Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe : Market Research Report

Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe

Published: Mar. 1, 2009 - 190 Pages

0.0 EXECUTIVE SUMMARY: The regional market was worth around €1.19 billion in gross premiums written in 2008; … and should grow at an average annual rate in the 10%-15% bracket for the foreseeable future; Comprehensive travel insurance is the most commonly occurring type of enhancement; Programs are sometimes organised by centralised card issuers rather than individual distributors; Several providers have an identifiably international approach to the market; The market for insurance and assistance enhancements should continue to grow at a solid rate; … as a consequence of the virtuous combination of a variety of factors…; … including the growing application of insurance and assistance to standard banking products; … and changes in the demographic structure and general behaviour of consumers as a whole
1.0 INTRODUCTION: Rationale; Mainstream bancassurance markets are comparatively well documented…; … but less attention has been given to insurance and assistance linked to banking products; Insurance and assistance linked to banking products: Europe’s ‘covert’ bancassurance market?; Methodology; The research program covers over 4,250 insurance and assistance enhancements…; … attached to close to 2,300 banking products offered by the universe of 332 banking entities; The basic units of analysis for the report are the payment cards and bank accounts themselves; Definitions; Finaccord; PartnerBASE™
2.0 REGIONAL OVERVIEW: Introduction; Debit cards; Across all ten countries, debit cards issued advance at an average rate of 4.1% per annum; Debit cards per capita reach high and low points in 2008 in Germany and Poland respectively; Credit and other pay later cards; Germany alone still accounts for a regional share of more than one third of credit cards issued; Several countries have experienced rapid growth in the number of credit cards issued per capita; Consumer preference for credit and other pay later cards is apparently strongest in Norway; Average number of insurance and assistance policies per product; Polish banks are the most attentive in providing insurance and assistance enhancements; Relative weight of broad categories of insurance and assistance; Insurance and assistance preferences vary significantly between the ten countries analysed; Penetration rates for insurance and assistance policies; Card and cash cover; Card protection insurance: available as a standard cover only in the Czech Republic and Poland; ATM cash theft insurance: sometimes offered as an adjunct to wider protection policies; Travel cover; Travel accident insurance: packaged with over a half of banking products analysed in Switzerland; Travel health insurance: stand-alone policies are found only in Austria and Germany; Travel assistance: occasionally packaged with banking products as a stand-alone formula; Travel inconvenience insurance: most commonly found on a stand-alone basis in Denmark; Comprehensive travel insurance: frequently packaged with banking products in most countries; Creditor, accident and health cover; Creditor insurance (life / permanent disability): rates of provision have advanced furthest in Poland; Creditor insurance (temporary incapacity / unemployment): penetration rates are similar; Personal accident insurance: no country sees a rate of provision in excess of 10%; Accidental death insurance: the regional average penetration rate stands at just 2.0%; Health / hospital cash plans: activity can be found in six of the ten countries investigated; Health assistance: provision in tandem with banking products occurs only in Norway and Poland; Shopping cover; Purchase protection insurance: adopted to some degree by around a half of Polish issuers; Price protection insurance: penetration rates lag far behind those for purchase protection cover; Extended warranties: examples of packaging are most visible in Denmark and Sweden; Other types of cover; Road assistance: almost 10% of products analysed in the Czech Republic include this cover; Home assistance: 15 banks in Poland have introduced home assistance on a packaged basis; Personal liability insurance: packaging with banking products is almost non-existent; Legal expenses insurance / assistance: rarely offered in any context other than travel insurance; Mobile telephone insurance: isolated examples are identifiable in five of the ten countries; Identity protection insurance / assistance: the first pioneers emerge in Norway and Sweden; Car hire insurance: a minor feature of the market in five countries in Northern and Central Europe; Corporate liability waiver insurance: packaged with business cards only in Austria and Sweden; Other miscellaneous insurance: numerous other types of enhancement are in evidence…; … ranging from cash-in-transit theft insurance and Internet delivery insurance…; … to missed event and ticket insurance, mobile gadget insurance and sport-related policies; Approximate market size; It is necessary to make a variety of assumptions when computing the market size; Comprehensive travel insurance is packaged with around 28.52 million payment cards; The regional market was worth approximately €1.19 billion in gross written premiums in 2008…; … and is likely to be growing at an average annual rate of between 10% and 15% overall; Insurance and assistance premiums per capita are highest in Norway and lowest in Hungary; Travel cover makes up around 36.3% of the market for insurance and assistance enhancements; Consumer metrics; Finaccord’s pan-European consumer research also yields valuable insights into the market; Key consumer metrics for card protection insurance; Card protection insurance paid for separately enjoys the highest penetration in France; Key consumer metrics for creditor (card payment protection) insurance; Insurance protecting credit card payments is most widely held by French consumers…; … although acquisition rates in a paid-for format are most advanced in the UK; Key consumer metrics for travel insurance; French consumers are most likely to rely on travel insurance linked to their credit card; Key consumer metrics for other forms of insurance and assistance; In the UK, the scope exists to increase free packaging with credit cards and current accounts
