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Non-Life Bancassurance in Europe: Accident and Health Insurance

Finaccord Ltd.
November 1, 2011
277 Pages - SKU: FIN6771570

Abstract Table of Contents Related Reports

Countries covered: Austria

Non-Life Bancassurance in Europe: Accident and Health Insurance offers updated and expanded insights into the distribution by banks and other lending institutions of accident insurance, medical expenses insurance and health / hospital cash plans in 20 European countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK.

Drawing on the results of a survey of nearly 1,200 banking entities, the study reveals that 38.4% offer at least one of these three types of cover, giving around 790 initiatives for accident and health insurance in total. Hence, given that the aggregate market for accident and health insurance across the 20 countries is worth around EUR 167.5 billion, it is clear that banks and other lending institutions can intermediate a significant volume of business across these two sectors.

In addition to identifying bancassurance schemes for the distribution of accident insurance, medical expenses insurance and health / hospital cash plans, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external underwriters. Furthermore, it also calculates the weighted share of partnerships of the underwriters and other providers involved, thereby illustrating not only which competitors hold which partnerships but also which competitors hold the most significant distribution deals. Key findings from the executive summary include: - the value of the combined market for accident and health insurance across the 20 European countries investigated is around EUR 167.5 billion, consisting of EUR 23.4 billion attributable to accident cover and EUR 144.2 billion related to health insurance; - in terms of gross written premiums, France, Germany and the Netherlands have the largest markets for accident and health insurance, and between them these countries account for two thirds of total premiums in this area across Europe; - 38.4% of the 1,199 European banking entities surveyed have an arrangement in place for selling at least one of the three products covered by the research, albeit provision rates for accident insurance and medical expenses cover are generally far higher than those for health / hospital cash plans; - a weighted analysis of the share of bancassurance partnerships held by ultimate holding companies (i.e. groups) for accident and health policies indicates that Munich Re is the leading group by this measure, followed by Allianz, ACE, Crédit Mutuel and Talanx.

0.0 EXECUTIVE SUMMARY: Accident and health insurance is worth an estimated EUR 167.5 billion across these 20 countries; Four countries account for around three quarters of this pan-European market total; Premiums per capita are highest in the Netherlands, Switzerland and France; The role played by banks in the distribution of these policies varies hugely across Europe…; …and is estimated to be strongest in Portugal and Turkey; Provision rates for accident insurance are highest in Turkey and Austria; Banks in the Czech Republic and Russia do not distribute medical expenses policies; The average Europe-wide provision rate for health / hospital cash plans is just 7.5%; The most common way for banks to organise provision is via a single external underwriter; In the Netherlands and Portugal, accident policies are commonly underwritten on a captive basis; Within the weighted operating model analyses, captives and joint ventures take on added significance; The leading three pan-European partners to banks in this field are Munich Re, Allianz and ACE; Europe’s top eight underwriters account for a weighted share of partnerships of around 40%
1.0 INTRODUCTION: What is this report about?; Distribution partnerships with banks and other lending institutions constitute the focus of this study; Rationale; Around 40% of the banking entities surveyed sell at least one of the products covered by this report; Methodology; Survey of banks and other lending institutions; Market data; Definitions; Accident insurance; Medical expenses insurance; Health / hospital cash plans; Weighted provider share of partnerships; Operating models; Abbreviations and exchange rates; Finaccord
2.0 EUROPEAN OVERVIEW: Introduction; Market analysis - accident and health insurance; Across Europe, these markets had a combined value of around EUR 167.5 billion in 2010; France, Germany and the Netherlands collectively account for two thirds of all premiums…; …whereas the share (and absolute value) of premiums generated in Russia is growing rapidly; The Netherlands has the highest combined value of premiums per capita for these two products…; …and Switzerland also ranks highly on a per capita basis, for both accident and health cover; Market analysis - accident insurance; Across the region, accident insurance generated premiums of around EUR 23.4 billion in 2010; Whilst Germany and Italy have the largest markets in absolute terms…; …the most rapid growth is occurring in relatively young markets such as Turkey and Russia; Premiums related to accident insurance in Romania fell dramatically between 2006 and 2010; Market analysis - health insurance; Europe’s health insurance markets were worth a collective EUR 144.2 billion in 2010; Health premiums are growing more quickly, and more evenly, than those linked to accident cover; The largest four markets jointly account for more than 80% of the pan-European total…; …and several countries, including the Czech Republic, are seeing very strong growth in this sector; Bancassurance analysis; Provision rates and operating models for accident insurance; The availability of accident insurance from banks is highest in Turkey and Austria; Use of a single external underwriter constitutes the most regularly used operating model...; Schemes underwritten on a captive basis are most common in the Netherlands and Portugal; Within a weighted operating model analysis, captives and joint ventures take on added significance; Provision rates and operating models for medical expenses insurance; Banks in Spain, Turkey and Germany are those most likely to distribute medical expenses cover; The single external underwriter operating model