TABLE OF CONTENTS of... · creditor and lifestyle protection insurance in europe © finaccord...

CREDITOR AND LIFESTYLE PROTECTION INSURANCE IN EUROPE

© FINACCORD 01/2018) I

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY ............................................................................................................................... 1 Gross written premiums across the 20 European markets amounted to over EUR 39 billion in 2016... ................... 2 ... within which mortgage-related policies made up about 70% of the total... .............................................................. 3 ... and cover for temporary incapacity and unemployment accounted for more than one quarter of premiums ....... 4 The leading ten groups are likely to account for around 62% of the total European market ...................................... 7 CNP Assurances is prominent for two main reasons ................................................................................................... 7 BNP Paribas Cardif holds by far the most partnerships ............................................................................................... 7 Creditor insurance is a relatively fast-growing business segment for CNP Assurances… ........................................ 7 … and it is also a demonstrably important one for several other insurance groups ................................................... 7

1.0 INTRODUCTION ............................................................................................................................................ 9

What is this report about? .................................................................................................................................. 9 Distribution partnerships with banks and other lending institutions constitute the focus of this report… ................... 9 … with telecoms and utilities firms also included in the analyses of bill payment protection ...................................... 9

Rationale ............................................................................................................................................................. 9 The report identifies 1,570 initiatives for marketing creditor and lifestyle protection insurance .................................. 9

Methodology ..................................................................................................................................................... 10 Survey of banks and other lending institutions ............................................................................................ 10

Market data ....................................................................................................................................................... 12 Market data for creditor and lifestyle protection insurance is generated from a proprietary methodology… ........... 12 … plus use of multiple external sources ..................................................................................................................... 12

Definitions ......................................................................................................................................................... 13 Bill payment protection insurance ................................................................................................................ 13

Creditor insurance ......................................................................................................................................... 13

Mortgages, consumer finance and credit cards .......................................................................................... 14

Weighted provider share of partnerships .................................................................................................... 14

Operating models ......................................................................................................................................... 15

Abbreviations and exchange rates .................................................................................................................. 15 PartnerBASE and market data annexe .......................................................................................................... 16 Finaccord .......................................................................................................................................................... 16

2.0 EUROPEAN OVERVIEW ............................................................................................................................ 18 Introduction ....................................................................................................................................................... 18 Market analysis – consumer lending ............................................................................................................... 18

Total retail lending balances outstanding in Europe are on track to exceed EUR 10 trillion before 2020… ............ 18 … with residential mortgage lending the largest segment by far ............................................................................... 22 Balances for non-mortgage consumer lending are slightly higher in France than in Germany, Italy or the UK ...... 25 Switzerland’s lending market is the largest in per capita terms followed by those of Norway and Denmark .......... 28 Mortgage balances per capita remain below EUR 1,000 in Russia, Romania and Turkey ..................................... 30 Consumer non-mortgage balances per capita are highest in Norway and lowest in Russia ................................... 32 Mortgage credit has increased as a proportion of total consumer lending in most European markets ................... 34 The UK accounts for nearly one fifth of Europe’s total credit and other pay later cards in circulation… .................. 35 … but is ranked third behind Norway and Sweden in terms of cards per capita ...................................................... 38

Insurance provision rates and operating models............................................................................................ 41 Creditor insurance linked to mortgages ....................................................................................................... 41

A majority of mortgage lenders sell related creditor insurance in almost all countries in scope… ........................... 41 … with use of a single external underwriter the preferred operating model in most of them… ................................ 41 … although captive underwriters are more commonly employed in five countries ................................................... 41 When analysed on a weighted basis, the use of captive underwriters is significantly more prominent ................... 44


© FINACCORD 01/2018) II

When analysed at a group level, the leading ten providers account for around 65% of this market... ..................... 46 ... with CNP Assurances likely to be the regional leader due to its strong position in France .................................. 47

Creditor insurance linked to consumer finance ........................................................................................... 48

Creditor insurance is most commonly available from providers of consumer finance in Turkey .............................. 48 Over half a half of initiatives are organised in conjunction with a single external partner ......................................... 48 On a weighted basis, use of captive and joint venture providers becomes more prominent within the total ........... 51 BNP Paribas Cardif and CNP Assurances vie for regional leadership in this sphere… ........................................... 53 … with Crédit Agricole and Société Générale respectively ranked third and fourth ................................................. 53

Creditor insurance linked to credit cards ..................................................................................................... 55

Credit card payment protection insurance is offered most commonly by card issuers in Poland… ........................ 55 … followed by Portugal and Turkey ............................................................................................................................ 55 When viewed in weighted terms, captive underwriters account for nearly a third of all initiatives ............................ 58 The captive programs of Crédit Agricole make it the regional leader for card-related insurance ............................. 60

Bill payment protection insurance ................................................................................................................ 62

Bill payment protection is an under-developed market relative to the three types of creditor insurance ................. 62 Most schemes for it are placed with a single external underwriter… ........................................................................ 62 … whose share as an operating model increases in the weighted analysis ............................................................. 65 MetLife claims the highest weighted share of partnerships, ahead of AXA and BNP Paribas Cardif ...................... 67 The affinity divisions of major brokers are involved in some of the schemes identified ............................................ 67

Creditor insurance and bill payment protection risk coverage ....................................................................... 68 A clear majority of policies analysed cover temporary incapacity and / or unemployment… ................................... 68 … but cover for critical illness is less commonly incorporated ................................................................................... 68

Market analysis – creditor and lifestyle protection insurance......................................................................... 73 The total market value is predicted to advance to EUR 45.4 billion in gross written premiums by 2020… ............. 73 …but may be held up by the rising popularity of a new generation of online lending institutions ............................. 74 Fair growth is predicted for the life insurance elements of creditor insurance... ........................................................ 75 ... while the value of cover for temporary incapacity and unemployment is likely to rise more quickly .................... 77 In terms of its value, the French market for mortgage-related creditor insurance is the largest… ........................... 79 ... although that of Turkey is most well-developed relative to the size of its mortgage lending sector ..................... 82 Germany is likely to be the largest market for policies linked to point-of-sale automotive finance ........................... 83 France hosts the largest market for creditor insurance linked to other forms of consumer finance… ..................... 85 … albeit that of Turkey is predicted to increase most rapidly in nominal terms through to 2020 ............................. 85 The relative development of the market in each country varies widely from one to another .................................... 87 Russia is forecast to be the largest market for credit card payment protection insurance by 2020… ..................... 88 … overtaking France and Turkey in the process........................................................................................................ 88 Poland features the highest value of premiums per card followed by the Czech Republic and Slovakia ................ 90 The market for bill payment protection cover is likely to be largest in France, Poland and Spain ............................ 91

3.0 AUSTRIA ....................................................................................................................................................... 94

Banks, other lending institutions and telecoms / utilities firms covered ......................................................... 94 The banking system can be divided according to how banks operate at a national, regional and local level ......... 94 card complete Service Bank and Pay Life are significant in the Austrian payment card market .............................. 95

Consumer lending market size and growth .................................................................................................... 96 Mortgage lending .......................................................................................................................................... 96

Mortgage balances advanced at a steady and consistent rate between 2012 and 2016… ..................................... 96 Non-mortgage lending .................................................................................................................................. 97

… whereas non-mortgage lending declined slightly ................................................................................................... 97 Credit and other pay later cards ................................................................................................................... 98

Credit card penetration in Austria is low in comparison with most European countries ........................................... 98 Insurance provision rates, operating models and partnerships ..................................................................... 99

Creditor insurance linked to mortgages ....................................................................................................... 99

The most significant partnerships derive from more wide-ranging strategic bancassurance initiatives… ............... 99 … such as the link of Vienna Insurance Group with Erste Group….......................................................................... 99 … and that of UNIQA with the Raiffeisen Bankengruppe ........................................................................................ 100


© FINACCORD 01/2018) III

Generali works closely in Austria with both the 3-Banken-Gruppe and BAWAG PSK ........................................... 100 Creditor insurance linked to consumer finance ......................................................................................... 102

The vast majority of lending institutions that could sell creditor insurance actually do so in reality ........................ 102 Allianz, AXA Partners and Cardif are all used in this sphere by automotive captives ............................................ 102

Creditor insurance linked to credit cards ................................................................................................... 104

Only two card issuers offer credit card payment protection cover ........................................................................... 104 Bill payment protection insurance .............................................................................................................. 106

Creditor insurance and bill payment protection risk coverage ..................................................................... 106 Most creditor insurance policies comprise relatively comprehensive cover ............................................................ 106

Alternative distribution channels .................................................................................................................... 106 Risk life policies that can be used to protect credit balances are available directly from a few insurers ................ 106

Creditor insurance market size, growth and forecast ................................................................................... 107

4.0 BELGIUM .................................................................................................................................................... 112 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 112

BNP Paribas is the owner (or co-owner) of several consumer-facing banking entities in Belgium... ..................... 112 ... in a market that has seen some important structural changes in recent years ................................................... 112 Crédit Agricole has exited the retail banking sector but Crédit Mutuel has strengthened its presence in it ........... 113 China’s Anbang Group has also acquired a foothold in the Belgian market ........................................................... 113

Consumer lending market size and growth .................................................................................................. 113 Mortgage lending ........................................................................................................................................ 113

Mortgage balances per capita exceeded EUR 18,000 at the end of 2016 ............................................................. 113 Non-mortgage lending ................................................................................................................................ 115

