Creditor insurance was worth around USD 6.08 billion in gross written premiums
in the region in 2012, including coverage for life and permanent disability as
well as the temporary disability and unemployment elements. Moreover, with rapid
growth forecast for most markets and with profit margins relatively high,
creditor insurance remains an attractive business for both lending institutions
and underwriters to cultivate.
Drawing on the results of a survey of close to 370 lending institutions in six countries - Argentina, Brazil, Chile, Colombia, Mexico and Peru - the report analyses the distribution of creditor insurance by banks and other lending institutions, how provision rates vary for different lending products, operating models used for arranging creditor insurance, and distribution partnerships weighted by the size of distributors. The PartnerBASE™ dataset that accompanies the report details each of some 540 creditor insurance distribution deals traced by Finaccord. In short, this study will provide you with the definitive guide to current and future opportunities in creditor insurance in Latin America.
You may be able to use this report plus the PartnerBASE™ dataset and market data file that accompany it in one or more of the following ways:
- appreciate the magnitude of the opportunity in creditor insurance in Latin America: between 2012 and 2016, the market is forecast to grow at a nominal compound annual rate of more than 10% in five out of six countries;
- identify partnership opportunities for creditor insurance and prioritise these according to the potential that they offer as defined by the size of lending institutions’ retail customer base;
- understand the supply structure for creditor insurance in Latin America and whether specialists are winning business by virtue of their focused approach;
- gain insight into the presence in Latin America of leading international creditor insurance market participants including ACE, Assurant Solutions, BNP Paribas Cardif, CNP, Genworth Financial and MetLife;
- utilise the PartnerBASE™ dataset and market data file to gain rapid access to the important facts and figures in a user-friendly Excel format.
0.0 EXECUTIVE SUMMARY
Gross written premiums across the six countries amounted to over USD 6 billion in 2012...
... within which loan payment protection policies made up around USD 3.36 billion...
... and cover for temporary incapacity and unemployment approximately USD 1.20 billion
The leading eight groups are likely to account for more than two thirds of the total regional market
Bradesco is prominent as a result of Brazil's large creditor insurance market
BNP Paribas Cardif possesses the most relationships, spread across a wide range of countries
MAPFRE has concluded a significant new distribution agreement with Genworth Financial
What is this report about?
Distribution partnerships with banks and other lending institutions constitute the focus of this report
The report tracks over 540 separate initiatives for marketing creditor insurance
Survey of banks and other lending institutions
Mortgages, consumer finance and credit cards
Weighted provider share of partnerships
Abbreviations and exchange rates
PartnerBASE™ and market data annexe
2.0 LATIN AMERICAN OVERVIEW
Market analysis – consumer lending
Consumer lending balances outstanding amounted to USD 904.9 billion across the six countries in 2012
Mortgage lending in Brazil experienced particularly strong growth between 2008 and 2012...
... while Argentina displays the highest compound annual growth in consumer non-mortgage lending
Relative to its GDP, the Argentine lending market is the least developed of the six reviewed
Chile's developed lending market makes it comfortably the largest in per capita terms…
... although that of Brazil narrowed the gap between 2008 and 2012
Mortgage balances per capita remain below USD 1,000 in all countries apart from Chile
Consumer non-mortgage balances per capita are highest in Brazil and lowest in Peru
Credit card loans account for a substantial proportion of total non-mortgage lending in Argentina and Chile
Non-mortgage credit has fallen as a proportion of total consumer lending in all but one country
Brazil accounts for over 80% of the region’s total credit and other pay later cards in circulation...
… although Argentina's market has grown most rapidly in recent years
In per capita terms, the credit card markets of Colombia, Mexico and Peru remain under-developed
Creditor insurance provision rates and operating models
Creditor insurance linked to mortgages
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