is used for around 45% of all schemes…; …and is the dominant operating model in nine of the 18 countries where this product is offered; The role played by insurance brokers is most noticeable in Austria, Turkey and the UK; A weighted analysis is strongly influenced by captive underwriters owned by several large retail banks; Provision rates and operating models for health / hospital cash plans; Generally, the availability of cash plans is far lower than that of regular medical expenses cover…; …although more than half of Italian banking entities promote these types of policy; More than two thirds of schemes are organised using the single external underwriter model; Two banks, one Dutch and the other Italian, make use of an insurance broker; Under a weighted analysis, captive and joint venture underwriters combined account for a 23.4% share; Distribution share of bancassurance for accident and health insurance; Finaccord’s analysis illustrates the influence of bancassurance on a standardised basis; The role played by banks in the distribution of these policies varies hugely across Europe…; …with the bancassurance channel estimated to be strongest in Portugal and Turkey; In many countries, however, bank distribution accounts for less than 10% of the total market; Pan-European bancassurance groups for accident and health insurance; At a European level, the top eight providers account for a weighted share of partnerships of nearly 40%; At a group level, the leading providers of accident and health policies to banks are Munich Re and Allianz…; …and major distribution partnerships in Germany are highly significant in this analysis; Of the various captive insurers, Crédit Mutuel is the most prominent
3.0 AUSTRIA: Banks and other lending institutions covered; Introduction to the banking sector; The banking system can be divided according to how banks operate at the national, regional and local level; Austrian banks are expected to raise EUR 2.9 billion to meet new capital requirements; Insurance market size and growth; Austria’s market for accident and health insurance continues to grow at a consistent rate; Around one million Austrian consumers have acquired supplementary health insurance; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Insurance covering non-work accidents is available from over two thirds of the banks surveyed; s Versicherung and Raiffeisen Versicherung are the leading insurers by weighted share of partnerships; ERGO and Generali have taken major stakes in important bancassurance providers in recent years; Counting all types of company, more than 20 product providers compete for bank mandates in this sector...; ...including several joint ventures in which the banking partners are likely to divest their shares; Entities with no scheme are mainly smaller banks and specialised lenders; Medical expenses insurance; Generali and its Drei-Banken Versicherungs joint venture are the leading providers by weighted share; Health / hospital cash plans; Just one banking entity among those researched offers a stand-alone hospital cash plan; Performance of key bancassurance underwriters; The main bancassurers increased their share of accident insurance between 2006 and 2010; In health insurance, only Wüstenrot Versicherung is active as a bank-owned underwriter
4.0 BELGIUM: Banks and other lending institutions covered; Introduction to the banking sector; Structurally, Belgium’s banking and insurance sectors are very closely linked; Dexia’s banking and insurance operations were nationalised in October 2011; Insurance market size and growth; Health insurance expands quite strongly while accident insurance stagnates; Distribution share of banks; The distribution share of banks in accident and health insurance has increased marginally; Bancassurance provision rates, operating models and partnerships; Accident insurance; Most ‘accident insurance’ in Belgium is, in fact, simply a form of third-party liability cover; KBC Assurances and AG Insurance dominate the weighted provider rankings…; …and external providers Mercator Verzekeringen and Vanbreda Risk & Benefits also feature; Medical expenses insurance; Less than a quarter of banking institutions distribute this this type of health insurance; Once again, this market is dominated by captive partners such as AG Insurance and KBC Assurances...; …but DKV and Fidea Assurances hold relationships with two Crédit Agricole subsidiaries; Health / hospital cash plans; Cover is available from Ethias Bank and self-employed specialist Bank J. Van Breda & Co; Performance of key bancassurance underwriters; On a combined basis, the market share in total non-life insurance of key Belgian bancassurers is stable...; ...although is somewhat lower for non-work accident insurance...; ...and lower still for health insurance
5.0 CZECH REPUBLIC: Banks and other lending institutions covered; Introduction to the banking sector; The Czech banking sector has remained stable during and in the aftermath of recent financial crises...; ...although the rate of foreign ownership could lead to significant restructuring; Insurance market size and growth; The value of health insurance is likely to overtake that of accident insurance during 2011; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is marketed by over a third of banking institutions researched in the Czech Republic...; ...where a variety of different operating models are in use; 22 banking entities have no apparent scheme in place for accident insurance; Medical expenses insurance and health / hospital cash plans; Health insurance policies have not yet been introduced as bancassurance products in the Czech Republic; Performance of key bancassurance underwriters; Underwriters with a focus on bancassurance gained ground in total non-life policies between 2006 and 2010; The growth of bancassurance is also evident in an analysis of total non-motor, non-life insurance
