billion in 2010

France, Germany and the Netherlands collectively account for two thirds of all premiums…

…whereas the share (and absolute value) of premiums generated in Russia is growing rapidly

The Netherlands has the highest combined value of premiums per capita for these two products…

…and Switzerland also ranks highly on a per capita basis, for both accident and health cover

Market analysis – accident insurance

Across the region, accident insurance generated premiums of around EUR 23.4 billion in 2010

Whilst Germany and Italy have the largest markets in absolute terms…

…the most rapid growth is occurring in relatively young markets such as Turkey and Russia

Premiums related to accident insurance in Romania fell dramatically between 2006 and 2010

Market analysis – health insurance

Europe's health insurance markets were worth a collective EUR 144.2 billion in 2010

Health premiums are growing more quickly, and more evenly, than those linked to accident cover

The largest four markets jointly account for more than 80% of the pan-European total…

…and several countries, including the Czech Republic, are seeing very strong growth in this sector

Bancassurance analysis

Provision rates and operating models for accident insurance

The availability of accident insurance from banks is highest in Turkey and Austria

Use of a single external underwriter constitutes the most regularly used operating model...

Schemes underwritten on a captive basis are most common in the Netherlands and Portugal

Within a weighted operating model analysis, captives and joint ventures take on added significance

Provision rates and operating models for medical expenses insurance

Banks in Spain, Turkey and Germany are those most likely to distribute medical expenses cover

The single external underwriter operating model is used for around 45% of all schemes…

…and is the dominant operating model in nine of the 18 countries where this product is offered

The role played by insurance brokers is most noticeable in Austria, Turkey and the UK

A weighted analysis is strongly influenced by captive underwriters owned by several large retail banks

Provision rates and operating models for health / hospital cash plans

Generally, the availability of cash plans is far lower than that of regular medical expenses cover…

…although more than half of Italian banking entities promote these types of policy

More than two thirds of schemes are organised using the single external underwriter model

Two banks, one Dutch and the other Italian, make use of an insurance broker

Under a weighted analysis, captive and joint venture underwriters combined account for a 23.4% share

Distribution share of bancassurance for accident and health insurance

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

The role played by banks in the distribution of these policies varies hugely across Europe…

…with the bancassurance channel estimated to be strongest in Portugal and Turkey

In many countries, however, bank distribution accounts for less than 10% of the total market

Pan-European bancassurance groups for accident and health insurance

At a European level, the top eight providers account for a weighted share of partnerships of nearly 40%

At a group level, the leading providers of accident and health policies to banks are Munich Re and Allianz…

…and major distribution partnerships in Germany are highly significant in this analysis

Of the various captive insurers, Crédit Mutuel is the most prominent

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 accident and health insurance continues to grow at a consistent rate

Around one million Austrian consumers have acquired supplementary health insurance

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Insurance covering non-work accidents is available from over two thirds of the banks surveyed

s Versicherung and Raiffeisen Versicherung are the leading insurers by weighted share of partnerships

ERGO and Generali have taken major stakes in important bancassurance providers in recent years

Counting all types of company, more than 20 product providers compete for bank mandates in this sector...

...including several joint ventures in which the banking partners are likely to divest their shares

Entities with no scheme are mainly smaller banks and specialised lenders

Medical expenses insurance

Generali and its Drei-Banken Versicherungs joint venture are the leading providers by weighted share

Health / hospital cash plans

Just one banking entity among those researched offers a stand-alone hospital cash plan

Performance of key bancassurance underwriters

The main bancassurers increased their share of accident insurance between 2006 and 2010

In health insurance, only Wüstenrot Versicherung is active as a bank-owned underwriter

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

Health insurance expands quite strongly while accident insurance stagnates

Distribution share of banks

The distribution share of banks in accident and health insurance has increased marginally

Bancassurance provision rates, operating models and partnerships

Accident insurance

Most ‘accident insurance' in Belgium is, in fact, simply a form of third-party liability cover

KBC Assurances and AG Insurance dominate the weighted provider rankings…

…and external providers Mercator Verzekeringen and Vanbreda Risk & Benefits also feature

Medical expenses insurance

Less than a quarter of banking institutions distribute this this type of health insurance

Once again, this market is dominated by captive partners such as AG Insurance and KBC Assurances...

…but DKV and Fidea Assurances hold relationships with two Crédit Agricole subsidiaries

Health / hospital cash plans

Cover is available from Ethias Bank and self-employed specialist Bank J. Van Breda & Co

Performance of key bancassurance underwriters

On a combined basis, the market share in total non-life insurance of key Belgian bancassurers is stable...