Non-mortgage balances in Belgium hit a plateau between 2014 and 2016… ........................................................ 115 Credit and other pay later cards ................................................................................................................. 116

… while the number of credit cards in circulation has been in retreat in recent years ............................................ 116 Insurance provision rates, operating models and partnerships ................................................................... 117

Creditor insurance linked to mortgages ..................................................................................................... 117

AG Insurance ranks first by weighted share of partnerships for mortgage-related cover… ................................... 117 … ahead of KBC Verzekeringen and NN Insurance ................................................................................................ 118 Several smaller captive underwriters are active in this field, most with just one partnership .................................. 118

Creditor insurance linked to consumer finance ......................................................................................... 120

All but three providers of non-mortgage credit have a scheme for associated creditor insurance ......................... 120 Cardif’s distributors include automotive captives belonging to BMW and VW group ............................................. 120


Credit card payment protection insurance is on offer from a slim majority of card issuers ..................................... 122 Bill payment protection insurance .............................................................................................................. 122

Creditor insurance and bill payment protection risk coverage ..................................................................... 124 Most mortgage-related policies lack a temporary incapacity or unemployment element ....................................... 124

Alternative distribution channels .................................................................................................................... 125 Borrowers can also choose to acquire creditor cover directly from underwriters… ................................................ 125 …or from insurance or mortgage brokers ................................................................................................................. 125


5.0 CZECH REPUBLIC .................................................................................................................................... 130

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 130 Following its divestment by GE, MONETA Money Bank has become the largest indigenous competitor ............ 130 Several Czech banks have fallen under new ownership in recent years ................................................................ 130


Mortgage balances increased in value by more than EUR 8 billion between 2012 and 2016 ............................... 131 Non-mortgage lending ................................................................................................................................ 131

Non-mortgage balances also increased at a reasonably healthy rate…................................................................. 131


© FINACCORD 01/2018) IV

Credit and other pay later cards ................................................................................................................. 133

… although progress in the Czech credit card market has been somewhat uneven ............................................. 133 Insurance provision rates, operating models and partnerships ................................................................... 135


Captive underwriters are prominent in the Czech market for mortgage-related cover… ....................................... 135 … with ČSOB Pojišťovna holding the highest weighted share of partnerships… ................................................... 135 … followed by Pojišťovna České spořitelny, a subsidiary of Vienna Insurance Group .......................................... 135 Cardif holds relationships with five mortgage lending institutions… ........................................................................ 135 … and Allianz with two .............................................................................................................................................. 135


ČP Zdravi is ranked in the top five insurers in this field thanks to its link with Home Credit…................................ 137 … and Cardif adds ties with PSA Finance and ŠkoFIN to its wider roster of partnerships .................................... 137 Creditor insurance is not on offer from many of the new generation of lenders with a ‘fintech’ background ......... 137


Card-related creditor insurance is available from a majority of credit cards issuers in the Czech Republic .......... 139 Cardif and Komerční pojišťovna hold the most partnerships in this field ................................................................. 139

Bill payment protection insurance .............................................................................................................. 141

Schemes for bill payment protection have been established by a number of distributors ...................................... 141 Creditor insurance and bill payment protection risk coverage ..................................................................... 143

Compared to other European countries, policies in the Czech Republic incorporate comprehensive cover ........ 143 Alternative distribution channels .................................................................................................................... 144

Most creditor and lifestyle protection business is sold via lending institutions ......................................................... 144 Creditor insurance market size, growth and forecast ................................................................................... 144

6.0 DENMARK .................................................................................................................................................. 149

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 149 The Danish banking market remains fragmented although the number of smaller entities has diminished.......... 149


Mortgage balances stagnated between 2012 and 2016… ...................................................................................... 150 Non-mortgage lending ................................................................................................................................ 151

… and non-mortgage balances declined quite significantly ..................................................................................... 151 Credit and other pay later cards ................................................................................................................. 152

Credit cards in circulation fell in 2013 before increasing in subsequent years ........................................................ 152 Insurance provision rates, operating models and partnerships ................................................................... 154


By weighted share of partnerships, three entities account for over three quarters of the market .......................... 154 The duo of Letpension and PFA holds numerous partnerships with smaller banks ............................................... 154 Danica Pension is likely to be the largest captive insurer in this field ...................................................................... 154


Over a half of lending institutions that could sell creditor insurance actually do so in reality… .............................. 156 … and AXA holds the highest number of deals in this field although its weighted share remains low .................. 156 Over 20 providers of consumer finance have no arrangement for related creditor insurance ............................... 156


AXA also holds the most ties for credit card payment protection insurance in Denmark ....................................... 158 Bill payment protection insurance .............................................................................................................. 160

Both AmTrust and Cardif are seeking to compete in this arena .............................................................................. 160 Creditor insurance and bill payment protection risk coverage ..................................................................... 160

The majority of policies are comprehensive and include cover for temporary incapacity / unemployment ........... 160 Alternative distribution channels .................................................................................................................... 161 Creditor insurance market size, growth and forecast ................................................................................... 162

7.0 FINLAND ..................................................................................................................................................... 167


© FINACCORD 01/2018) V

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 167 Numerous local co-operative and savings banks are active in the Finnish market…............................................. 167 ... although it is fairly concentrated at a group-wide level ......................................................................................... 167 Several banks compete at the pan-Nordic level ....................................................................................................... 167


Between 2012 and 2016, mortgage balances advanced steadily to more than EUR 90 billion… ......................... 168 Non-mortgage lending ................................................................................................................................ 169

… and non-mortgage balances to almost EUR 30 billion ........................................................................................ 169 Credit and other pay later cards ................................................................................................................. 170

Growth in credit cards in circulation has been more rapid ....................................................................................... 170 Insurance provision rates, operating models and partnerships ................................................................... 172


Six underwriters are active in the market for mortgage-related creditor insurance… ............................................. 172 … among which LähiTapiola and AXA are likely to be the leaders ......................................................................... 172


AXA is also a leader in payment protection insurance cross-sold with consumer finance… ................................. 174 … as a result of five partnerships in this arena ......................................................................................................... 174


Only one credit card issuer in scope ran a scheme for card payment protection insurance .................................. 176 Bill payment protection insurance .............................................................................................................. 176

Creditor insurance and bill payment protection risk coverage ..................................................................... 176 Around a half of all policies analysed incorporate cover for critical illness .............................................................. 176

Alternative distribution channels .................................................................................................................... 177 Creditor insurance market size, growth and forecast ................................................................................... 178

8.0 FRANCE ...................................................................................................................................................... 182

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 182 The French consumer banking sector is a fairly concentrated one… ..................................................................... 182 … and all major banking groups have set up captive insurance providers ............................................................. 183


Mortgage lending balances per capita reached EUR 15,445 in 2016 ..................................................................... 183 Non-mortgage lending ................................................................................................................................ 185

Growth in non-mortgage consumer lending has been more subdued .................................................................... 185 Credit and other pay later cards ................................................................................................................. 186

Several major card issuers have terminated a high number of inactive or under-performing accounts ................ 186 Insurance provision rates, operating models and partnerships ................................................................... 187


CNP Assurances leads the French market for mortgage-related creditor insurance… ......................................... 187 … and has put in place new arrangements with Groupe BPCE and La Banque Postale ...................................... 188 Most of the other leading competitors are captive underwriters…........................................................................... 188 … although smaller opportunities exist for non-captives .......................................................................................... 188


CNP Assurances is also ranked first for creditor insurance sold in conjunction with non-mortgage loans… ........ 190 … ahead of captive underwriters belonging to Crédit Mutuel and Société Générale ............................................. 190 CACI, Cardif and Swiss Life hold multiple partnerships with automotive captives and specialised lenders .......... 190


Captive underwriters belonging to Crédit Agricole and Groupe BPCE are likely to be leaders in this field… ....... 192 … with those of BNP Paribas and Crédit Mutuel also prominent ............................................................................ 192


AXA and CNP Assurances have both won partnerships for bill payment protection cover ................................... 194


© FINACCORD 01/2018) VI

Creditor insurance and bill payment protection risk coverage ..................................................................... 196 The status of France as a mature market for creditor insurance means that risk coverage is broad .................... 196

Alternative distribution channels .................................................................................................................... 197 A series of regulatory interventions has fuelled the development of alternative distribution channels… ............... 197 … with mortgage borrowers increasingly free to switch their creditor cover to non-tied insurers ........................... 197 Policies can be bought directly from most large life and non-life insurers, including major mutuals ...................... 197 ... plus both long-established wholesale brokers and newer online comparison websites ..................................... 197 Key competitors in this context are APRIL, BPSI’s-Naoassur and CBP… ............................................................. 197 … plus several multi-line aggregators and specialists such as Crédit Assurance and Magnolia.fr........................ 198 However, lending institutions remain the single most important distribution channel for this policy type ............... 198


9.0 GERMANY .................................................................................................................................................. 203 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 203

The German banking market can be divided into three main categories including private sector banks… .......... 204 ... plus public sector and co-operative banks ............................................................................................................ 204 Taken as a whole, the co-operative banks possess the most retail branches in Germany .................................... 204


Mortgage balances advanced at a steady and consistent rate between 2012 and 2016… ................................... 205 Non-mortgage lending ................................................................................................................................ 206

… as did non-mortgage balances ............................................................................................................................. 206 Credit and other pay later cards ................................................................................................................. 207