6.0 DENMARK: Banks and other lending institutions covered; Introduction to the banking sector; Seven of the largest ten banking institutions are indigenous to Denmark; The Danish banking sector has changed significantly as a result of the financial crisis...; ...and the number of lending institutions is expected to decrease further; However, the four largest Danish banks remain comparatively healthy; Insurance market size and growth; Denmark’s market for accident and health insurance is expanding at a relatively robust pace; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is offered by 12 of the 41 banks and other lending institutions investigated; Nordea set up a strategic partnership with Tryg in 2002...; ...with Codan having established a distribution relationship with local saving banks two years previously; Only two captive underwriters are active in relation to this type of cover; Medical expenses insurance; Medical expenses policies are offered by relatively few banks in Denmark; Health / hospital cash plans; ...and health / hospital cash plans by even fewer; Performance of key bancassurance underwriters; The two underwriters with a core focus on the bank distribution channel are relatively minor players
7.0 FINLAND: Banks and other lending institutions covered; Introduction to the banking sector; Finland’s banking sector is relatively concentrated, and is dominated by OP-Pohjola and Nordea...; ...albeit with competition from a range of other foreign-owned, co-operative and savings banks...; ...plus S-Pankki, the banking arm of the S-Group retailing co-operative; The Finnish banking system has a very low exposure to troubles elsewhere in Europe; Insurance market size and growth; Excluding workers’ compensation cover, the accident and health insurance market is growing quite rapidly; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is sold by a handful of Finnish banking institutions; Nordea’s partnership with Tryg is driven by a long-standing agreement that dates back to 2002; Medical expenses insurance; Banks offer medical expenses insurance less frequently than they do accident insurance...; Health / hospital cash plans; ...and there is no evidence whatsoever of health or hospital cash plans being available; Performance of key bancassurance underwriters; Pohjola has maintained a relatively steady market share in accident and health cover
8.0 FRANCE: Banks and other lending institutions covered; Introduction to the banking sector; Insurance market size and growth; Health insurance policies can be underwritten by three distinct types of product provider...; ...namely specialist health mutuals, provident institutions and mainstream insurers; Premiums paid for GAV policies have reached EUR 547 million since their launch in 2001; Distribution share of banks; French banks continue to make steady progress in non-life insurance; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident cover is commonly marketed by French banks, normally in the form of GAV policies...; …with most provision being organised on either a captive or joint venture basis; Assurances Banque Populaire IARD is the leading joint venture underwriter for these policies…; …whilst captive insurers Pacifica, Cardif and ACM are also prominent in this market; Other captive and joint venture entities include BPCE Assurances, HSBC Assurances and Sogessur; One bank, Crédit Social des Fonctionnaires, makes use of a captive broker (Progretis); Medical expenses insurance; Medical expenses cover is available from a relatively small minority of French banking entities...; ...although these include most of the largest institutions; Many partnerships in force for medical expenses cover mirror those used for accident insurance; External providers identified by the research include Intériale Mutuelle, SMI and SMIP; Health / hospital cash plans; Stand-alone health or hospital cash plans are rarely available from French retail banks...; …although they are from the CIC and Crédit Mutuel networks, which use ACM as a captive insurer; Other competitors distributing through banking partners include ACE, Cardif and MetLife; Performance of key bancassurance underwriters; All bank-owned underwriters increased their share of total non-life insurance in France in 2010...; ...although they remain comparatively small players in the overall health insurance sector
9.0 GERMANY: Banks and other lending institutions covered; Introduction to the banking sector; In spite of some consolidation, Germany’s banking sector remains comparatively fragmented; Many of the regional public sector banks have suffered during the financial crisis...; ...although the savings banks are largely perceived by consumers to be safe institutions; Taken as a whole, the co-operative banks possess the most retail branches in Germany; Insurance market size and growth; Germany’s large and growing health insurance market itself breaks down into six main product categories; Around 9 million German consumers possess private medical insurance policies...; ...which sometimes incorporate hospital cash benefits, but rarely health cash benefits; Distribution share of banks; The most recent evidence suggests the distribution share of banks in accident and health insurance is rising; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is widely available from banking institutons in Germany; PB Versicherung, owned by Talanx, holds a partnership with much unrealised potential; Commerzbank switched its bancassurance provider following acquisition of Dresdner Bank in 2008; Talanx is also active in this bancassurance segment via neue leben and TARGO Versicherung; 16 banks with more than one million retail clients appear to have no scheme for accident insurance; Medical expenses insurance; By means of four key bancassurance partnerships, DKV holds the highest weighted share; Union Krankenversicherung is the main health insurance provider used by public sector banks...; ...although HanseMerkur has established relationships with several ‘sparkassen’; Many quite sizeable banking institutions in Germany do not distribute medical expenses insurance; Health / hospital cash plans; ACE European Group holds the partnership with by far the highest latent potential in this arena; Other relationships are limited to medium-sized and small banking entities; Performance of key bancassurance underwriters; TARGO Versicherung has improved its market share in Germany’s accident insurance sector