...although is somewhat lower for non-work accident insurance...

...and lower still for health insurance

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...

...although the rate of foreign ownership could lead to significant restructuring

Insurance market size and growth

The value of health insurance is likely to overtake that of accident insurance during 2011

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is marketed by over a third of banking institutions researched in the Czech Republic...

...where a variety of different operating models are in use

22 banking entities have no apparent scheme in place for accident insurance

Medical expenses insurance and health / hospital cash plans

Health insurance policies have not yet been introduced as bancassurance products in the Czech Republic

Performance of key bancassurance underwriters

Underwriters with a focus on bancassurance gained ground in total non-life policies between 2006 and 2010

The growth of bancassurance is also evident in an analysis of total non-motor, non-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

Denmark's market for accident and health insurance is expanding at a relatively robust pace

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is offered by 12 of the 41 banks and other lending institutions investigated

Nordea set up a strategic partnership with Tryg in 2002...

...with Codan having established a distribution relationship with local saving banks two years previously

Only two captive underwriters are active in relation to this type of cover

Medical expenses insurance

Medical expenses policies are offered by relatively few banks in Denmark...

Health / hospital cash plans

...and health / hospital cash plans by even fewer

Performance of key bancassurance underwriters

The two underwriters with a core focus on the bank distribution channel are relatively minor players

7.0 FINLAND

Banks and other lending institutions covered

Introduction to the banking sector

Finland's banking sector is relatively concentrated, and is dominated by OP-Pohjola and Nordea...

...albeit with competition from a range of other foreign-owned, co-operative and savings banks...

...plus S-Pankki, the banking arm 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

Excluding workers' compensation cover, the accident and health insurance market is growing quite rapidly

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is sold by a handful of Finnish banking institutions

Nordea's partnership with Tryg is driven by a long-standing agreement that dates back to 2002

Medical expenses insurance

Banks offer medical expenses insurance less frequently than they do accident insurance...

Health / hospital cash plans

...and there is no evidence whatsoever of health or hospital cash plans being available

Performance of key bancassurance underwriters

Pohjola has maintained a relatively steady market share in accident and health cover

8.0 FRANCE

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

Health insurance policies can be underwritten by three distinct types of product provider...

...namely specialist health mutuals, provident institutions and mainstream insurers

Premiums paid for GAV policies have reached EUR 547 million since their launch in 2001

Distribution share of banks

French banks continue to make steady progress in non-life insurance

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident cover is commonly marketed by French banks, normally in the form of GAV policies...

…with most provision being organised on either a captive or joint venture basis

Assurances Banque Populaire IARD is the leading joint venture underwriter for these policies…

…whilst captive insurers Pacifica, Cardif and ACM are also prominent in this market

Other captive and joint venture entities include BPCE Assurances, HSBC Assurances and Sogessur

One bank, Crédit Social des Fonctionnaires, makes use of a captive broker (Progretis)

Medical expenses insurance

Medical expenses cover is available from a relatively small minority of French banking entities...

...although these include most of the largest institutions

Many partnerships in force for medical expenses cover mirror those used for accident insurance

External providers identified by the research include Intériale Mutuelle, SMI and SMIP

Health / hospital cash plans

Stand-alone health or hospital cash plans are rarely available from French retail banks...

…although they are from the CIC and Crédit Mutuel networks, which use ACM as a captive insurer

Other competitors distributing through banking partners include ACE, Cardif and MetLife

Performance of key bancassurance underwriters

All bank-owned underwriters increased their share of total non-life insurance in France in 2010...

...although they remain comparatively small players in the overall health insurance sector

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

Germany's large and growing health insurance market itself breaks down into six main product categories

Around 9 million German consumers possess private medical insurance policies...

...which sometimes incorporate hospital cash benefits, but rarely health cash benefits

Distribution share of banks

The most recent evidence suggests the distribution share of banks in accident and health insurance is rising

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is widely available from banking institutons in Germany

PB Versicherung, owned by Talanx, holds a partnership with much unrealised potential

Commerzbank switched its bancassurance provider following acquisition of Dresdner Bank in 2008

Talanx is also active in this bancassurance segment via neue leben and TARGO Versicherung

16 banks with more than one million retail clients appear to have no scheme for accident insurance

Medical expenses insurance

By means of four key bancassurance partnerships, DKV holds the highest weighted share

Union Krankenversicherung is the main health insurance provider used by public sector banks...