Growth in credit cards in circulation has been more rapid ....................................................................................... 207 Insurance provision rates, operating models and partnerships ................................................................... 208


Germany’s still-fragmented banking market produces a fairly fragmented market for creditor insurance ............. 208 Allianz has strengthened its position as a result of becoming the strategic partner for HypoVereinsbank ............ 209 AXA Partners benefits from its relationship in this sphere with Santander Consumer Bank .................................. 209


Over 80% of lending institutions that could sell creditor insurance actually do so in reality .................................... 211 Cardif has been most prolific in establishing distribution partnerships in this arena…............................................ 211 … although a number of other specialised underwriters are present in it…............................................................ 211 … including Protect, which distributes through public sector savings banks .......................................................... 212


CNP Santander is ranked first by weighted share of partnerships for credit card payment protection cover ........ 214 Bill payment protection insurance .............................................................................................................. 216

Several insurers are potentially able to offer bill payment protection cover ............................................................. 216 Creditor insurance and bill payment protection risk coverage ..................................................................... 216

Most policies offer comprehensive cover although cover for critical illness is not usually available ....................... 216 Alternative distribution channels .................................................................................................................... 217

Hannoversche promotes creditor insurance directly to consumers ......................................................................... 217 Consumer research shows that mortgage-related policies are often bought via alternative channels .................. 218


10.0 ITALY ......................................................................................................................................................... 223

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 223 Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network… ................................ 223 … although these are challenged by an array of ambitious regional competitors…............................................... 224 … including the 'banche di credito cooperative' and 'casse Raiffeisen'… ............................................................... 224 … as well as a few insurer-owned banks and banks falling under foreign ownership ............................................ 224


The value of mortgage balances outstanding changed little between 2012 and 2016 ........................................... 224


© FINACCORD 01/2018) VII

Non-mortgage lending ................................................................................................................................ 226

Non-mortgage consumer lending balances have risen slightly from a low point reached in 2014......................... 226 Credit and other pay later cards ................................................................................................................. 227

The number of credit and other pay later cards in circulation has been in steady decline ..................................... 227 Insurance provision rates, operating models and partnerships ................................................................... 228


Creditor insurance is on offer from all mortgage lenders in Italy… .......................................................................... 228 … and the field is dominated by captive and joint venture providers ....................................................................... 228 UniCredit’s history means that it continues to employ multiple joint venture underwriters ..................................... 229 Several underwriters have built up distribution relationships with a number of smaller banks ............................... 229


Virtually all providers of non-mortgage credit are distributors of associated creditor insurance ............................. 231 Many partnerships in this sphere are identical to those for mortgage-related creditor insurance… ...................... 231 …although the large number of specialist consumer credit providers results in a more diverse market ............... 231


Schemes for credit card payment protection insurance are less widespread… ..................................................... 233 Bill payment protection insurance .............................................................................................................. 235

… and those for bill payment protection insurance are even less common ............................................................ 235 Creditor insurance and bill payment protection risk coverage ..................................................................... 237

Across all policy types, cover for temporary incapacity and / or unemployment is widely available ...................... 237 Alternative distribution channels .................................................................................................................... 238

Credit intermediaries constitute a significant alternative distribution channel for creditor insurance… .................. 238 … especially in the market for so-called 'cessione del quinto' or workplace loans ................................................. 238


11.0 NETHERLANDS ....................................................................................................................................... 243

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 243 The Dutch banking market has restructured but remains relatively concentrated .................................................. 243


The Dutch mortgage market is very large but its value has stagnated in recent years… ...................................... 244 Non-mortgage lending ................................................................................................................................ 245

… and non-mortgage lending balances have declined precipitously ...................................................................... 245 Credit and other pay later cards ................................................................................................................. 246

Credit cards per capita remain at a fairly modest level in comparison to some other European countries ........... 246 Insurance provision rates, operating models and partnerships ................................................................... 248


Captive and joint venture insurers are prominent in the market for mortgage-related cover .................................. 248 Brokers may be as important as mortgage lenders for this type of insurance ........................................................ 248 The Nationale Hypotheek Garantie is important in the context of mortgage-related insurance ............................. 248


Very few schemes remain for either loan payment protection insurance… ............................................................ 250 Creditor insurance linked to credit cards ................................................................................................... 252

… or for card-related creditor insurance ................................................................................................................... 252 Bill payment protection insurance .............................................................................................................. 252

Housing protection insurance can act as a substitute product for bill payment protection ..................................... 252 Creditor insurance and bill payment protection risk coverage ..................................................................... 254

Policies distributed by lenders focus mainly on cover for death and permanent disability ..................................... 254 Alternative distribution channels .................................................................................................................... 255

Both mortgage-related cover and substitute products are commonly acquired from brokers ................................ 255 Creditor insurance market size, growth and forecast ................................................................................... 256

Regulatory intervention by the Autoriteit Financiële Markten has had a substantial effect on the market... .......... 259


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… with a decree issued in 2013 causing three main areas of impact ..................................................................... 259

12.0 NORWAY .................................................................................................................................................. 261

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 261 The banking market is composed of a mixture of indigenous and foreign entities ................................................. 261


Mortgage balances advanced at a steady and consistent rate between 2012 and 2016… ................................... 262 Non-mortgage lending ................................................................................................................................ 263

… as did non-mortgage balances ............................................................................................................................. 263 Credit and other pay later cards ................................................................................................................. 264

The number of credit cards in circulation fell in 2013 before rising strongly in subsequent years .......................... 264 Insurance provision rates, operating models and partnerships ................................................................... 266


Captive and joint venture underwriters dominate Norway’s market for mortgage-related cover… ........................ 266 … although at least one captive insurer also works with external partners ............................................................. 266


Insurers owned by DNB and SpareBank 1 Gruppen are most prominent in the weighted analysis… .................. 268 … followed by Cardif.................................................................................................................................................. 268 AXA has established multiple distribution partnerships in this arena with smaller lending institutions ................... 268 Six (out of 39) lenders have no arrangement for related creditor insurance ........................................................... 268


Credit card payment protection cover is available from almost a half of card providers in Norway ....................... 270 Bill payment protection insurance .............................................................................................................. 272

Creditor insurance and bill payment protection risk coverage ..................................................................... 272 Critical illness cover is commonly incorporated in creditor insurance policies ........................................................ 272

Alternative distribution channels .................................................................................................................... 273 Creditor insurance market size, growth and forecast ................................................................................... 274

13.0 POLAND ................................................................................................................................................... 278 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 278

Several of the top ten banking institutions by retail customers are owned by foreign parents ............................... 278 … although the market leader, PKO Bank Polski, is an indigenous institution ....................................................... 278 A number of foreign groups have exited Poland’s retail banking market in recent years ....................................... 279


Mortgage lending balances per capita reached just under EUR 2,500 in 2016 ...................................................... 279 Non-mortgage lending ................................................................................................................................ 281

Non-mortgage consumer lending has also shown significant and consistent growth…......................................... 281 Credit and other pay later cards ................................................................................................................. 282

… but the number of credit cards in circulation has been falling consistently since 2012 ...................................... 282 Insurance provision rates, operating models and partnerships ................................................................... 283


PKO TU , AXA and Allianz are likely leaders in the Polish market for mortgage-related creditor cover… ............ 283 … followed by Nationale-Nederlanden and BZ WBK-Aviva .................................................................................... 283 Ample smaller opportunities exist for non-captive underwriters ............................................................................... 284


PKO TU is also ranked first for creditor insurance sold in conjunction with non-mortgage loans…....................... 286 … with many of the partnerships for mortgage-related creditor insurance carrying over to consumer finance ..... 286 CACI Life / CACI Non-Life and ERGO Hestia hold multiple partnerships with non-bank lending institutions ....... 286 Newer mobile and online lending institutions have thus far eschewed distribution of creditor insurance .............. 286


Most credit card issuers in Poland have a scheme for related payment protection cover… .................................. 288


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… and a number of the partnerships in question are unique to this particular field ................................................ 288 Bill payment protection insurance .............................................................................................................. 290

Several schemes for bill payment protection cover exist among telecoms and utilities firms… ............................. 290 … with four underwriters having won mandates in this sphere ............................................................................... 290

Creditor insurance and bill payment protection risk coverage ..................................................................... 292 A comparatively high proportion of policies in Poland incorporate critical illness cover .......................................... 292

Alternative distribution channels .................................................................................................................... 293 Some insurance companies (and agents) promote creditor insurance directly to their customers ........................ 293


14.0 PORTUGAL .............................................................................................................................................. 298 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 298

More recent banking sector re-organisation has involved ABANCA, Barclaycard and NOVO BANCO ............... 298 Consumer lending market size and growth .................................................................................................. 298

Mortgage lending ........................................................................................................................................ 298

Mortgage balances outstanding in Portugal fell consistently between 2012 and 2016… ...................................... 298 Non-mortgage lending ................................................................................................................................ 300

… but non-mortgage consumer lending balances ticked up in 2016 ...................................................................... 300 Credit and other pay later cards ................................................................................................................. 301

Credit cards per capita reached 0.79 in 2016 having bottomed out at 0.75 in 2014............................................... 301 Insurance provision rates, operating models and partnerships ................................................................... 302