10.0 IRELAND: Banks and other lending institutions covered; Introduction to the banking sector; Six major Irish banks have been reduced to three by the financial crisis...; ...with foreign-owned banks making up the remainer of the field; The Irish League of Credit Unions has the largest customer base, spread across 400 entities; Insurance market size and growth; Gross written premiums for health insurance in Ireland have grown rapidly in recent years; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Medical expenses insurance; Only two banking institutions distribute medical expenses insurance...; ...giving three underwriters a near equal weighted share of partnerships; Aviva acquired a 70% stake in Vivas Health in 2008, eventually renaming it Aviva Health; Health / hospital cash plans; Performance of key bancassurance underwriters; The market share of Aviva Health in Irish health insurance has increased rapidly in recent years
11.0 ITALY: Banks and other lending institutions covered; Introduction to the banking sector; Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network…; … although these are being challenged by an array of ambitious regional competitors…; … including the banche di credito cooperative and casse Raiffeisen…; … as well as several insurer-owned banks and banks falling under foreign ownership; Italy also plays host to a considerable number of specialised lending institutions; Italy’s banking groups typically encapsulate a number of local or regional banking brands; Insurance market size and growth; Italy’s health insurance sector expands although accident insurance has begun to decline; Distribution share of banks; Banks have made significant progress as distributors in accident and health insurance; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance policies are sold by more than half of the Italian banking institutions surveyed; Two captives and two joint ventures rank among the top five underwriters by weighted share of partnerships; Unipol has owned over 60% of the equity capital of Arca since June 2010; ACE European Group, Cattolica and Chiara Assicurazioni also hold significant relationships; Entities not distributing accident insurance include 23 with more than 250,000 retail customers; Medical expenses insurance; 45% of banking entities researched in Italy are distributors of medical expenses insurance; By weighted share of partnerships, the five leading firms are either captives or joint ventures; Other captives include CBA Vita, Chiara Assicurazioni, Global Assistance and Mediolanum Assicurazioni; The status of an exclusive, non-captive provider is held by a relatively high number of underwriters; A number of significant banking institutions have no arrangement in place for medical expenses cover; Health / hospital cash plans; DKV Salute benefits from one major partnership in this field...; ...whereas Europ Assistance collaborates with six banking entities; Although configured originally as a joint venture, BancAssurance Popolari is now classifiable as a captive; In addition to American Express, ACE European Group co-operates with another major specialised lender; Over 20 sizeable banking institutions have no visible partnership for health or hospital cash plans; Performance of key bancassurance underwriters; Bank-owned underwriters grew their total market share of accident cover in each year from 2006 to 2010...; ...with a similar progression visible for health insurance, where Eurizon Tutela is the peer group leader
12.0 NETHERLANDS: Banks and other lending institutions covered; Introduction to the banking sector; The Dutch state exerts a greater influence on the retail banking sector than foreign institutions...; …and is likely to continue to do so until 2014 at least; ING has reshaped itself greatly in recent years; Several lending institutions have closed to new business; Insurance market size and growth; The value of the Dutch health insurance market is exceptionally high because cover is obligatory; Distribution share of banks; The relative strength of Dutch banks in personal non-life insurance is not replicated in health insurance; Bancassurance provision rates, operating models and partnerships; Accident insurance; Provision of accident insurance by banks is carried out mainly by means of captive underwriters; Five institutions classified as banks (as opposed to specialised lenders) have no activity in this area; Medical expenses insurance; Banks do not constitute a significant channel for distributing health insurance policies...; ... although ING struck up a new distribution partnership with VGZ in November 2011; Health / hospital cash plans; Performance of key bancassurance underwriters; Underwriters owned wholly or in part by banks account for a relatively low share of premiums
13.0 NORWAY: Banks and other lending institutions covered; Introduction to the banking sector; Four, or arguably five, of the ten lending institutions are owned by foreign parents; Two savings bank groups play an important role in Norway’s banking sector; International financial crises have had a limited impact on Norway’s banking market; Insurance market size and growth; Most health insurance in Norway is classifiable as children’s health insurance; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; A significant number of Norwegian banking entities distribute accident insurance; The leading providers include Vital Forsikring, Tryg Forsikring and SpareBank 1 Forsikring; Tryg continues to benefit from its long-term strategic alliance with Nordea; Frende Forsikring is a joint venture established in 2007 by four independent savings banks; Several independent savings banks are found to collaborate with Gjensidige; Children’s insurance is a common form of accident insurance in Norway; Medical expenses insurance; Discounting children’s insurance, ‘regular’ medical expenses insurance is rarely sold by banks...; Health / hospital cash plans; ...and health / hospital cash plans are entirely absent; Performance of key bancassurance underwriters; Key bancassurance underwriters have expanded their combined share of the accident insurance market...; ...and are much stronger in children’s insurance than in medical cover