3.0 AUSTRIA: Introduction to the banking and payment card sectors; The Austrian retail banking market is populated by a variety of different types of competitor…; … albeit PayLife Bank and Service Bank play a central role in the country’s payment card sector; Credit and other pay later cards make up around one quarter of all payment cards issued; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Cover linked to payment cards and bank accounts in Austria is heavily oriented towards travel…; Specific cover penetration; … with fully comprehensive cover applied in a majority of cases; Operating models; Captive and joint venture underwriters are entirely absent from the Austrian market; Partner market shares; Through its subsidiaries, Vienna Insurance Group holds several of the key partnerships
4.0 CZECH REPUBLIC: Introduction to the banking and payment card sectors; Retail banking in the Czech Republic is largely dominated by entities owned by foreign parents…; … with many overseas firms now seeking to assert themselves in different market segments; PPF Group, the owner of Home Credit, is the main competitor remaining under Czech ownership; Credit and other pay later cards grow strongly although debit cards remain dominant; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Cover related to card and cash protection is the most common category in the Czech Republic; Specific cover penetration; Comprehensive travel insurance and card payment protection insurance are also widespread; Operating models; ČSOB Pojišťovna, Cardif Pro Vita and Komerční Pojišťovna are the foremost captives; Partner market shares; Three providers lead the field for both card protection cover and comprehensive travel policies; Cardif Pro Vita is clearly the dominant provider of card-related creditor insurance
5.0 DENMARK: Introduction to the banking and payment card sectors; Denmark is populated by a relatively high number of lending institutions in spite of its small size; Credit and other pay later cards grow strongly although debit cards remain dominant; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Insurance policies for card and cash protection are entirely absent from the Danish market…; Specific cover penetration; … although extended warranties are attached to almost one in five banking products analysed; Operating models; Captives play a limited role in the market for insurance and assistance enhancements in Denmark; Partner market shares; Several providers compete for mandates in the market for comprehensive travel insurance; AIG Europe is prominent as a provider of extended warranties and other forms of shopping cover
6.0 GERMANY: Introduction to the banking and payment card sectors; Germany’s crowded retail banking sector has been subject to a fresh round of restructuring; A number of the country’s Landesbanken having run into financial difficulties; The credit co-operatives have experienced significant rationalisation in recent years; Foreign entrants show that reasonable returns can be generated from German retail banking; R&V Versicherung provides the insurance linked to cards issued by most co-operative banks…; … while most of the local savings banks align themselves with public sector insurance firms; Most German consumers remain apparently reluctant to carry credit and other pay later cards; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Payment cards and bank accounts in Germany are most likely to be enhanced by travel cover…; Specific cover penetration; … albeit this often appears in the guise of travel accident insurance or travel health insurance; Operating models; The vast majority of schemes are organised in conjunction with a single, external underwriter…; … albeit brokers such as Affinion International and APRIL Financial Services are also present; Partner market shares; Competition for distribution mandates tends to be fragmented in most of the main sectors…; … including both card protection insurance and comprehensive travel insurance…; … as well as card-related creditor insurance and purchase protection insurance; .0 HUNGARY; Introduction to the banking and payment card sectors; Numerous foreign entrants chase opportunities in Hungarian retail banking…; … although the independent OTP Bank retains market leadership in many segments; Overseas competitors lessen concentration and improve efficiency in Hungarian banking…; … but some participants may be forced to exit the market as competition intensifies; Credit and other pay later cards account for just over one in five of all payment cards issued; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Creditor and other accident and health covers are available most frequently in Hungary…; Specific cover penetration; … with comprehensive travel cover also carried by more than a third of banking products analysed; Operating models; While OTP Garancia has been acquired by Groupama, several captive insurers are evident; Partner market shares; AIG Europe benefits from a significant array of deals for card-related travel insurance…; … with Generali Providencia strong in the market for card payment protection insurance
8.0 NORWAY: Introduction to the banking and payment card sectors; Relative to its population, Norway plays host to a fairly high number of banking institutions…; … including three main savings bank blocks and a variety of specialised lenders; Norwegian consumers shift decisively towards credit and other pay later cards; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Over 40% of covers identified fall into the creditor and other accident or health category; Specific cover penetration; … although comprehensive travel cover achieves a rate of provision in excess of 40.0%; Operating models; Marsh administrates several products on behalf of DnB; Partner market shares; At least eight providers are active in the market for comprehensive travel insurance; Genworth Financial enjoys several important ties for card-related creditor insurance…; … with AIG Europe emerging as the most prolific partner for purchase protection insurance
9.0 POLAND: Introduction to the banking and payment card sectors; Numerous overseas organisations have entered Poland’s consumer banking sector…; … although a number of significant banking institutions remain under local ownership; Credit and other pay later cards make up one third of all payment cards in Poland; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Banking products in Poland are well-endowed with insurance and assistance enhancements; Specific cover penetration; Comprehensive travel insurance and card payment protection insurance are also widespread; Operating models; Several banking institutions make partial or exclusive use of captive underwriting entities…; … with Europa achieving particularly strong growth as a result of its focus on bank distribution; Bank Zachodni WBK has established a joint venture bancassurance firm in tandem with Aviva; Partner market shares; AIG lays claim to the highest outright number of partnerships for card protection cover…; … although a comparatively vast array of other providers are also active in this segment; Competition is also fragmented in the field of comprehensive travel insurance…; … as well as card payment protection insurance and purchase protection insurance