The top three underwriters hold a combined weighted share of partnerships of well over 50% ............................ 302 Ageas has taken complete control of Ocidental Seguros but Ocidental Vida remains a joint venture .................. 302 Six captive underwriters compete in the Portuguese market for mortgage-related creditor insurance .................. 304


Loan payment protection cover is on offer from nearly all providers of non-mortgage credit ................................. 304 Cardif and MetLife hold the most partnerships in this sphere .................................................................................. 304


The supply structure for card-related creditor insurance is a comparatively fragmented one ................................ 306 Bill payment protection insurance .............................................................................................................. 308

Just one program is identifiable for bill payment protection cover ........................................................................... 308 Creditor insurance and bill payment protection risk coverage ..................................................................... 310

Few policies incorporate cover for critical illness (as opposed to death or permanent disability) ........................... 310 Alternative distribution channels .................................................................................................................... 311

Mortgage-related creditor insurance policies are often available directly from insurers… ...................................... 311 … and several intermediaries are also active in this field ........................................................................................ 311


15.0 ROMANIA ................................................................................................................................................. 316

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 316 Foreign banking groups play an important role in the Romanian banking sector… ............................................... 316 … and the lending market is populated by a growing number of online competitors ............................................. 316


Mortgage balances increased rapidly from 2014 onwards… .................................................................................. 317 Non-mortgage lending ................................................................................................................................ 318

… but non-mortgage balances have been in retreat ................................................................................................ 318 Credit and other pay later cards ................................................................................................................. 319

Credit cards per capita remain low in comparison to most European countries ..................................................... 319 Insurance provision rates, operating models and partnerships ................................................................... 321


Mortgage-related creditor insurance is organised through a variety of operating models ...................................... 321


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Groupama enjoys ties in this sphere with three banks, including two of the largest ones… .................................. 321 … and is followed by UNIQA, BCR Asigurări and BRD Asigurări in terms of weighted partnerships .................... 321 Several smaller mortgage lending institutions have no arrangement for related creditor insurance ...................... 321


Cardif’s tie with sister company Cetelem causes it to be ranked fifth in this sector… ............................................ 323 … and there are several other partnerships unique to non-mortgage credit… ....................................................... 323 … albeit a significant number of lenders do not distribute this type of insurance .................................................... 323


Seven schemes exist for credit card payment protection insurance… ................................................................... 325 … albeit only one underwriter has more than one partnership in this field .............................................................. 325


Via its affinity division, UNIQA has developed a bill payment protection policy ...................................................... 327 Creditor insurance and bill payment protection risk coverage ..................................................................... 327

Products incorporating cover for temporary incapacity and / or unemployment are comparatively rare ............... 327 Alternative distribution channels .................................................................................................................... 328

Creditor insurance is available directly from at least two underwriters and one broker .......................................... 328 Creditor insurance market size, growth and forecast ................................................................................... 329

16.0 RUSSIA ..................................................................................................................................................... 334

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 334 State-controlled banks continue to exert a strong influence on Russia’s banking sector... .................................... 334 … and the experience of foreign entrants has been mixed ..................................................................................... 334


The authorities have sought to encourage home ownership through subsidising the mortgage market ............... 335 Non-mortgage lending ................................................................................................................................ 337

Progress in the Russian consumer credit market has been much less even… ..................................................... 337 Credit and other pay later cards ................................................................................................................. 338

… and this inconsistency is also visible in the data about credit cards in circulation .............................................. 338 Insurance provision rates, operating models and partnerships ................................................................... 340


Russian banks adhere to a variety of operating models for mortgage-related creditor insurance… ..................... 340 … with four of the five leading providers classifiable as captives…......................................................................... 340 … albeit some of these also act as external underwriters for banks apart from their parents ................................ 340 Many mortgage lenders offer insurance from multiple providers… ......................................................................... 341 … which is partly a consequence of the regulatory environment in this field… ...................................................... 341 … although others do not have any kind of agency agreement at all ..................................................................... 341


Sberbank Strakhovanie is the leader by weighted share of partnerships…............................................................ 344 … followed by Russian Standard Insurance, VTB Insurance and Cardif ................................................................ 344 Cardif is used in this field by at least six lenders in addition to Cetelem .................................................................. 344 Other significant providers include AlfaStrakhovanie, Home Credit Strakhovanie and Renaissance .................... 344 MetLife works with major automotive dealer groups and retailers as well as lending institutions .......................... 345


Credit card payment protection insurance is available from most of the larger card issuers… .............................. 347 … and over 20 different underwriters are involved in this field ................................................................................ 347


Creditor insurance and bill payment protection risk coverage ..................................................................... 350 Around three quarters of policies analysed offer cover that is relatively comprehensive ....................................... 350

Alternative distribution channels .................................................................................................................... 351 Borrowers can also acquire cover directly from major insurers ............................................................................... 351


17.0 SLOVAKIA ................................................................................................................................................ 355


© FINACCORD 01/2018) XI

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 355 Many lending institutions in Slovakia have ultimate holding companies based overseas ...................................... 355


Mortgage balances outstanding increased considerably between 2012 and 2016… ............................................ 356 Non-mortgage lending ................................................................................................................................ 357

…as did non-mortgage consumer lending balances ............................................................................................... 357 Credit and other pay later cards ................................................................................................................. 358

By the end of 2016, there were almost 1 million credit cards in circulation in Slovakia .......................................... 358 Insurance provision rates, operating models and partnerships ................................................................... 360


Creditor insurance is on offer from all mortgage lenders in Slovakia… ................................................................... 360 … with Cardif and ČSOB Pojišťovna ranked as leaders in this field ....................................................................... 360


Loan payment protection insurance is on offer from most non-mortgage lending institutions................................ 362 Cardif benefits from additional partnerships in this field… ....................................................................................... 362


… and is also a clear leader in the market for card-related creditor insurance ....................................................... 364 Bill payment protection insurance .............................................................................................................. 366

Allianz and MetLife have established partnerships with major mobile network operators ...................................... 366 Creditor insurance and bill payment protection risk coverage ..................................................................... 368

Policies in Slovakia typically incorporate relatively comprehensive cover ............................................................... 368 Alternative distribution channels .................................................................................................................... 369 Creditor insurance market size, growth and forecast ................................................................................... 369

18.0 SPAIN ........................................................................................................................................................ 374 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 374

The Spanish banking sector has been re-shaped by numerous mergers and acquisitions… ............................... 374 … with Santander and BBVA ranked first by number of retail customers… ........................................................... 374 … and with Santander having taken over Grupo Banco Popular at the start of June 2017 ................................... 375


Mortgage balances declined at a nominal compound annual rate of 4.1% between 2012 and 2016 ................... 375 Non-mortgage lending ................................................................................................................................ 377

The value of total non-mortgage consumer lending has rebounded from the trough of 2014 ............................... 377 Credit and other pay later cards ................................................................................................................. 378

Credit and other pay later cards per capita moved up from 0.88 in 2012 to 1.00 in 2016 ...................................... 378 Insurance provision rates, operating models and partnerships ................................................................... 379


Virtually all Spanish mortgage lenders offer related creditor insurance… ............................................................... 379 … with captive and joint venture underwriters prominent in this context ................................................................. 379 Several mortgage lenders use a hybrid operating model for this type of creditor insurance... ............................... 380 ... as a result of the fact that it combines both life and non-life elements................................................................. 380


Providers of non-mortgage credit are also enthusiastic distributors of related creditor insurance ......................... 382 Many partnerships in this sphere are identical to those for mortgage-related creditor insurance… ...................... 382 … although the large number of specialist consumer credit providers results in a more diverse market .............. 382 Ten of the lending institutions surveyed are lacking a proposition in this field ........................................................ 382


Credit card payment protection insurance is less commonly marketed in Spain… ................................................ 384 Bill payment protection insurance .............................................................................................................. 386

… and schemes for bill payment protection cover are also comparatively few ...................................................... 386


© FINACCORD 01/2018) XII

Creditor insurance and bill payment protection risk coverage ..................................................................... 388 Most policies include an option to cover temporary incapacity and / or unemployment ......................................... 388

Alternative distribution channels .................................................................................................................... 389 Several major insurers offer mortgage-related creditor insurance directly to consumers… ................................... 389 … although brokers are not thought to be significant in this context ....................................................................... 389


19.0 SWEDEN ................................................................................................................................................... 394

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 394 Sweden’s banking market is mainly populated by indigenous organisations…...................................................... 394 … including many local savings banks that are affiliated to Swedbank .................................................................. 394 Recent years have seen an influx of online lenders deploying smart technologies ................................................ 394


Mortgage balances increased in value by more than EUR 70 billion between 2012 and 2016 ............................. 395 Non-mortgage lending ................................................................................................................................ 396

Non-mortgage balances also increased at a reasonably healthy rate…................................................................. 396 Credit and other pay later cards ................................................................................................................. 397

… although in terms of the number of cards issued, the credit card market remained quite flat ............................ 397 Insurance provision rates, operating models and partnerships ................................................................... 398


Captive underwriters are especially prominent in the Swedish market for mortgage-related cover… ................... 398 … albeit the status of Swedbank Försäkring is not always that of a captive ........................................................... 398 AXA Partners holds important relationships with three mortgage lending institutions ............................................ 399


AXA Partners has also been prolific in creating ties for creditor insurance linked to consumer finance… ............ 401 … including one with IKANO Bank caused by the bank’s sale of its captive underwriters ..................................... 401 Cardif Nordic also maintains multiple distribution partnerships in this field….......................................................... 401 … and there is then a fairly long tail of smaller competitors ..................................................................................... 401 Most of the new generation of lenders with a ‘fintech’ background do not intermediate creditor insurance .......... 402