14.0 POLAND: Banks and other lending institutions covered; Introduction to the banking sector; Eight of the top ten banking institutions (by number of retail cleints) are owned by foreign parents...; ...and the Polish government maintains a significant stake in the largest bank, PKO Bank Polski; Poland’s banking sector is characterised by significant merger and acquisition activity...; ...with further changes in market structure likely to occur in future years; Whilst comparatively strong, Poland’s banks are not immune to factors in the wider eurozone; Insurance market size and growth; Including both stand-alone and bundled policies, accident insurance dwarfs health insurance in Poland; Distribution share of banks; From a very low base, Polish banks are establishing a foothold in both non-life insurance generally...; ...and in accident and health insurance, in particular; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is quite widely available from banks and other lending institutions in Poland; ...with Generali having carved out a strong position in this bancassurance sector; Two banks have established online aggregation platforms; Bank Zachodni WBK’s joint venture with Aviva was established in 2008; At least one distribution relationship is determined by an international bancassurance alliance; Medical expenses insurance; Medical expenses insurance is offered by a lower proportion of banking entities; PZU, Allianz and Cardif each hold more than one distribution relationship in this arena; Health / hospital cash plans; The six distribution deals in this sphere are split between six different product providers; Performance of key bancassurance underwriters; Europa grew its share of total non-life insurance consistently between 2006 and 2010
15.0 PORTUGAL: Banks and other lending institutions covered; Introduction to the banking sector; Insurance market size and growth; Although compulsory work accident insurance is in decline, personal accident insurance is rising; The growing health insurance market is composed mainly of medical expenses and dental policies; Distribution share of banks; Banks achieved modest growth as a non-life insurance sales channel between 2008 and 2010; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is marketed by nearly a third of banking institutions in Portugal; Six captive underwriters and two joint ventures are active in this bancassurance sector; 24 banking entities have no apparent scheme in place for accident insurance; Crédit Agricole entered into its bancassurance joint venture with Banco Espírito Santo in 2006; Medical expenses insurance; The provision rate for medical expenses cover is slightly higher than that for accident insurance; Stand-alone dental insurance policies are available from a number of Portuguese banks; AXA Seguros benefits from three major bank distribution partnerships in this field; In contrast to its counterpart in Spain, Eurovida in Portugal is owned outright by Banco Popular; Health / hospital cash plans; Only two banking institutions sell stand-alone health or hospital cash plans; Performance of key bancassurance underwriters; Bank-owned entities hold a much larger share of non-life policies than the bancassurance channel does
16.0 ROMANIA: Banks and other lending institutions covered; Introduction to the banking sector; Insurance market size and growth; The tiny market for accident and health insurance in Romania has contracted in recent years; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is not commonly marketed by Romanian banks...; ...although it is available from several of the larger institutions; Medical expenses insurance; Only one bank-owned underwriter is active in the market for medical expenses insurance; By weighted share of partnerships, BCR Asigurari is the market leader; AEGON’s link with Banca Transilvania dates back to an agreement forged in 2007; Health / hospital cash plans; The provision rate for health and hospital cash plans is the same as for other accident and health policies...; ...which means that the majority of Romanian banks do not market this product; Performance of key bancassurance underwriters; Key bancassurers secured a combined market share of over 25% in accident insurance in 2010; BCR Asigurari de Viata reported gross written premiums equal to a 15.9% share of health cover in 2010
17.0 RUSSIA: Banks and other lending institutions covered; Introduction to the banking sector; Banks owned ultimately by the state continue to exert a strong influence on Russia’s banking sector...; ...with several foreign banks having decided to exit the market; Russia’s banking sector has changed very significantly in recent years...; ...with a new wave of merger and acquisition activity in evidence since 2008...; ...and with further changes in the market structure likely to occur; In spite of its problems, there is plenty of scope for the Russian retail banking market to grow; Insurance market size and growth; Compulsory health insurance for government employees makes up the bulk of the market; Distribution share of banks; The primary bancassurance focus of Russian banks lies on creditor and motor policies; Bancassurance provision rates, operating models and partnerships; Accident insurance; Stand-alone accident cover (as opposed to creditor insurance) is not widely marketed by banks; Alfa-Bank distributes accident insurance with coverage options to suit different target customer groups; Probisenes Bank sells specialist children’s insurance, in addition to classic accident cover; Deposit balance protection insurance is not included in Finaccord’s analysis of accident insurance; Medical expenses insurance; Health / hospital cash plans; Performance of key bancassurance underwriters; Most ‘accident and health insurance’ distributed by banks is actually creditor insurance