...although HanseMerkur has established relationships with several ‘sparkassen'

Many quite sizeable banking institutions in Germany do not distribute medical expenses insurance

Health / hospital cash plans

ACE European Group holds the partnership with by far the highest latent potential in this arena

Other relationships are limited to medium-sized and small banking entities

Performance of key bancassurance underwriters

TARGO Versicherung has improved its market share in Germany's accident insurance sector

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 remainer of the field

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

Insurance market size and growth

Gross written premiums for health insurance in Ireland have grown rapidly in recent years

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Medical expenses insurance

Only two banking institutions distribute medical expenses insurance...

...giving three underwriters a near equal weighted share of partnerships

Aviva acquired a 70% stake in Vivas Health in 2008, eventually renaming it Aviva Health

Health / hospital cash plans

Performance of key bancassurance underwriters

The market share of Aviva Health in Irish health insurance has increased rapidly in recent years

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 cooperative 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

Italy's health insurance sector expands although accident insurance has begun to decline

Distribution share of banks

Banks have made significant progress as distributors in accident and health insurance

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance policies are sold by more than half of the Italian banking institutions surveyed

Two captives and two joint ventures rank among the top five underwriters by weighted share of partnerships

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

ACE European Group, Cattolica and Chiara Assicurazioni also hold significant relationships

Entities not distributing accident insurance include 23 with more than 250,000 retail customers

Medical expenses insurance

45% of banking entities researched in Italy are distributors of medical expenses insurance

By weighted share of partnerships, the five leading firms are either captives or joint ventures

Other captives include CBA Vita, Chiara Assicurazioni, Global Assistance and Mediolanum Assicurazioni

The status of an exclusive, non-captive provider is held by a relatively high number of underwriters

A number of significant banking institutions have no arrangement in place for medical expenses cover

Health / hospital cash plans

DKV Salute benefits from one major partnership in this field...

...whereas Europ Assistance collaborates with six banking entities

Although configured originally as a joint venture, BancAssurance Popolari is now classifiable as a captive

In addition to American Express, ACE European Group co-operates with another major specialised lender

Over 20 sizeable banking institutions have no visible partnership for health or hospital cash plans

Performance of key bancassurance underwriters

Bank-owned underwriters grew their total market share of accident cover in each year from 2006 to 2010...

...with a similar progression visible for health insurance, where Eurizon Tutela is the peer group leader

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

The value of the Dutch health insurance market is exceptionally high because cover is obligatory

Distribution share of banks

The relative strength of Dutch banks in personal non-life insurance is not replicated in health insurance

Bancassurance provision rates, operating models and partnerships

Accident insurance

Provision of accident insurance by banks is carried out mainly by means of captive underwriters

Five institutions classified as banks (as opposed to specialised lenders) have no activity in this area

Medical expenses insurance

Banks do not constitute a significant channel for distributing health insurance policies...

... although ING struck up a new distribution partnership with VGZ in November 2011

Health / hospital cash plans

Performance of key bancassurance underwriters

Underwriters owned wholly or in part by banks account for a relatively low share of premiums

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 bank 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

Most health insurance in Norway is classifiable as children's health insurance

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

A significant number of Norwegian banking entities distribute accident insurance

The leading providers include Vital Forsikring, Tryg Forsikring and SpareBank 1 Forsikring

Tryg continues to benefit from its long-term strategic alliance with Nordea

Frende Forsikring is a joint venture established in 2007 by four independent savings banks

Several independent savings banks are found to collaborate with Gjensidige

Children's insurance is a common form of accident insurance in Norway

Medical expenses insurance

Discounting children's insurance, ‘regular' medical expenses insurance is rarely sold by banks...

Health / hospital cash plans

...and health / hospital cash plans are entirely absent

Performance of key bancassurance underwriters

Key bancassurance underwriters have expanded their combined share of the accident insurance market...

...and are much stronger in children's insurance than in medical cover

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 cleints) 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

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

Insurance market size and growth

Including both stand-alone and bundled policies, accident insurance dwarfs health insurance in Poland

Distribution share of banks

From a very low base, Polish banks are establishing a foothold in both non-life insurance generally...