10.0 SLOVAKIA: Introduction to the banking and payment card sectors; Foreign institutions dominate retail banking in Slovakia; Credit and other pay later cards rise to over one quarter of all payment cards in Slovakia; Key metrics for debit and credit / pay later cards in Slovakia, 2004-8; Broad types of cover; Cover linked to payment cards and bank accounts in Slovakia is most likely to be travel-related; Specific cover penetration; Where provided, travel insurance can almost always be described as comprehensive; Operating models; ČSOB Poisťovňa, Cardif and Poisťovňa Poštovej Banky are the foremost captives; Partner market shares; Several providers compete for deals for card protection policies and comprehensive travel cover…; … although Cardif is by far the most visible partner for card-related creditor insurance
11.0 SWEDEN: Introduction to the banking and payment card sectors; A variety of second tier banks and specialised lenders challenge the big four banking groups; EnterCard issues cards distributed by most savings banks and has also expanded overseas; Debit cards and credit / pay later cards are growing at a similar average annual rate in Sweden; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Travel-related protection makes up over 40% of covers linked to banking products in Sweden; Specific cover penetration; Extended warranties have been linked to more than one in ten banking products analysed; Operating models; Captive underwriters are involved in comprehensive travel insurance and creditor insurance; Partner market shares; The market for comprehensive travel insurance is populated by at least eight providers; Affinion International is active in both card protection insurance and extended warranties
12.0 SWITZERLAND: Introduction to the banking and payment card sectors; Five main categories of bank compete for retail banking business in Switzerland; Zürcher Kantonalbank and Banque Cantonale Vaudoise are the largest cantonal banks; 29 regional and savings banks operating 122 branches are affiliated to Clientis; If viewed as a single entity, the Raiffeisen banks are country’s third largest grouping; Viseca Card Services issues the payment cards distributed by many of Switzerland’s banks…; … while Swisscard AECS is a joint venture owned by American Express and Credit Suisse; Credit and other pay later cards issued outgrow debit cards issued in Switzerland; Insurance and assistance linked to payment cards and bank accounts; Broad types of cover; Swiss banks and card issuers offer the thinnest choice of insurance and assistance covers…; Specific cover penetration; … with most payment cards limited to low value travel accident insurance; Operating models; Maveris Assurance is one of only two captive underwriters active in the Swiss market; Partner market shares; Relationships for forms of travel cover are concentrated among a handful of suppliers; Cornèr Banca has linked with CAP Protection Juridique for legal expenses insurance
GRAPHICS / TABLES: Banks and other entities covered by the research, segmented by country; Payment cards and bank accounts covered by the research segmented by country, marque and type; Debit cards issued in Northern and Central Europe, segmented by country, 2004-8; Debit cards issued in Northern and Central Europe, segmented by country, 2004-8 (data); Debit cards issued per capita in Northern and Central Europe, segmented by country, 2004-8; Debit cards issued per capita in Northern and Central Europe, segmented by country, 2004-8 (data); Credit and other pay later cards issued in Northern and Central Europe, segmented by country, 2004-8; Credit and other pay later cards issued in Northern and Central Europe, segmented by country, 2004-8 (data); Credit and other pay later cards issued per capita in Northern and Central Europe, segmented by country, 2004-; Credit and other pay later cards issued per capita in Northern and Central Europe, segmented by country, 2004-; (data); Credit and other pay later cards issued as a % of all payment cards issued in Northern and Central Europe,; segmented by country, 2004-8; Credit and other pay later cards issued as a % of all payment cards issued in Northern and Central Europe,; segmented by country, 2004-8 (data); Average number of insurance and assistance covers per product analysed in Northern and Central Europe,; segmented by country, 2009; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Northern and; Central Europe, segmented by broad type of cover, 2009; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Northern and; Central Europe, segmented by broad type of cover, 2009 (data); Penetration rates for card protection insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for ATM cash theft insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for travel accident insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for travel health insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for travel assistance in Northern and Central Europe, segmented by country, 2009; Penetration rates for travel inconvenience insurance in Northern and Central Europe, segmented by country,; Penetration rates for comprehensive travel insurance in Northern and Central Europe, segmented by country,; 2009; Penetration rates for creditor insurance (life / permanent disability) in Northern and Central Europe, segmented by; country, 2009; Penetration rates for creditor insurance (temporary incapacity / unemployment) in Northern and Central Europe,; segmented by country, 2009; Penetration rates for personal accident insurance in Northern and Central Europe, segmented by country,; Penetration rates for accidental death insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for health / hospital cash plans in Northern and Central Europe, segmented by country, 2009; Penetration rates for health assistance in Northern and Central Europe, segmented by country, 2009; Penetration rates for purchase protection insurance in Northern and Central Europe, segmented by country,; Penetration rates for price protection insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for extended warranties in Northern and Central Europe, segmented by country, 2009; Penetration rates for road assistance in Northern and Central Europe, segmented by country, 2009; Penetration rates for home assistance in Northern and Central Europe, segmented by country, 2009; Penetration rates for personal liability insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for legal expenses insurance / legal assistance in Northern and Central Europe, segmented by; country, 2009; Penetration rates for mobile telephone insurance in Northern and Central Europe, segmented by country,; Penetration rates for identity protection insurance / assistance in Northern and Central Europe, segmented by; country, 2009; Penetration rates for car hire insurance in Northern and Central Europe, segmented by country, 2009; Penetration rates for corporate liability waiver insurance in Northern and Central Europe, segmented by country,; 2009; Penetration rates for other miscellaneous insurance in Northern and Central Europe, segmented by country,; Approximate number of payment cards and bank accounts carrying insurance and assistance policies in Northern; and Central Europe, segmented by specific type of cover, 2009; Approximate gross written premiums for insurance and assistance linked to payment cards and bank accounts in; Northern and Central Europe, segmented by country, 2008; Approximate gross written premiums for insurance and assistance linked to payment cards and bank accounts per; capita in Northern and Central Europe, segmented by country, 2008; Approximate gross written premiums for insurance and assistance linked to payment cards and bank accounts in; Northern and Central Europe, segmented by type of cover, 2008; Approximate gross written premiums for insurance and assistance linked to payment cards and bank accounts in; Northern and Central Europe, segmented by type of cover, 2008 (data); Percentage of cardholders in France, Germany, Italy, Spain and the UK in possession of card protection; insurance, 2008; Percentage of cardholders in France, Germany, Italy, Spain and the UK in possession of card protection; insurance, 2008 (data); Percentage of cardholders in France, Germany, Italy, Spain and the UK in possession of creditor (card payment; protection) insurance, 2006; Percentage of cardholders in France, Germany, Italy, Spain and the UK in possession of creditor (card payment; protection) insurance, 2006 (data); Types of travel insurance protecting respondents in France, Germany, Italy, Spain and the UK, 2004-6; Types of travel insurance protecting respondents in France, Germany, Italy, Spain and the UK, 2004-6 (data); Percentage of consumers in the UK with other forms of insurance and assistance included for free on a credit card; or within a current account, 2007; Number of debit and credit / pay later cards in Austria, 2004-8; Key metrics for debit and credit / pay later cards in Austria, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Austria,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Austria,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Austria, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Austria,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in the Czech Republic, 2004-8; Key metrics for debit and credit / pay later cards in the Czech Republic, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in the Czech; Republic, segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in the Czech; Republic, segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in the; Czech Republic, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in the Czech; Republic, segmented by type of cover, 2009; Number of debit and credit / pay later cards in Denmark, 2004-8; Key metrics for debit and credit / pay later cards in Denmark, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Denmark,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Denmark,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Denmark, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Denmark,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Germany, 2004-8; Key metrics for debit and credit / pay later cards in Germany, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Germany,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Germany,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Germany, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Germany,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Hungary, 2004-8; Key metrics for debit and credit / pay later cards in Hungary, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Hungary,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Hungary,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Hungary, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Hungary,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Norway, 2004-8; Key metrics for debit and credit / pay later cards in Norway, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Norway,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Norway,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Norway, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Norway,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Poland, 2004-8; Key metrics for debit and credit / pay later cards in Poland, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Poland,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Poland,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Poland, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Poland,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Slovakia, 2004-8; Key metrics for debit and credit / pay later cards in Slovakia, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Slovakia,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Slovakia,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Slovakia, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Slovakia,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Sweden, 2004-8; Key metrics for debit and credit / pay later cards in Sweden, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Sweden,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Sweden,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Sweden, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Sweden,; segmented by type of cover, 2009; Number of debit and credit / pay later cards in Switzerland, 2004-8; Key metrics for debit and credit / pay later cards in Switzerland, 2004-8; Relative weight of insurance and assistance policies linked to payment cards and bank accounts in Switzerland,; segmented by broad type of cover, 2009; Penetration of insurance and assistance policies linked to payment cards and bank accounts in Switzerland,; segmented by specific type of cover, 2009; Operating models used for insurance and assistance policies linked to payment cards and bank accounts in; Switzerland, segmented by specific type of cover, 2009; Partner market shares for insurance and assistance linked to bank accounts and payment cards in Switzerland,; segmented by type of cover, 2009

