Finaccord’s report titled Creditor and Lifestyle Protection Insurance in Canada offers uniquely detailed insights into the Canadian market for life and payment protection insurance linked to mortgages, point-of-sale automotive finance, other consumer finance and credit cards, plus bill protection insurance covering recurring household bills (e.g. for energy and telecoms services). Drawing on the results of a survey of 69 lending institutions, energy firms and telecoms companies in Canada, the report analyses the provision of creditor and lifestyle protection insurance by these organisations, how this availability rate varies across different lending product types and household services, the operating models used (e.g. captive, JV and / or external underwriters), and the extent to which cover can be acquired through distribution channels other than these organisations (e.g. directly from insurers or via brokers).
Key features of this study plus the PartnerBASE™ dataset and market data annexe that accompany it include:
- quantification of the value and growth of premiums for creditor and lifestyle protection insurance with a timeline from 2013 to 2017 and onwards to 2021: how much is this market likely to be worth in Canada and what is its future development potential?
- segmentation of this market both by underlying product type (differentiating between mortgages, point-of-sale automotive finance, other consumer finance, credit card loans and bill protection) and by type of cover (differentiating between cover for death / permanent disability / critical illness and temporary incapacity / unemployment);
- consideration of the operating models used for creditor and lifestyle protection insurance: how advanced is the use of captive and joint venture underwriters by lending institutions in Canada?
- calculation of weighted provider share of partnerships: Finaccord’s unique quantitative analysis helps to identify which underwriters hold the distribution relationships that offer the most potential for insurance linked to loan and bill payments;
- investigation into alternative distribution channels for selling creditor and lifestyle protection insurance: to what extent are other types of intermediary active in this arena and do insurers market these sorts of cover directly to consumers?
For further information about this research, please access the table of contents and series prospectus by clicking on the links at the top of this page, or e-mail firstname.lastname@example.org.
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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.