Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

Finaccord’s report titled Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets is the first comprehensive study of the packaged insurance and assistance markets in ten countries, namely Australia, Brazil, Canada, China, India, Japan, Russia, South Africa, South Korea and the US. The research indicates that the combined market across these countries, which is composed of a series of niche covers designed to enhance the revenues derived by banks and other payment card issuers from their everyday operations, will have generated approximately USD 14.9 billion in gross written premiums and other revenues in 2010. Moreover, with insurance and assistance providers showing creativity in structuring new types of policy to cater for emerging customer segments, this sector appears to be destined for continuing growth.

The report, along with its accompanying PartnerBASE™ dataset, harnesses the results of extensive primary research that covers over 5,600 payment card and bank account products issued by over 400 banks and other organisations across the ten countries. Finaccord’s research focuses on 28 specific types of insurance and assistance enhancements, grouped within six broad categories of cover, namely card and cash protection, concierge services, creditor, accident and health, shopping, travel and ‘other’ miscellaneous covers. In total, the research details over 14,300 individual covers, thereby documenting the active partnerships of almost 300 providers of packaged insurance and assistance, ranging from global insurance brands to local insurance and assistance companies. Indeed, specific policy types investigated include each of the following:

• card and cash protection policies: card protection insurance, ATM cash theft insurance;
• travel policies: travel accident insurance, travel health insurance, travel assistance, travel inconvenience insurance, comprehensive travel insurance;
• creditor, accident and health policies: creditor insurance - life / permanent disability, creditor insurance - temporary incapacity / unemployment, personal accident insurance, accidental death insurance, health and hospital cash plans, health assistance;
• shopping policies: purchase protection insurance, price protection insurance, extended warranty;
• other policies: road assistance, home assistance, personal liability insurance, legal expenses insurance and assistance, mobile telephone insurance, identity protection insurance and assistance, car hire insurance, corporate liability waiver insurance, Internet delivery / purchase insurance, missed event insurance, and miscellaneous other insurance.

Hence, this report and the PartnerBASE™ that accompanies it can be used in one or more of the following ways:

• to evaluate the magnitude of the opportunity represented by insurance and assistance linked to payment cards and bank accounts across these ten countries.
• to gain access to a single comprehensive source of information that provides both the detail and contextual analysis for over 14,300 individual insurance and assistance enhancements;
• to identify opportunities to develop new forms of insurance and assistance linked to payment cards and bank accounts in line with the marketing strategies of banks and other payment card issuers across these ten major global markets;
• to understand the supply structure for insurance and assistance enhancements and learn how the market segments between international specialists, local providers and captive underwriters;
• to gain insight into the international presence of leading protagonists in this sector, including ACE, Allianz, Assurant, Aviva, AXA, Chartis, Chubb, Generali, International SOS and Zurich.

Please Note: This report will delivered in a PDF and Excel database