Abstract

Finaccord’s report titled Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe investigates the market for insurance and assistance policies linked to banking products in Northern and Central Europe. Composed of a series of niche covers designed to enhance the revenues derived by banks from their payment card and current account operations, Finaccord’s research indicates this market in Northern and Central Europe to have been worth some €1.19 billion in 2008.

Moreover, with insurance and assistance providers showing creativity in structuring new types of policy to cater for emerging customer segments, the sector seems to be destined for continuing growth. Drawing on the results of an investigation covering some 330 banking institutions and other issuers and distributors of credit cards in ten countries in Northern and Central Europe (Austria, the Czech Republic, Denmark, Germany, Hungary, Norway, Poland, Slovakia, Sweden and Switzerland), the report analyses the provision of a variety of different types of insurance and assistance policy in the broad categories of card and cash protection, travel cover, creditor, accident and health cover, shopping cover and other miscellaneous policies.

Moreover, the PartnerBASE™ database that accompanies the report details each of more than 4,250 insurance or assistance enhancements to the c. 2,300 payment cards and bank accounts analysed. 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, and miscellaneous other insurance. Hence, this report and the PartnerBASE™ that accompanies it can be used in one or more of the following ways: appreciate the magnitude of the opportunity in insurance and assistance linked to payment cards and bank accounts in Northern and Central Europe: in aggregate, this is a significant market; gain access to a single comprehensive source of information that provides both the detail and analysis surrounding over 4,250 individual insurance or assistance enhancements; identify opportunities to develop new forms of insurance or assistance linked to payment cards and bank accounts in line with the marketing strategies of banking institutions and other card issuing entities in Northern and Central Europe; understand the supply structure for insurance and assistance enhancements and how the market segments between international specialists, local providers and captive underwriters; gain insight into the international presence of leading protagonists in this sector including ACE, AIG, AXA Assistance, BNP Paribas Assurance, CPP, Europ Assistance and Genworth Financial.

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2/13/2012 - 30

Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe

Table of Contents

Abstract