Bharat Book

Life Bancassurance in Latin America Protection Related Life Insurance

Press Release   •   Jun 13, 2013 16:53 IST

Drawing on the results of a survey of over 300 banking entities, the study verifies that close to half offer at least one of the types of protection-related life insurance researched, giving a total of well over 200 initiatives in the three fields combined. Hence, given that the aggregate market for protection-related life insurance across the eight countries, excluding creditor cover, is worth around USD 16.7 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.
 
 You may be able to use this report plus the PartnerBASE™ dataset and market data annexe 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 six Latin American countries;
 
 - 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 Argentina, Brazil, Chile, Colombia, Mexico and Peru.
 
 0.0 EXECUTIVE SUMMARY
 The total market grew at a nominal compound annual rate of 15.1% between 2008 and 2012
 Non-creditor business accounts for over three quarters of the total regional market
 Market growth rates vary significantly from country to country
 The distribution share of banks in protection-related life insurance exceeds 80% in Brazil
 Risk life insurance is quite commonly sold by banking institutions in Latin America
 The largest banking institutions in Brazil and Mexico use captive or joint venture underwriters
 ACE and BNP Paribas Cardif are active in five of the six bancassurance markets researched
 
 1.0 INTRODUCTION
 What is this report about?
 Distribution partnerships with banks and other lending institutions constitute the focus of this report
 Rationale
 Close to a half of banking organisations surveyed in Latin America sell risk life insurance
 Methodology
 Survey of banks and other lending institutions
 Market data
 Risk life insurance
 Critical illness insurance
 Income protection insurance
 Weighted provider share of partnerships
 Operating models
 Abbreviations and exchange rates
 PartnerBASE™ and market data annexe
 Finaccord
 
 2.0 LATIN AMERICA OVERVIEW
 Introduction
 Market analysis – protection-related life insurance
 Premiums for protection-related life insurance grew by 15.1% in nominal terms between 2008 and 2012
 In real terms, the Peruvian market displayed the most rapid growth between 2008 and 2012
 Non-creditor policies account for more than three quarters of total protection-related life insurance.
 Per capita premiums for protection-related life insurance are highest in Chile
 Bancassurance analysis
 Provision rates and operating models for protection -related life insurance
 Banking entities in Argentina were found to offer stand-alone risk life insurance most frequently
 Over 50% of all partnerships are organised through a single external underwriter...
 ...though captive underwriters are preferred in Mexico
 On a weighted basis, captive underwriters become a lot more important
 Provision rates and operating models for critical illness insurance
 
 
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