18.0 SPAIN: Banks and other lending institutions covered; Introduction to the banking sector; The end of the last decade saw a raft of mergers amid general economic uncertainty…; …with more mergers and state take-overs expected; Insurance market size and growth; Expenditure on health insurance expands rapidly, but accident insurance stagnates; Distribution share of banks; Whether measured by new or total sales, non-life bancassurance in Spain has grown in recent years; The distribution share of banks in accident insurance peaked in 2007...; ...with a similar maximum share visible in the case of medical assistance insurance; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is marketed by nearly half of the Spanish banking institutions investigated; ...with Allianz, MAPFRE and Caser being the largest non-captive underwriters in this field; The bancassurance companies of CatalunyaCaixa have been co-owned by MAPFRE since late 2010; Smaller partnerships are spread across a further dozen insurance providers; Medical expenses insurance; The provision rate for medical expenses cover is slightly higher than that for accident insurance; Caser holds the highest weighted share of bancassurance partnerships for this type of cover...; ...followed by MAPFRE and Sanitas; Mutua Madrileña acquired a 50% stake in the non-life operations of La Caixa in July 2011; Seven banks with one million or more customers do not distribute medical expenses insurance; Health / hospital cash plans; Fewer banks market stand-alone health or hospital cash plans...; ...although those distributed via BBVA are underwritten by leading provider Sanitas; Performance of key bancassurance underwriters; Key bancassurance underwriters control over one third of the total insurance market in Spain
19.0 SWEDEN: Banks and other lending institutions covered; Introduction to the banking sector; In 2011, SBAB received permission to commence banking operations; Swedbank either owns or collaborates closely with the majority of local savings banks; Sweden’s banking sector remains in relatively good health; Insurance market size and growth; The accident and health insurance market displays volatile characteristics...; ...largely as a consequence of AFA Försäkring’s not-for-profit pricing structure; However, many segments of this market, including children’s insurance, are growing quite strongly; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is commonly available from banking institutions in Sweden; The top five providers consist of two captives and three non-captives; Several banks offer specialised forms of accident insurance, including children’s insurance...; ...and policies designed specifically for pregnant women are also available; Medical expenses insurance; Medical expenses insurance is rarely offered by Swedish banks...; Health / hospital cash plans; ...and, similarly, neither health nor hospital cash plans are commonly available; Performance of key bancassurance underwriters
20.0 SWITZERLAND: Banks and other lending institutions covered; Introduction to the banking sector; The Swiss banking system can be segmented into four broad categories; Perceived as ‘safe havens’, the cantonal banks have increased their market share in recent years; The Clientis and Raiffeisen groupings are also significant in Swiss retail banking; Postfinance is allowed to operate without a regular banking licence; Insurance market size and growth; Increased expenditure on individual policies has caused the health insurance market to expand...; ...although less growth is apparent across forms of accident insurance; Distribution share of banks; Bancassurance provision rates, operating models and partnerships; Accident insurance; The existence of SUVA means that there is little scope for Swiss banks to sell accident insurance; Medical expenses insurance; About 40% of Swiss residents take out supplementary health insurance...; ...although Swiss health insurers seldom market their products through banks; Health / hospital cash plans; Neither health nor hospital cash plans appear to be sold through the bancassurance channel; Performance of key bancassurance underwriters
21.0 TURKEY: Banks and other lending institutions covered; Introduction to the banking sector; Insurance market size and growth; The value of Turkey’s accident and health market exceeded EUR 1 billion for the first time in 2010; Distribution share of banks; Nearly half of accident insurance premiums are distributed through the bancassurance channel; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident policies are very frequently a component of the insurance offering of Turkish banks; In addition to its captive tie with Ýþbank, Anadolu is also used as one of several providers by two other banks; Ageas acquired a 31% stake in Aksigorta during the first quarter of 2011; MetLife has entered into a 15-year distribution partnership with Denizbank; Medical expenses insurance; Around half of banking institutions in Turkey sell medical expenses insurance; Both AXA and Eureko hold significant non-captive distribution partnerships for this type of cover; Health / hospital cash plans; Comparatively few Turkish banking institutions distribute health or hospital cash plans; Performance of key bancassurance underwriters; Bank-owned captives and joint ventures took more than 25% of personal accident premiums in 2010; Yapi Kredi Sigorta holds a market share in health insurance of close to 20%
22.0 UNITED KINGDOM: Banks and other lending institutions covered; Introduction to the banking sector; The crisis of 2007 onwards forced many institutions to close, merge or be nationalised...; ...with Santander as the only bank to emerge much stronger from the turmoil...; ...while the Nationwide and the Yorkshire rescued several building societies in trouble; New entrants are appearing, with 700 branches scheduled to change hands at the time of publication; Insurance market size and growth; In aggregate, the UK’s accident and health insurance market achieved modest growth from 2006 to 2010; Distribution share of banks; The performance of banks and building societies in accident and health insurance has been variable; Bancassurance provision rates, operating models and partnerships; Accident insurance; Accident insurance is visibly marketed by only a few banking institutions in the UK; Medical expenses insurance; The interest of bancassurers in selling private medical insurance is also lukewarm...; ...although two partnerships exist that Finaccord considers to be reasonably significant; Health / hospital cash plans; For this product, Chartis is dominant in terms of its weighted share of partnerships...; ...although Pinnacle Insurance has also captured a pair of viable relationships; Performance of key bancassurance underwriters