...and in accident and health insurance, in particular

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is quite widely available from banks and other lending institutions in Poland

...with Generali having carved out a strong position in this bancassurance sector

Two banks have established online aggregation platforms

Bank Zachodni WBK's joint venture with Aviva was established in 2008

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

Medical expenses insurance

Medical expenses insurance is offered by a lower proportion of banking entities

PZU, Allianz and Cardif each hold more than one distribution relationship in this arena

Health / hospital cash plans

The six distribution deals in this sphere are split between six different product providers

Performance of key bancassurance underwriters

Europa grew its share of total non-life insurance consistently between 2006 and 2010

15.0 PORTUGAL

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

Although compulsory work accident insurance is in decline, personal accident insurance is rising

The growing health insurance market is composed mainly of medical expenses and dental policies

Distribution share of banks

Banks achieved modest growth as a non-life insurance sales channel between 2008 and 2010

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is marketed by nearly a third of banking institutions in Portugal

Six captive underwriters and two joint ventures are active in this bancassurance sector

24 banking entities have no apparent scheme in place for accident insurance

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

Medical expenses insurance

The provision rate for medical expenses cover is slightly higher than that for accident insurance

Stand-alone dental insurance policies are available from a number of Portuguese banks

AXA Seguros benefits from three major bank distribution partnerships in this field

In contrast to its counterpart in Spain, Eurovida in Portugal is owned outright by Banco Popular

Health / hospital cash plans

Only two banking institutions sell stand-alone health or hospital cash plans

Performance of key bancassurance underwriters

Bank-owned entities hold a much larger share of non-life policies than the bancassurance channel does

16.0 ROMANIA

Banks and other lending institutions covered

Introduction to the banking sector

Insurance market size and growth

The tiny market for accident and health insurance in Romania has contracted in recent years

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is not commonly marketed by Romanian banks...

...although it is available from several of the larger institutions

Medical expenses insurance

Only one bank-owned underwriter is active in the market for medical expenses insurance

By weighted share of partnerships, BCR Asigurari is the market leader

AEGON's link with Banca Transilvania dates back to an agreement forged in 2007

Health / hospital cash plans

The provision rate for health and hospital cash plans is the same as for other accident and health policies...

...which means that the majority of Romanian banks do not market this product

Performance of key bancassurance underwriters

Key bancassurers secured a combined market share of over 25% in accident insurance in 2010

BCR Asigurari de Viata reported gross written premiums equal to a 15.9% share of health cover 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

Compulsory health insurance for government employees makes up the bulk of the market

Distribution share of banks

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

Bancassurance provision rates, operating models and partnerships

Accident insurance

Stand-alone accident cover (as opposed to creditor insurance) is not widely marketed by banks

Alfa-Bank distributes accident insurance with coverage options to suit different target customer groups

Probisenes Bank sells specialist children's insurance, in addition to classic accident cover

Deposit balance protection insurance is not included in Finaccord's analysis of accident insurance

Medical expenses insurance

Health / hospital cash plans

Performance of key bancassurance underwriters

Most ‘accident and health 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 last decade saw a raft of mergers amid general economic uncertainty…

…with more mergers and state take-overs expected

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 nearly half of the Spanish banking institutions investigated...

...with Allianz, MAPFRE and Caser being 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 for this type of cover...

...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 one million or more customers do not distribute medical expenses insurance

Health / hospital cash plans

Fewer banks market stand-alone health or hospital cash plans...

...although those distributed via BBVA are underwritten by leading provider Sanitas

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 collaborates closely with the majority of local savings banks

Sweden's banking sector remains in relatively good health

Insurance market size and growth

The accident and health insurance market displays volatile characteristics...

...largely as a consequence of AFA Försäkring's not-for-profit pricing structure

However, many segments of this market, including children's insurance, are growing quite strongly

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is commonly available from banking institutions in Sweden

The top five providers consist of two captives and three non-captives

Several banks offer specialised forms of accident insurance, including children's insurance...

...and policies designed specifically for pregnant women are also available

Medical expenses insurance

Medical expenses insurance is rarely offered by Swedish banks...

Health / hospital cash plans

...and, similarly, neither health nor hospital cash plans are commonly available

Performance of key bancassurance underwriters

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

Increased expenditure on individual policies has caused the health insurance market to expand...

...although less growth is apparent across forms of accident insurance

Distribution share of banks

Bancassurance provision rates, operating models and partnerships

Accident insurance

The existence of SUVA means that there is little scope for Swiss banks to sell accident insurance

Medical expenses insurance

About 40% of Swiss residents take out supplementary health insurance...