Nearly a half of organisations offering credit cards also promote related payment protection cover ..................... 404 AmTrust Nordic is most likely to be the leading underwriter in this arena ............................................................... 404


Creditor insurance and bill payment protection risk coverage ..................................................................... 406 Cover for critical illness features in a significant proportion of all policies analysed ................................................ 406

Alternative distribution channels .................................................................................................................... 407 Borrowers can also acquire payment protection cover from brokers such as Freedom Finance and Lendo........ 407


20.0 SWITZERLAND ........................................................................................................................................ 413

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 413 Credit Suisse and UBS account for over 50% of Swiss banking assets ................................................................. 413 Most cantonal banks are backed by regional governments..................................................................................... 413 Many of Switzerland's savings banks belong to the Clientis grouping .................................................................... 414


Residential mortgage balances per capita reached EUR 78,745 at the end of 2016… ......................................... 415 Non-mortgage lending ................................................................................................................................ 416

… but non-mortgage balances declined between 2012 and 2016 .......................................................................... 416 Credit and other pay later cards ................................................................................................................. 417

At the end of 2016, there were around 6.4 million credit cards in circulation .......................................................... 417 Insurance provision rates, operating models and partnerships ................................................................... 418


© FINACCORD 01/2018) XIII


Switzerland’s market for mortgage-related creditor insurance is a fairly concentrated one ................................... 418 Schweizerische Mobiliar benefits from numerous partnerships with cantonal banks ............................................. 418 Helvetia is the underwriter employed by both Credit Suisse and Raiffeisen Switzerland ....................................... 419 Swiss Life is the preferred bancassurance partner of UBS ..................................................................................... 419


Chubb dominates the weighted analysis of partnerships thanks to its relationship with cashgate ........................ 421 Many of relationships for mortgage-related cover carry over to this type of creditor insurance… .......................... 421 … although there are a number of unique ones, especially among automotive captives ...................................... 421


Chubb is also ranked first by weighted share of partnerships for credit card payment protection cover ............... 423 Bill payment protection insurance .............................................................................................................. 423

Creditor insurance and bill payment protection risk coverage ..................................................................... 425 Most policies afford comprehensive protection including cover for critical illness ................................................... 425

Alternative distribution channels .................................................................................................................... 426 Creditor insurance is also on offer from a few online credit brokers in Switzerland ................................................ 426


21.0 TURKEY .................................................................................................................................................... 431

Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 431 The five largest banking networks by number of retail customers still have Turkish owners... .............................. 431 ... although foreign competitors have entered the market, often through acquisitions ............................................ 431 These include Burgan Bank, Commercial Bank of Qatar, QNB and Sberbank ...................................................... 431


Mortgage balances almost doubled in value between 2012 and 2016… ............................................................... 432 Non-mortgage lending ................................................................................................................................ 433

… albeit growth in non-mortgage lending balances tapered off somewhat from 2014 onwards ........................... 433 Credit and other pay later cards ................................................................................................................. 434

Credit cards in circulation are likely to break through 60 million in the near future.................................................. 434 Insurance provision rates, operating models and partnerships ................................................................... 436


By weighted share of partnerships, four entities account for nearly half of the market… ....................................... 436 … led by Allianz, Anadolu Hayat Emeklilik and AvivaSA ......................................................................................... 436 Four of the underwriters ranked from fourth to eighth are captives… ..................................................................... 436 … with MetLife the exception in this context ............................................................................................................. 436


The vast majority of providers of non-mortgage loans have a scheme for creditor insurance… ........................... 438 … and provider shares are driven mainly by the same ties as for mortgage-related creditor insurance… ........... 438 … albeit Cardif also benefits from several relationships in this sphere ................................................................... 438


Credit card payment protection cover is commonly on offer from Turkish card issuers… ..................................... 440 … and the leading seven providers are quite closely bunched by weighted share of partnerships ....................... 440


Creditor insurance and bill payment protection risk coverage ..................................................................... 442 Around two thirds of policies include an option to cover temporary incapacity and / or unemployment ................ 442

Alternative distribution channels .................................................................................................................... 443 Regulatory intervention has yet to spur the development of alternative distribution channels ............................... 443


22.0 UK .............................................................................................................................................................. 448 Banks, other lending institutions and telecoms / utilities firms covered ....................................................... 448

The UK lending market is populated by a very broad variety of competitors .......................................................... 449


© FINACCORD 01/2018) XIV


Mortgage balances outstanding stagnated between 2012 and 2016… .................................................................. 450 Non-mortgage lending ................................................................................................................................ 451

… but consumer credit balances have been growing rapidly since 2014 ............................................................... 451 Credit and other pay later cards ................................................................................................................. 452

The number of credit cards in circulation reached 66.1 million in 2016 ................................................................... 452 Insurance provision rates, operating models and partnerships ................................................................... 453


Mortgage-related life insurance is available from most significant mortgage lending institutions ........................... 453 Aviva, Legal & General and Scottish Widows are dominant by weighted share of partnerships… ....................... 453 … albeit with the former insurer having been replaced by AIG as the partner of RBS Group in July 2017 ........... 454 Wren Sterling works as an intermediary for this type of insurance with ten building societies ............................... 454

Creditor insurance linked to consumer finance and credit cards ............................................................. 456

Regulatory intervention has put an end to any market for these types of cover ..................................................... 456 Bill payment protection insurance .............................................................................................................. 456

Creditor insurance and bill payment protection risk coverage ..................................................................... 456 Mortgage-related policies distributed by lending institutions are limited to types of life insurance cover ............... 456

Alternative distribution channels .................................................................................................................... 457 Mortgage-related life insurance can be bought directly from several underwriters… ............................................. 457 … and also on an intermediated basis from many aggregators and brokers ......................................................... 458 Short-term income protection (ASU) insurance has developed as a niche substitute product .............................. 458 Consumer research shows that most mortgage life insurance is not bought from the lenders themselves .......... 458

Creditor insurance market size, growth and forecast ................................................................................... 459 Citizens Advice filed its original ‘super-complaint’ as long ago as September 2005... ............................................ 462 ... on the basis of at least five concerns .................................................................................................................... 462 Lending institutions began to withdraw from the payment protection market from 2007 onwards......................... 463 ... and have already paid refunds and compensation to customers with a value approaching GBP 30 billion ...... 463


© FINACCORD 01/2018) XV

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ............................................................................................................................... 1

Summary table: gross written premiums for total creditor and lifestyle protection insurance in Europe, 2012, 2016 and 2020 (forecast) ........................................................................................................................ 6

1.0 INTRODUCTION ............................................................................................................................................ 9

Banks, other lending institutions and telecoms / utilities firms in Europe researched by Finaccord, segmented by country and type ...................................................................................................................... 11

2.0 EUROPEAN OVERVIEW ............................................................................................................................ 18 Total consumer lending balances outstanding in Europe, segmented by country, 2016 ............................ 19 Total consumer lending balances outstanding in Europe, segmented by country, 2012 to 2016 ............... 20 Total consumer lending balances outstanding in Europe, segmented by country, 2012 to 2016 (table) ... 21 Residential mortgage balances outstanding in Europe, segmented by country, 2016 ................................ 23 Residential mortgage balances outstanding in Europe, segmented by country, 2012 to 2016 .................. 24 Residential mortgage balances outstanding in Europe, segmented by country, 2012 to 2016 (table) ....... 25 Consumer non-mortgage balances outstanding in Europe, segmented by country, 2016 ......................... 26 Consumer non-mortgage balances outstanding in Europe, segmented by country, 2012 to 2016 ............ 27 Consumer non-mortgage balances outstanding in Europe, segmented by country, 2012 to 2016 (table) 28 Total consumer lending balances outstanding per capita in Europe, segmented by country, 2016 ........... 29 Total consumer lending balances outstanding per capita in Europe, segmented by country, 2012 to 2016 (table) ................................................................................................................................................................ 30 Residential mortgage lending balances outstanding per capita in Europe, segmented by country, 2016 . 31 Residential mortgage lending balances outstanding per capita in Europe, segmented by country, 2012 to 2016 (table) ....................................................................................................................................................... 32 Consumer non-mortgage lending balances outstanding per capita in Europe, segmented by country, 2016 ........................................................................................................................................................................... 33 Consumer non-mortgage lending balances outstanding per capita in Europe, segmented by country, 2012 to 2016 (table) .................................................................................................................................................. 34 Consumer non-mortgage balances outstanding as a percentage of total consumer lending balances outstanding in Europe, segmented by country, 2012 to 2016 (table) ........................................................... 35 Total number of credit and other pay later cards issued in Europe, segmented by country, 2016 ............. 36 Total number of credit and other pay later cards issued in Europe, segmented by country, 2012 to 2016 37 Total number of credit and other pay later cards issued in Europe, segmented by country, 2012 to 2016 (table) ................................................................................................................................................................ 38 Total number of credit and other pay later cards issued per capita in Europe, segmented by country, 2012 to 2016 .............................................................................................................................................................. 39 Total number of credit and other pay later cards issued per capita in Europe, segmented by country, 2012 to 2016 (table) .................................................................................................................................................. 40 Provision rates for creditor insurance linked to mortgages in Europe, segmented by country, 2017 ......... 42 Operating models (unweighted) used for creditor insurance linked to mortgages in Europe, segmented by country, 2017 .................................................................................................................................................... 43 Operating models (unweighted) used for creditor insurance linked to mortgages in Europe, segmented by country, 2017 (table) ........................................................................................................................................ 44 Operating models (weighted) used for creditor insurance linked to mortgages in Europe, segmented by country, 2017 .................................................................................................................................................... 45 Operating models (weighted) used for creditor insurance linked to mortgages in Europe, segmented by country, 2017 (table) ........................................................................................................................................ 46 Weighted group share of bancassurance partnerships for creditor insurance linked to mortgages in Europe, re-weighted by country market size, 2016 / 2017 ............................................................................ 47 Provision rates for creditor insurance linked to consumer finance in Europe, segmented by country, 2017 ........................................................................................................................................................................... 49