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY: In Europe, gross written premiums for health insurance are far larger than those related to accident cover, and they are also growing more quickly; Premiums per capita for accident and health insurance fluctuate greatly between European countries; The distribution share of bancassurance for accident and health insurance is higest in Portugal and Turkey; Based on the weighted size of its bancassurance partnerships, Munich Re is the leading pan-European provider of accident and health policies
1.0 INTRODUCTION: Banks and other lending institutions contacted by Finaccord, segmented by country and type
2.0 EUROPEAN OVERVIEW: Gross written premiums for accident and health insurance in Europe, 2006-2010; Growth rates for accident and health insurance in Europe, segmented by country, 2006-2010; Gross written premiums for accident and health insurance in Europe, segmented by country, 2006-2010 (data); Premiums per capita paid for accident and health insurance in Europe, segmented by product and by country, 2010; Premiums per capita paid for accident and health insurance in Europe, segmented by product and by country, 2010 (data); Growth rates for accident insurance in Europe, segmented by country, 2006-2010; Gross written premiums for accident insurance in Europe, segmented by country, 2006-2010 (data); Growth rates for health insurance in Europe, segmented by country, 2006-2010; Gross written premiums for health insurance in Europe, segmented by country, 2006-2010 (data); Provision rates for accident insurance through bancassurance in Europe, 2011; Operating models (unweighted) used for accident insurance in Europe, 2011; Operating models (unweighted) used for accident insurance in Europe, 2011 (data); Operating models (weighted) used for accident insurance in Europe, 2011; Operating models (weighted) used for accident insurance in Europe, 2011 (data); Provision rates for medical expenses insurance through bancassurance in Europe, 2011; Operating models (unweighted) used for medical expenses insurance in Europe, 2011; Operating models (unweighted) used for medical expenses insurance in Europe, 2011 (data); Operating models (weighted) used for medical expenses insurance in Europe, 2011; Operating models (weighted) used for medical expenses insurance in Europe, 2011 (data); Provision rates for health / hospital cash plans through bancassurance in Europe, 2011; Operating models (unweighted) used for health / hospital cash plans in Europe, 2011; Operating models (unweighted) used for health / hospital cash plans in Europe, 2011 (data); Operating models (weighted) used for health / hospital cash plans in Europe, 2011; Operating models (weighted) used for health / hospital cash plans in Europe, 2011 (data); Distribution share of bancassurance for accident and health insurance in Europe, 2011; Weighted group share of bancassurance partnerships for accident and health insurance, re-weighted by country bancassurance market size, Europe
3.0 AUSTRIA: Gross written premiums for accident and health insurance in Austria, 2006-2010; Gross written premiums for accident and health insurance in Austria, 2006-2010 (data); Bancassurance provision of accident insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Austria, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident insurance of key bancassurance underwriters in Austria, 2006-2010 (data); Market share in health insurance of key bancassurance underwriters in Austria, 2006-2010 (data)
4.0 BELGIUM: Gross written premiums for accident and health insurance in Belgium, 2006-2010; Gross written premiums for accident and health insurance in Belgium, 2006-2010 (data); Distribution share of banks in total non-life, personal non-life, accident and health insurance in Belgium, 2006-2009 (data); Bancassurance provision of accident insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in Belgium, 2006-2010 (data); Market share in non-work accident insurance of key bancassurance underwriters in Belgium, 2009-2010 (data); Market share in health insurance of key bancassurance underwriters in Belgium, 2009-2010 (data)
5.0 CZECH REPUBLIC: Gross written premiums for accident and health insurance in the Czech Republic, 2006-2010; Gross written premiums for accident and health insurance in the Czech Republic, 2006-2010 (data); Bancassurance provision of accident insurance in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in the Czech Republic, 2006-2010 (data); Market share in total non-motor, non-life insurance of key bancassurance underwriters in the Czech Republic, 2006-2010 (data)
6.0 DENMARK: Gross written premiums for accident and health insurance in Denmark, 2006-2010; Gross written premiums for accident and health insurance in Denmark, 2006-2010 (data); Bancassurance provision of accident insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in Denmark, 2006-2010 (data)
7.0 FINLAND: Gross written premiums for accident and health insurance in Finland, 2006-2010; Gross written premiums for accident and health insurance in Finland, 2006-2010 (data); Bancassurance provision of accident insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident and health insurance of key bancassurance underwriters in Finland, 2006-2010 (data)
8.0 FRANCE: Gross written premiums for accident and health insurance in France, 2006-2010; Gross written premiums for accident and health insurance in France, 2006-2010 (data); Distribution share of banks in total non-life insurance in France, 2006-2010 (data); Bancassurance provision of accident insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in France, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in France, 2009-2010 (data); Market share in health insurance of key bancassurance underwriters in France, 2009-2010 (data)
9.0 GERMANY: Gross written premiums for accident and health insurance in Germany, 2006-2010; Gross written premiums for accident and health insurance in Germany, 2006-2010 (data); Bancassurance provision of accident insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Germany, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident insurance of key bancassurance underwriters in Germany, 2006-2010 (data) 122
10.0 IRELAND: Gross written premiums for accident and health insurance in Ireland, 2006-2010; Gross written premiums for accident and health insurance in Ireland, 2006-2010 (data); Bancassurance provision of medical expenses insurance in Ireland, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in health insurance of key bancassurance underwriters in Ireland, 2006-2009 (data)