...although Swiss health insurers seldom market their products through banks

Health / hospital cash plans

Neither health nor hospital cash plans appear to be sold through the bancassurance channel

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 Turkey's accident and health market exceeded EUR 1 billion for the first time in 2010

Distribution share of banks

Nearly half of accident insurance premiums are distributed through the bancassurance channel

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident policies are very frequently a component of the insurance offering of Turkish banks

In addition to its captive tie with Isbank, Anadolu is also used as one of several providers by two other banks

Ageas acquired a 31% stake in Aksigorta during the first quarter of 2011

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

Medical expenses insurance

Around half of banking institutions in Turkey sell medical expenses insurance

Both AXA and Eureko hold significant non-captive distribution partnerships for this type of cover

Health / hospital cash plans

Comparatively few Turkish banking institutions distribute health or hospital cash plans

Performance of key bancassurance underwriters

Bank-owned captives and joint ventures took more than 25% of personal accident premiums in 2010

Yapi Kredi Sigorta holds a market share in health insurance of close to 20%

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

In aggregate, the UK's accident and health insurance market achieved modest growth from 2006 to 2010

Distribution share of banks

The performance of banks and building societies in accident and health insurance has been variable

Bancassurance provision rates, operating models and partnerships

Accident insurance

Accident insurance is visibly marketed by only a few banking institutions in the UK

Medical expenses insurance

The interest of bancassurers in selling private medical insurance is also lukewarm...

...although two partnerships exist that Finaccord considers to be reasonably significant

Health / hospital cash plans

For this product, Chartis is dominant in terms of its weighted share of partnerships...

...although Pinnacle Insurance has also captured a pair of viable relationships

Performance of key bancassurance underwriters

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

In Europe, gross written premiums for health insurance are far larger than those related to accident cover, and they are also growing more quickly

Premiums per capita for accident and health insurance fluctuate greatly between European countries

The distribution share of bancassurance for accident and health insurance is higest in Portugal and Turkey

Based on the weighted size of its bancassurance partnerships, Munich Re is the leading pan-European provider of accident and health policies

1.0 INTRODUCTION

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

2.0 EUROPEAN OVERVIEW

Gross written premiums for accident and health insurance in Europe, 2006-2010

Growth rates for accident and health insurance in Europe, segmented by country, 2006-2010

Gross written premiums for accident and health insurance in Europe, segmented by country, 2006-2010 (data)

Premiums per capita paid for accident and health insurance in Europe, segmented by product and by country, 2010

Premiums per capita paid for accident and health insurance in Europe, segmented by product and by country, 2010 (data)

Growth rates for accident insurance in Europe, segmented by country, 2006-2010

Gross written premiums for accident insurance in Europe, segmented by country, 2006-2010 (data)

Growth rates for health insurance in Europe, segmented by country, 2006-2010

Gross written premiums for health insurance in Europe, segmented by country, 2006-2010 (data)

Provision rates for accident insurance through bancassurance in Europe, 2011

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

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

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

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

Provision rates for medical expenses insurance through bancassurance in Europe, 2011

Operating models (unweighted) used for medical expenses insurance in Europe, 2011

Operating models (unweighted) used for medical expenses insurance in Europe, 2011 (data)

Operating models (weighted) used for medical expenses insurance in Europe, 2011

Operating models (weighted) used for medical expenses insurance in Europe, 2011 (data)

Provision rates for health / hospital cash plans through bancassurance in Europe, 2011

Operating models (unweighted) used for health / hospital cash plans in Europe, 2011

Operating models (unweighted) used for health / hospital cash plans in Europe, 2011 (data)

Operating models (weighted) used for health / hospital cash plans in Europe, 2011

Operating models (weighted) used for health / hospital cash plans in Europe, 2011 (data)

Distribution share of bancassurance for accident and health insurance in Europe, 2011

Weighted group share of bancassurance partnerships for accident and health insurance, re-weighted by country bancassurance market size, Europe

3.0 AUSTRIA

Gross written premiums for accident and health insurance in Austria, 2006-2010

Gross written premiums for accident and health insurance in Austria, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Austria, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

4.0 BELGIUM

Gross written premiums for accident and health insurance in Belgium, 2006-2010

Gross written premiums for accident and health insurance in Belgium, 2006-2010 (data)

Distribution share of banks in total non-life, personal non-life, accident and health insurance in Belgium, 2006-2009 (data)

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

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

Bancassurance provision of health / hospital cash plans in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships

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

Market share in non-work accident insurance of key bancassurance underwriters in Belgium, 2009-2010 (data)

Market share in health insurance of key bancassurance underwriters in Belgium, 2009-2010 (data)

5.0 CZECH REPUBLIC

Gross written premiums for accident and health insurance in the Czech Republic, 2006-2010