© FINACCORD 01/2018) XVI

Operating models (unweighted) used for creditor insurance linked to consumer finance in Europe, segmented by country, 2017 ........................................................................................................................... 50 Operating models (unweighted) used for creditor insurance linked to consumer finance in Europe, segmented by country, 2017 (table) ............................................................................................................... 51 Operating models (weighted) used for creditor insurance linked to consumer finance in Europe, segmented by country, 2017 ........................................................................................................................... 52 Operating models (weighted) used for creditor insurance linked to consumer finance in Europe, segmented by country, 2017 (table) ............................................................................................................... 53 Weighted group share of bancassurance partnerships for creditor insurance linked to consumer finance in Europe, re-weighted by country market size, 2016 / 2017 ............................................................................ 54 Provision rates for creditor insurance linked to credit cards in Europe, segmented by country, 2017 ........ 56 Operating models (unweighted) used for creditor insurance linked to credit cards in Europe, segmented by country, 2016 ............................................................................................................................................... 57 Operating models (unweighted) used for creditor insurance linked to credit cards in Europe, segmented by country, 2017 (table) ................................................................................................................................... 58 Operating models (weighted) used for creditor insurance linked to credit cards in Europe, segmented by country, 2017 .................................................................................................................................................... 59 Operating models (weighted) used for creditor insurance linked to credit cards in Europe, segmented by country, 2017 (table) ........................................................................................................................................ 60 Weighted group share of bancassurance partnerships for creditor insurance linked to credit cards in Europe, re-weighted by country market size, 2016 / 2017 ............................................................................ 61 Provision rates for bill payment protection insurance in Europe, segmented by country, 2017 .................. 63 Operating models (unweighted) used for bill payment protection insurance in Europe, segmented by country, 2017 .................................................................................................................................................... 64 Operating models (unweighted) used for bill payment protection insurance in Europe, segmented by country, 2017 (table) ........................................................................................................................................ 65 Operating models (weighted) used for bill payment protection insurance in Europe, segmented by country, 2017 .................................................................................................................................................................. 66 Operating models (weighted) used for bill payment protection insurance in Europe, segmented by country, 2017 (table) ....................................................................................................................................................... 67 Weighted group share of bancassurance partnerships for bill payment protection insurance in Europe, re-weighted by country market size, 2016 / 2017 ............................................................................................... 68 Risk coverage of creditor and lifestyle protection insurance policies in Europe, segmented by type of underlying product, 2017 ................................................................................................................................. 69 Risk coverage of policies for creditor insurance related to mortgages in Europe, segmented by country, 2017 .................................................................................................................................................................. 70 Risk coverage of policies for creditor insurance related to consumer finance in Europe, segmented by country, 2017 .................................................................................................................................................... 71 Risk coverage of policies for creditor insurance related to credit cards in Europe, segmented by country, 2017 .................................................................................................................................................................. 72 Risk coverage of bill payment protection insurance policies in Europe, segmented by country, 2017 ....... 73 Gross written premiums for total creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ........................................................................................................ 74 Gross written premiums for total creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ............................................................................................ 75 Gross written premiums for the death / permanent disability elements of creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ............................................ 76 Gross written premiums for the death / permanent disability elements of creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ................................ 77 Gross written premiums for the temporary incapacity / unemployment elements of creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) .......................... 78 Gross written premiums for the temporary incapacity / unemployment elements of creditor and lifestyle protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ............... 79 Gross written premiums for creditor insurance related to mortgages in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ...................................................................................................................... 80


© FINACCORD 01/2018) XVII

Gross written premiums for creditor insurance related to mortgages in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ........................................................................................................... 81 Gross written premiums for creditor insurance related to mortgages as a percentage of residential mortgage lending balances in Europe, segmented by country, 2016 ........................................................... 82 Gross written premiums for creditor insurance related to point-of-sale automotive finance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ............................................................................... 84 Gross written premiums for creditor insurance related to point-of-sale automotive finance in Europe, segmented by country, 2012, 2016 and 2020 ................................................................................................ 85 Gross written premiums for creditor insurance related to other consumer finance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ........................................................................................................ 86 Gross written premiums for creditor insurance related to other consumer finance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ............................................................................................ 87 Gross written premiums for creditor insurance related to total non-card consumer finance as a percentage of total consumer non-mortgage, non-card lending balances in Europe, 2016 ............................................ 88 Gross written premiums for creditor insurance related to credit cards in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ...................................................................................................................... 89 Gross written premiums for creditor insurance related to credit cards in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ........................................................................................................... 90 Gross written premiums for creditor insurance related to credit cards per credit card issued in Europe, 2016 .................................................................................................................................................................. 91 Gross written premiums for bill payment protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) ................................................................................................................................. 92 Gross written premiums for bill payment protection insurance in Europe, segmented by country, 2012, 2016 and 2020 (forecast) (table) ..................................................................................................................... 93

3.0 AUSTRIA ....................................................................................................................................................... 94

Residential mortgage lending balances outstanding in Austria (absolute and per capita), 2012 to 2016 .. 96 Consumer non-mortgage lending balances outstanding in Austria (absolute and per capita), 2012 to 2016 ........................................................................................................................................................................... 97 Credit and other pay later cards issued in Austria (absolute and per capita), 2012 to 2016 ....................... 98 Key data points for underlying drivers of creditor and lifestyle protection insurance in Austria, 2012 to 2016 ........................................................................................................................................................................... 99 Provision of creditor insurance linked to mortgages in Austria, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 101 Provision of creditor insurance linked to consumer finance in Austria, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 103 Provision of creditor insurance linked to credit cards in Austria, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 105 Risk coverage of creditor and lifestyle protection insurance policies in Austria, segmented by type of underlying product, 2017 ............................................................................................................................... 107 Creditor and lifestyle protection insurance gross written premiums in Austria, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 108 Creditor and lifestyle protection insurance gross written premiums in Austria, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 109 Creditor and lifestyle protection insurance gross written premiums in Austria, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 111

4.0 BELGIUM .................................................................................................................................................... 112

Residential mortgage lending balances outstanding in Belgium (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 114 Consumer non-mortgage lending balances outstanding in Belgium (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 115 Credit and other pay later cards issued in Belgium (absolute and per capita), 2012 to 2016 ................... 116 Key data points for underlying drivers of creditor and lifestyle protection insurance in Belgium, 2012 to 2016 ................................................................................................................................................................ 117


© FINACCORD 01/2018) XVIII

Provision of creditor insurance linked to mortgages in Belgium, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 119 Provision of creditor insurance linked to consumer finance in Belgium, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 121 Provision of creditor insurance linked to credit cards in Belgium, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 123 Risk coverage of creditor and lifestyle protection insurance policies in Belgium, segmented by type of underlying product, 2017 ............................................................................................................................... 124 Creditor and lifestyle protection insurance gross written premiums in Belgium, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 126 Creditor and lifestyle protection insurance gross written premiums in Belgium, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 127 Creditor and lifestyle protection insurance gross written premiums in Belgium, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 129

5.0 CZECH REPUBLIC .................................................................................................................................... 130

Residential mortgage lending balances outstanding in the Czech Republic (absolute and per capita), 2012 to 2016 ............................................................................................................................................................ 131 Consumer non-mortgage lending balances outstanding in the Czech Republic (absolute and per capita), 2012 to 2016 ................................................................................................................................................... 132 Credit and other pay later cards issued in the Czech Republic (absolute and per capita), 2012 to 2016 133 Key data points for underlying drivers of creditor and lifestyle protection insurance in the Czech Republic, 2012 to 2016 ................................................................................................................................................... 134 Provision of creditor insurance linked to mortgages in the Czech Republic, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 136 Provision of creditor insurance linked to consumer finance in the Czech Republic, 2017: provision rate, operating models and weighted provider share of partnerships.................................................................. 138 Provision of creditor insurance linked to credit cards in the Czech Republic, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 140 Provision of bill payment protection insurance in the Czech Republic, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 142 Risk coverage of creditor and lifestyle protection insurance policies in the Czech Republic, segmented by type of underlying product, 2017 ................................................................................................................... 143 Creditor and lifestyle protection insurance gross written premiums in the Czech Republic, segmented by policy type, 2012, 2016 and 2020 (forecast)................................................................................................. 145 Creditor and lifestyle protection insurance gross written premiums in the Czech Republic, segmented by cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 146 Creditor and lifestyle protection insurance gross written premiums in the Czech Republic, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ............................................................................... 148

6.0 DENMARK .................................................................................................................................................. 149