11.0 ITALY: Gross written premiums for accident and health insurance in Italy, 2006-2010; Gross written premiums for accident and health insurance in Italy, 2006-2010 (data); Distribution share of banks in total non-life, accident and health insurance in Italy, 2006-2010 (data); Bancassurance provision of accident insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Italy, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident insurance of key bancassurance underwriters in Italy, 2006-2010 (data); Market share in health insurance of key bancassurance underwriters in Italy, 2006-2010 (data)
12.0 NETHERLANDS: Gross written premiums for accident and health insurance in the Netherlands, 2006-2010; Gross written premiums for accident and health insurance in the Netherlands, 2006-2010 (data); Distribution share of banks in personal non-life and health insurance in the Netherlands, 2008 and 2010 (data); Bancassurance provision of accident insurance in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident and health insurance of key bancassurance underwriters in the Netherlands, 2006-2009 (data)
13.0 NORWAY: Gross written premiums for accident and health insurance in Norway, 2006-2010; Gross written premiums for accident and health insurance in Norway, 2006-2010 (data); Bancassurance provision of accident insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident insurance of key bancassurance underwriters in Norway, 2006-2010 (data); Market share in health insurance of key bancassurance underwriters in Norway, 2008-2010 (data)
14.0 POLAND: Gross written premiums for accident and health insurance in Poland, 2006-2010; Gross written premiums for accident and health insurance in Poland, 2006-2010 (data); Distribution share of banks in total non-life and accident and health insurance in Poland, 2006-2010 (data); Bancassurance provision of accident insurance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Poland, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in Poland, 2006-2010 (data)
15.0 PORTUGAL: Gross written premiums for accident and health insurance in Portugal, 2006-2010; Gross written premiums for accident and health insurance in Portugal, 2006-2010 (data); Distribution share of banks in total non-life insurance in Portugal, 2008-2010 (data); Bancassurance provision of accident insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total non-life insurance of key bancassurance underwriters in Portugal, 2006-2009 (data)
16.0 ROMANIA: Gross written premiums for accident and health insurance in Romania, 2006-2010; Gross written premiums for accident and health insurance in Romania, 2006-2010 (data); Bancassurance provision of accident insurance in Romania, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Romania, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Romania, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in accident insurance of key bancassurance underwriters in Romania, 2006-2010 (data) 195; Market share in health insurance of key bancassurance underwriters in Romania, 2006-2010 (data)
17.0 RUSSIA: Gross written premiums for accident and health insurance in Russia, 2006-2010; Gross written premiums for accident and health insurance in Russia, 2006-2010 (data); Bancassurance provision of accident insurance in Russia, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in voluntary accident and health insurance of key bancassurance underwriters in Russia, 2006-2010 (data)
18.0 SPAIN: Gross written premiums for accident and health insurance in Spain, 2006-2010; Gross written premiums for accident and health insurance in Spain, 2006-2010 (data); Distribution share of banks in total non-life insurance in Spain, 2006-2009 (data); Distribution share of banks in accident insurance in Spain, 2006-2009 (data); Distribution share of banks in health and medical assistance insurance in Spain, 2006-2009 (data); Bancassurance provision of accident insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Spain, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in total life and non-life insurance of key bancassurance underwriters still active and mentioned / covered by the research in Spain, 2008-2010 (data); Market share in total life and non-life insurance of key bancassurance underwriters no longer active and / or not mentioned / covered by the research in Spain, 2008-2010 (data)
19.0 SWEDEN: Gross written premiums for accident and health insurance in Sweden, 2006-2010; Gross written premiums for accident and health insurance in Sweden, 2006-2010 (data); Bancassurance provision of accident insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships
20.0 SWITZERLAND: Gross written premiums for accident and health insurance in Switzerland, 2006-2010; Gross written premiums for accident and health insurance in Switzerland, 2006-2010 (data); Bancassurance provision of accident insurance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships
21.0 TURKEY: Gross written premiums for accident and health insurance in Turkey, 2006-2010; Gross written premiums for accident and health insurance in Turkey, 2006-2010 (data); Distribution share of banks in total non-life, accident and health insurance in Turkey, 2009 and 2010 (data); Bancassurance provision of accident insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships; Market share in personal accident insurance of key bancassurance underwriters in Turkey, 2006-2010 (data); Market share in health insurance of key bancassurance underwriters in Turkey, 2006-2010 (data)
22.0 UNITED KINGDOM: Gross written premiums for accident and health insurance in the UK, 2006-2010; Gross written premiums for accident and health insurance in the UK, 2006-2010 (data); Distribution share of banks in dental, health / hospital cash, personal accident, and private medical insurance in the UK, 2005, 2007 and 2009 (data); Bancassurance provision of accident insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of medical expenses insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships; Bancassurance provision of health / hospital cash plans in the UK, 2011: provision rate, operating models and weighted provider share of partnerships

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