Bharat Book

Creditor Insurance in Latin America

Press Release   •   Jun 13, 2013 16:50 IST

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.
 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
 Market data
 Creditor insurance
 Mortgages, consumer finance and credit cards
 Weighted provider share of partnerships
 Operating models
 Abbreviations and exchange rates
 PartnerBASE™ and market data annexe
 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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