Residential mortgage lending balances outstanding in Denmark (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 150 Consumer non-mortgage lending balances outstanding in Denmark (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 151 Credit and other pay later cards issued in Denmark (absolute and per capita), 2012 to 2016 .................. 152 Key data points for underlying drivers of creditor and lifestyle protection insurance in Denmark, 2012 to 2016 ................................................................................................................................................................ 153 Provision of creditor insurance linked to mortgages in Denmark, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 155 Provision of creditor insurance linked to consumer finance in Denmark, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 157 Provision of creditor insurance linked to credit cards in Denmark, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 159 Risk coverage of creditor and lifestyle protection insurance policies in Denmark, segmented by type of underlying product, 2017 ............................................................................................................................... 161


© FINACCORD 01/2018) XIX

Creditor and lifestyle protection insurance gross written premiums in Denmark, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 163 Creditor and lifestyle protection insurance gross written premiums in Denmark, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 164 Creditor and lifestyle protection insurance gross written premiums in Denmark, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 166

7.0 FINLAND ..................................................................................................................................................... 167 Residential mortgage lending balances outstanding in Finland (absolute and per capita), 2012 to 2016 168 Consumer non-mortgage lending balances outstanding in Finland (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 169 Credit and other pay later cards issued in Finland (absolute and per capita), 2012 to 2016 ..................... 170 Key data points for underlying drivers of creditor and lifestyle protection insurance in Finland, 2012 to 2016 ................................................................................................................................................................ 171 Provision of creditor insurance linked to mortgages in Finland, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 173 Provision of creditor insurance linked to consumer finance in Finland, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 175 Provision of creditor insurance linked to credit cards in Finland, 2017: provision rate and operating models ......................................................................................................................................................................... 176 Risk coverage of creditor and lifestyle protection insurance policies in Finland, segmented by type of underlying product, 2017 ............................................................................................................................... 177 Creditor and lifestyle protection insurance gross written premiums in Finland, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 178 Creditor and lifestyle protection insurance gross written premiums in Finland, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 179 Creditor and lifestyle protection insurance gross written premiums in Finland, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 181

8.0 FRANCE ...................................................................................................................................................... 182

Residential mortgage lending balances outstanding in France (absolute and per capita), 2012 to 2016 184 Consumer non-mortgage lending balances outstanding in France (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 185 Credit and other pay later cards issued in France (absolute and per capita), 2012 to 2016 ..................... 186 Key data points for underlying drivers of creditor and lifestyle protection insurance in France, 2012 to 2016 ......................................................................................................................................................................... 187 Provision of creditor insurance linked to mortgages in France, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 189 Provision of creditor insurance linked to consumer finance in France, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 191 Provision of creditor insurance linked to credit cards in France, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 193 Provision of bill payment protection insurance in France, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 195 Risk coverage of creditor and lifestyle protection insurance policies in France, segmented by type of underlying product, 2017 ............................................................................................................................... 196 Creditor and lifestyle protection insurance gross written premiums in France, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 199 Creditor and lifestyle protection insurance gross written premiums in France, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 200 Creditor and lifestyle protection insurance gross written premiums in France, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 202

9.0 GERMANY .................................................................................................................................................. 203 Residential mortgage lending balances outstanding in Germany (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 205


© FINACCORD 01/2018) XX

Consumer non-mortgage lending balances outstanding in Germany (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 206 Credit and other pay later cards issued in Germany (absolute and per capita), 2012 to 2016 ................. 207 Key data points for underlying drivers of creditor and lifestyle protection insurance in Germany, 2012 to 2016 ................................................................................................................................................................ 208 Provision of creditor insurance linked to mortgages in Germany, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 210 Provision of creditor insurance linked to consumer finance in Germany, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 213 Provision of creditor insurance linked to credit cards in Germany, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 215 Risk coverage of creditor and lifestyle protection insurance policies in Germany, segmented by type of underlying product, 2017 ............................................................................................................................... 217 Creditor and lifestyle protection insurance gross written premiums in Germany, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 219 Creditor and lifestyle protection insurance gross written premiums in Germany, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 220 Creditor and lifestyle protection insurance gross written premiums in Germany, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 222

10.0 ITALY ......................................................................................................................................................... 223

Residential mortgage lending balances outstanding in Italy (absolute and per capita), 2012 to 2016 ..... 225 Consumer non-mortgage lending balances outstanding in Italy (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 226 Credit and other pay later cards issued in Italy (absolute and per capita), 2012 to 2016 .......................... 227 Key data points for underlying drivers of creditor and lifestyle protection insurance in Italy, 2012 to 2016 ......................................................................................................................................................................... 228 Provision of creditor insurance linked to mortgages in Italy, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 230 Provision of creditor insurance linked to consumer finance in Italy, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 232 Provision of creditor insurance linked to credit cards in Italy, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 234 Provision of bill payment protection insurance in Italy, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 236 Risk coverage of creditor and lifestyle protection insurance policies in Italy, segmented by type of underlying product, 2017 ............................................................................................................................... 237 Creditor and lifestyle protection insurance gross written premiums in Italy, segmented by policy type, 2012, 2016 and 2020 (forecast) ............................................................................................................................... 239 Creditor and lifestyle protection insurance gross written premiums in Italy, segmented by cover type, 2012, 2016 and 2020 (forecast) ............................................................................................................................... 240 Creditor and lifestyle protection insurance gross written premiums in Italy, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ........................................................................................................... 242

11.0 NETHERLANDS ....................................................................................................................................... 243 Residential mortgage lending balances outstanding in the Netherlands (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 244 Consumer non-mortgage lending balances outstanding in the Netherlands (absolute and per capita), 2012 to 2016 ................................................................................................................................................... 245 Credit and other pay later cards issued in the Netherlands (absolute and per capita), 2012 to 2016 ...... 246 Key data points for underlying drivers of creditor and lifestyle protection insurance in the Netherlands, 2012 to 2016 ................................................................................................................................................... 247 Provision of creditor insurance linked to mortgages in the Netherlands, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 249 Provision of creditor insurance linked to consumer finance in the Netherlands, 2017: provision rate, operating models and weighted provider share of partnerships.................................................................. 251


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Provision of creditor insurance linked to credit cards in the Netherlands, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 253 Risk coverage of creditor and lifestyle protection insurance policies in the Netherlands, segmented by type of underlying product, 2017 ........................................................................................................................... 255 Creditor and lifestyle protection insurance gross written premiums in the Netherlands, segmented by policy type, 2012, 2016 and 2020 (forecast)................................................................................................. 257 Creditor and lifestyle protection insurance gross written premiums in the Netherlands, segmented by cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 258 Creditor and lifestyle protection insurance gross written premiums in the Netherlands, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ............................................................................... 260

12.0 NORWAY .................................................................................................................................................. 261 Residential mortgage lending balances outstanding in Norway (absolute and per capita), 2012 to 2016262 Consumer non-mortgage lending balances outstanding in Norway (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 263 Credit and other pay later cards issued in Norway (absolute and per capita), 2012 to 2016 .................... 264 Key data points for underlying drivers of creditor and lifestyle protection insurance in Norway, 2012 to 2016 ................................................................................................................................................................ 265 Provision of creditor insurance linked to mortgages in Norway, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 267 Provision of creditor insurance linked to consumer finance in Norway, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 269 Provision of creditor insurance linked to credit cards in Norway, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 271 Risk coverage of creditor and lifestyle protection insurance policies in Norway, segmented by type of underlying product, 2017 ............................................................................................................................... 273 Creditor and lifestyle protection insurance gross written premiums in Norway, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 274 Creditor and lifestyle protection insurance gross written premiums in Norway, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 275 Creditor and lifestyle protection insurance gross written premiums in Norway, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 277

13.0 POLAND ................................................................................................................................................... 278

Residential mortgage lending balances outstanding in Poland (absolute and per capita), 2012 to 2016 280 Consumer non-mortgage lending balances outstanding in Poland (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 281 Credit and other pay later cards issued in Poland (absolute and per capita), 2012 to 2016 ..................... 282 Key data points for underlying drivers of creditor and lifestyle protection insurance in Poland, 2012 to 2016 ......................................................................................................................................................................... 283 Provision of creditor insurance linked to mortgages in Poland, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 285 Provision of creditor insurance linked to consumer finance in Poland, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 287 Provision of creditor insurance linked to credit cards in Poland, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 289 Provision of bill payment protection insurance in Poland, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 291 Risk coverage of creditor and lifestyle protection insurance policies in Poland, segmented by type of underlying product, 2017 ............................................................................................................................... 292 Creditor and lifestyle protection insurance gross written premiums in Poland, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 294 Creditor and lifestyle protection insurance gross written premiums in Poland, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 295 Creditor and lifestyle protection insurance gross written premiums in Poland, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 297


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14.0 PORTUGAL .............................................................................................................................................. 298

Residential mortgage lending balances outstanding in Portugal (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 299 Consumer non-mortgage lending balances outstanding in Portugal (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 300 Credit and other pay later cards issued in Portugal (absolute and per capita), 2012 to 2016 ................... 301 Key data points for underlying drivers of creditor and lifestyle protection insurance in Portugal, 2012 to 2016 ................................................................................................................................................................ 302 Provision of creditor insurance linked to mortgages in Portugal, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 303 Provision of creditor insurance linked to consumer finance in Portugal, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 305 Provision of creditor insurance linked to credit cards in Portugal, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 307 Provision of bill payment protection insurance in Portugal, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 309 Risk coverage of creditor and lifestyle protection insurance policies in Portugal, segmented by type of underlying product, 2017 ............................................................................................................................... 310 Creditor and lifestyle protection insurance gross written premiums in Portugal, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 312 Creditor and lifestyle protection insurance gross written premiums in Portugal, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 313 Creditor and lifestyle protection insurance gross written premiums in Portugal, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 315

