Finaccord’s report titled Creditor Insurance in the Asia-Pacific Region offers updated and detailed insights into the market for creditor insurance, sometimes also referred to as payment protection insurance or loan-related insurance, in ten countries. Creditor insurance was worth around USD 9.07 billion in gross written premiums in the region in 2014, including coverage for life and permanent disability as well as the temporary disability and unemployment elements. However, the progress of individual creditor insurance markets has been variable in recent years with rapid growth in some territories offset by a lack of development in others, sometimes as a result of regulatory intervention.
Countries whose creditor insurance markets are investigated for this study are China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Thailand and Vietnam.
Drawing on the results of a survey of 655 lending institutions, the report analyses the provision of creditor insurance by lending institutions, variances in provision by underlying lending product, operating models for provision of creditor insurance, weighted provider share of partnerships and the potential for selling creditor cover through distribution channels other than the lending institutions themselves. The PartnerBASE™ dataset that accompanies the report details each of well over 500 creditor insurance distribution deals traced by Finaccord. Together, the report, PartnerBASE™ dataset and market data file will provide you with the definitive guide to current and future opportunities in creditor insurance in the Asia-Pacific region.
You may be able to use this study in one or more of the following ways:
appreciate the magnitude of the opportunity in creditor insurance in the Asia-Pacific region and how this breaks down between policies cross-sold in conjunction with mortgages, point-of-sale automotive finance, other consumer finance and credit cards;
identify partnership opportunities for creditor insurance and prioritise these according to the potential that they offer as defined by the size of lending institutions’ retail customer base;
understand the supply structure for creditor insurance in the Asia-Pacific region and whether specialists are winning business by virtue of their focused approach;
assess the extent to which the provision of temporary incapacity and unemployment modules within creditor insurance policies is commonplace in different countries in the Asia-Pacific region;
gain insight into the presence of leading creditor insurance market participants including Ageas, AIA, AXA, BNP Paribas Cardif, Crédit Agricole, MetLife, Sompo Japan Nipponkoa and Tokio Marine.
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations, Singapore Branch.