Gross written premiums for accident and health insurance in the Czech Republic, 2006-2010 (data)

Bancassurance provision of accident insurance in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

6.0 DENMARK

Gross written premiums for accident and health insurance in Denmark, 2006-2010

Gross written premiums for accident and health insurance in Denmark, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships

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

7.0 FINLAND

Gross written premiums for accident and health insurance in Finland, 2006-2010

Gross written premiums for accident and health insurance in Finland, 2006-2010 (data)

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

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

Market share in accident and health insurance of key bancassurance underwriters in Finland, 2006-2010 (data)

8.0 FRANCE

Gross written premiums for accident and health insurance in France, 2006-2010

Gross written premiums for accident and health insurance in France, 2006-2010 (data)

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

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

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

Bancassurance provision of health / hospital cash plans in France, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

9.0 GERMANY

Gross written premiums for accident and health insurance in Germany, 2006-2010

Gross written premiums for accident and health insurance in Germany, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Germany, 2011: provision rate, operating models and weighted provider share of partnerships

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

10.0 IRELAND

Gross written premiums for accident and health insurance in Ireland, 2006-2010

Gross written premiums for accident and health insurance in Ireland, 2006-2010 (data)

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

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

11.0 ITALY

Gross written premiums for accident and health insurance in Italy, 2006-2010

Gross written premiums for accident and health insurance in Italy, 2006-2010 (data)

Distribution share of banks in total non-life, accident and health insurance in Italy, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Italy, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

12.0 NETHERLANDS

Gross written premiums for accident and health insurance in the Netherlands, 2006-2010

Gross written premiums for accident and health insurance in the Netherlands, 2006-2010 (data)

Distribution share of banks in personal non-life and health insurance in the Netherlands, 2008 and 2010 (data)

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

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

Market share in accident and health insurance of key bancassurance underwriters in the Netherlands, 2006-2009 (data)

13.0 NORWAY

Gross written premiums for accident and health insurance in Norway, 2006-2010

Gross written premiums for accident and health insurance in Norway, 2006-2010 (data)

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

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

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

Market share in health insurance of key bancassurance underwriters in Norway, 2008-2010 (data)

14.0 POLAND

Gross written premiums for accident and health insurance in Poland, 2006-2010

Gross written premiums for accident and health insurance in Poland, 2006-2010 (data)

Distribution share of banks in total non-life and accident and health insurance in Poland, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Poland, 2011: provision rate, operating models and weighted provider share of partnerships

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

15.0 PORTUGAL

Gross written premiums for accident and health insurance in Portugal, 2006-2010

Gross written premiums for accident and health insurance in Portugal, 2006-2010 (data)

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

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

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

Bancassurance provision of health / hospital cash plans in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships

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

16.0 ROMANIA

Gross written premiums for accident and health insurance in Romania, 2006-2010

Gross written premiums for accident and health insurance in Romania, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Romania, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

17.0 RUSSIA

Gross written premiums for accident and health insurance in Russia, 2006-2010

Gross written premiums for accident and health insurance in Russia, 2006-2010 (data)

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

Market share in voluntary accident and health insurance of key bancassurance underwriters in Russia, 2006-2010 (data)

18.0 SPAIN

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

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 accident and health insurance in Sweden, 2006-2010

Gross written premiums for accident and health insurance in Sweden, 2006-2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships

20.0 SWITZERLAND

Gross written premiums for accident and health insurance in Switzerland, 2006-2010

Gross written premiums for accident and health insurance in Switzerland, 2006-2010 (data)

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

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

21.0 TURKEY

Gross written premiums for accident and health insurance in Turkey, 2006-2010

Gross written premiums for accident and health insurance in Turkey, 2006-2010 (data)

Distribution share of banks in total non-life, accident and health insurance in Turkey, 2009 and 2010 (data)

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

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

Bancassurance provision of health / hospital cash plans in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships

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

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

22.0 UNITED KINGDOM

Gross written premiums for accident and health insurance in the UK, 2006-2010

Gross written premiums for accident and health insurance in the UK, 2006-2010 (data)

Distribution share of banks in dental, health / hospital cash, personal accident, and private medical insurance in the UK, 2005, 2007 and 2009 (data)

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

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

Bancassurance provision of health / hospital cash plans in the UK, 2011: provision rate, operating models and weighted provider share of partnerships

- Austria
- Belgium
- the Czech Republic
- Denmark
- Finland
- France
- Germany
- Ireland
- Italy
- the Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- Spain
- Sweden
- Switzerland
- Turkey
- the UK

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