15.0 ROMANIA ................................................................................................................................................. 316

Residential mortgage lending balances outstanding in Romania (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 317 Consumer non-mortgage lending balances outstanding in Romania (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 318 Credit and other pay later cards issued in Romania (absolute and per capita), 2012 to 2016 .................. 319 Key data points for underlying drivers of creditor and lifestyle protection insurance in Romania, 2012 to 2016 ................................................................................................................................................................ 320 Provision of creditor insurance linked to mortgages in Romania, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 322 Provision of creditor insurance linked to consumer finance in Romania, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 324 Provision of creditor insurance linked to credit cards in Romania, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 326 Risk coverage of creditor and lifestyle protection insurance policies in Romania, segmented by type of underlying product, 2017 ............................................................................................................................... 328 Creditor and lifestyle protection insurance gross written premiums in Romania, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 330 Creditor and lifestyle protection insurance gross written premiums in Romania, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 331 Creditor and lifestyle protection insurance gross written premiums in Romania, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 333

16.0 RUSSIA ..................................................................................................................................................... 334 Residential mortgage lending balances outstanding in Russia (absolute and per capita), 2012 to 2016 . 336 Consumer non-mortgage lending balances outstanding in Russia (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 337 Credit and other pay later cards issued in Russia (absolute and per capita), 2012 to 2016 ..................... 338 Key data points for underlying drivers of creditor and lifestyle protection insurance in Russia, 2012 to 2016 ......................................................................................................................................................................... 339


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Provision of creditor insurance linked to mortgages in Russia, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 343 Provision of creditor insurance linked to consumer finance in Russia, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 346 Provision of creditor insurance linked to credit cards in Russia, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 349 Risk coverage of creditor and lifestyle protection insurance policies in Russia, segmented by type of underlying product, 2017 ............................................................................................................................... 350 Creditor and lifestyle protection insurance gross written premiums in Russia, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 352 Creditor and lifestyle protection insurance gross written premiums in Russia, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 353 Creditor and lifestyle protection insurance gross written premiums in Russia, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 354

17.0 SLOVAKIA ................................................................................................................................................ 355

Residential mortgage lending balances outstanding in Slovakia (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 356 Consumer non-mortgage lending balances outstanding in Slovakia (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 357 Credit and other pay later cards issued in Slovakia (absolute and per capita), 2012 to 2016 ................... 358 Key data points for underlying drivers of creditor and lifestyle protection insurance in Slovakia, 2012 to 2016 ................................................................................................................................................................ 359 Provision of creditor insurance linked to mortgages in Slovakia, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 361 Provision of creditor insurance linked to consumer finance in Slovakia, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 363 Provision of creditor insurance linked to credit cards in Slovakia, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 365 Provision of bill payment protection insurance in Slovakia, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 367 Risk coverage of creditor and lifestyle protection insurance policies in Slovakia, segmented by type of underlying product, 2017 ............................................................................................................................... 368 Creditor and lifestyle protection insurance gross written premiums in Slovakia, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 370 Creditor and lifestyle protection insurance gross written premiums in Slovakia, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 371 Creditor and lifestyle protection insurance gross written premiums in Slovakia, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 373

18.0 SPAIN ........................................................................................................................................................ 374

Residential mortgage lending balances outstanding in Spain (absolute and per capita), 2012 to 2016 .. 376 Consumer non-mortgage lending balances outstanding in Spain (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 377 Credit and other pay later cards issued in Spain (absolute and per capita), 2012 to 2016 ....................... 378 Key data points for underlying drivers of creditor and lifestyle protection insurance in Spain, 2012 to 2016 ......................................................................................................................................................................... 379 Provision of creditor insurance linked to mortgages in Spain, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 381 Provision of creditor insurance linked to consumer finance in Spain, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 383 Provision of creditor insurance linked to credit cards in Spain, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 385 Provision of bill payment protection insurance in Spain, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 387


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Risk coverage of creditor and lifestyle protection insurance policies in Spain, segmented by type of underlying product, 2017 ............................................................................................................................... 388 Creditor and lifestyle protection insurance gross written premiums in Spain, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 390 Creditor and lifestyle protection insurance gross written premiums in Spain, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 391 Creditor and lifestyle protection insurance gross written premiums in Spain, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 393

19.0 SWEDEN ................................................................................................................................................... 394

Residential mortgage lending balances outstanding in Sweden (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 395 Consumer non-mortgage lending balances outstanding in Sweden (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 396 Credit and other pay later cards issued in Sweden (absolute and per capita), 2012 to 2016 ................... 397 Key data points for underlying drivers of creditor and lifestyle protection insurance in Sweden, 2012 to 2016 ................................................................................................................................................................ 398 Provision of creditor insurance linked to mortgages in Sweden, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 400 Provision of creditor insurance linked to consumer finance in Sweden, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 403 Provision of creditor insurance linked to credit cards in Sweden, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 405 Risk coverage of creditor and lifestyle protection insurance policies in Sweden, segmented by type of underlying product, 2017 ............................................................................................................................... 407 Creditor and lifestyle protection insurance gross written premiums in Sweden, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 409 Creditor and lifestyle protection insurance gross written premiums in Sweden, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 410 Creditor and lifestyle protection insurance gross written premiums in Sweden, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 412

20.0 SWITZERLAND ........................................................................................................................................ 413

Residential mortgage lending balances outstanding in Switzerland (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 415 Consumer non-mortgage lending balances outstanding in Switzerland (absolute and per capita), 2012 to 2016 ................................................................................................................................................................ 416 Credit and other pay later cards issued in Switzerland (absolute and per capita), 2012 to 2016.............. 417 Key data points for underlying drivers of creditor and lifestyle protection insurance in Switzerland, 2012 to 2016 ................................................................................................................................................................ 418 Provision of creditor insurance linked to mortgages in Switzerland, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 420 Provision of creditor insurance linked to consumer finance in Switzerland, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 422 Provision of creditor insurance linked to credit cards in Switzerland, 2017: provision rate, operating models and weighted provider share of partnerships ............................................................................................... 424 Risk coverage of creditor and lifestyle protection insurance policies in Switzerland, segmented by type of underlying product, 2017 ............................................................................................................................... 425 Creditor and lifestyle protection insurance gross written premiums in Switzerland, segmented by policy type, 2012, 2016 and 2020 (forecast) ........................................................................................................... 427 Creditor and lifestyle protection insurance gross written premiums in Switzerland, segmented by cover type, 2012, 2016 and 2020 (forecast) ........................................................................................................... 428 Creditor and lifestyle protection insurance gross written premiums in Switzerland, segmented by policy and cover type, 2012, 2016 and 2020 (forecast).......................................................................................... 430

21.0 TURKEY .................................................................................................................................................... 431

Residential mortgage lending balances outstanding in Turkey (absolute and per capita), 2012 to 2016 . 432


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Consumer non-mortgage lending balances outstanding in Turkey (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 433 Credit and other pay later cards issued in Turkey (absolute and per capita), 2012 to 2016 ..................... 434 Key data points for underlying drivers of creditor and lifestyle protection insurance in Turkey, 2012 to 2016 ......................................................................................................................................................................... 435 Provision of creditor insurance linked to mortgages in Turkey, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 437 Provision of creditor insurance linked to consumer finance in Turkey, 2017: provision rate, operating models and weighted provider share of partnerships .................................................................................. 439 Provision of creditor insurance linked to credit cards in Turkey, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 441 Risk coverage of creditor and lifestyle protection insurance policies in Turkey, segmented by type of underlying product, 2017 ............................................................................................................................... 443 Creditor and lifestyle protection insurance gross written premiums in Turkey, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 445 Creditor and lifestyle protection insurance gross written premiums in Turkey, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 446 Creditor and lifestyle protection insurance gross written premiums in Turkey, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 447

22.0 UK .............................................................................................................................................................. 448

Residential mortgage lending balances outstanding in the UK (absolute and per capita), 2012 to 2016. 450 Consumer non-mortgage lending balances outstanding in the UK (absolute and per capita), 2012 to 2016 ......................................................................................................................................................................... 451 Credit and other pay later cards issued in the UK (absolute and per capita), 2012 to 2016 ..................... 452 Key data points for underlying drivers of creditor and lifestyle protection insurance in the UK, 2012 to 2016 ......................................................................................................................................................................... 453 Provision of creditor insurance linked to mortgages in the UK, 2017: provision rate, operating models and weighted provider share of partnerships ....................................................................................................... 455 Risk coverage of creditor and lifestyle protection insurance policies in the UK, segmented by type of underlying product, 2017 ............................................................................................................................... 457 Creditor and lifestyle protection insurance gross written premiums in the UK, segmented by policy type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 460 Creditor and lifestyle protection insurance gross written premiums in the UK, segmented by cover type, 2012, 2016 and 2020 (forecast) .................................................................................................................... 461 Creditor and lifestyle protection insurance gross written premiums in the UK, segmented by policy and cover type, 2012, 2016 and 2020 (forecast) ................................................................................................. 462

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