TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY INTRODUCTION... 3 What is this report about?... 3
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1 TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY INTRODUCTION... 3 What is this report about?... 3 Distribution partnerships with banks and other lending institutions constitute the focus of this report... 3 Rationale... 3 Bancassurance is by far the most important distribution channel for life insurance in France... 3 Methodology... 4 Survey of banks and other lending institutions... 4 Market data... 4 Definitions... 5 Investment-related life insurance... 5 Retirement savings... 5 Risk life insurance... 6 Critical illness insurance... 6 Income protection insurance... 6 Accident insurance... 6 Health / hospital cash plans... 6 Medical expenses insurance... 7 Personal motor insurance... 7 Household insurance... 7 Creditor insurance... 7 Mortgages, consumer finance and credit cards... 7 Weighted provider share of partnerships... 8 Operating models... 8 Abbreviations and exchange rates... 9 PartnerBASE and market data annexe... 9 Finaccord MARKET BACKGROUND Banks and other lending institutions covered Introduction to the banking sector The French consumer banking sector is fairly concentrated and all major banking groups have set up captive insurance providers INVESTMENT-RELATED LIFE INSURANCE AND RETIREMENT SAVINGS Insurance market size and growth The French market for investment-related life insurance and retirement savings has declined mainly because contributions to unit-linked policies have fallen sharply in recent years Distribution share of banks French banks hold a dominant and steadily increasing share of the life insurance market Bancassurance provision rates, operating models and partnerships Investment-related life insurance All major retail banks, and even some consumer finance specialists, offer these types of policy As the leading external provider, CNP Assurances benefits most from links with two major banks although the partnership with Groupe BPCE is subject to change from 2016 onwards Captive partners, such as Predica, Cardif and ACM, are prominent in this market FINACCORD (03/2014) I
2 Three banking entities offer products sourced from more than one provider Retirement savings Captive partners are also prominent for retirement savings products and most distribution partnerships in this field mirror those of investment-related life cover although those of Barclays and Crédit Foncier de France are different Performance of key bancassurance underwriters The top nine bancassurers account for more than 50% of investment-related life insurance premiums PROTECTION-RELATED LIFE INSURANCE Insurance market size and growth Protection-related life insurance declined marginally between 2009 and Distribution share of banks Finaccord's consumer research data indicates French banks' share of protection-related life insurance Bancassurance provision rates, operating models and partnerships Risk life insurance A half of bancassurance partnerships for this type of cover involve a captive underwriter with Predica the sector leader, followed by CNP Assurances, ACM and Cardif Three joint venture underwriters are active in this arena External provides are ACE, Aviva Life, AXA, MetLife, Oradéa Vie and Swiss Life Critical illness insurance Income protection insurance CNP Assurances and Intériale Mutuelle are active as external providers in this sector although captive underwriters are once again most widely used Performance of key bancassurance underwriters The top 10 bancassurers account for over 10% of the total protection-related life insurance market if specialist health mutuals and provident institutions are also included in the market size ACCIDENT AND HEALTH INSURANCE Insurance market size and growth Growth in accident insurance has been higher than that for health insurance Distribution share of banks The distribution share of French banks in total non-life insurance is increasing steadily Bancassurance provision rates, operating models and partnerships Accident insurance Accident insurance is offered by more than one third of banks and other lending institutions in France with Pacifica, BPCE Assurances, Cardif and ACM claiming the highest weighted share of partnerships Other captive and joint venture entities include Sogessur and La Banque Postale Prévoyance AIG's tie with HSBC was forged through its acquisition of the bank's captive non-life insurer in 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 La Banque Postale launched its health insurance joint venture with La Mutuelle Générale in Health / hospital cash plans Stand-alone health or hospital cash plans are rarely available from French retail banks and only six underwriters of any type hold bank partnerships in this arena Performance of key bancassurance underwriters All major bank-owned underwriters increased their share of total non-life insurance in France in although they remain comparatively small players in the overall health insurance sector PERSONAL MOTOR AND HOUSEHOLD INSURANCE Insurance market size and growth Household insurance premiums rose at a nominal compound annual rate of 5.5% between 2009 and Distribution share of banks Online aggregators and brokers may be impeding the progress of banks in motor and household insurance Bancassurance provision rates, operating models and partnerships FINACCORD (03/2014) II
3 Personal motor insurance Leading underwriters distributing through banks include Pacifica, BPCE Assurances and ACM AXA's Avanssur is the most visible external provider thanks to ties with BNP Paribas and Cetelem Household insurance Household insurance is available from around a third of the banking organisations surveyed Most banks use the same distribution partnerships for both household and motor insurance Performance of key bancassurance underwriters All major bank-owned underwriters are making progress in motor and household insurance with La Banque Postale Assurances achieving the fastest growth in the household segment CREDITOR INSURANCE Consumer lending market size and growth Mortgage lending Mortgage balances outstanding continue to increase steadily in both nominal and real terms Non-mortgage lending although the value of total non-mortgage consumer lending has fallen back in recent years Credit and other pay later cards The number of credit cards in circulation increased slightly in both 2012 and Creditor insurance provision rates, operating models and partnerships Creditor insurance linked to mortgages The vast majority of mortgage borrowers take out mortgage-related life cover as a minimum CNP Assurances is easily the most visible provider in terms of weighted share of partnerships with ACM and Cardif the next most significant competitors Both Crédit Agricole and Groupe BPCE use a hybrid model in this arena As well as CNP Assurances, external providers include AXA, QUATREM and Swiss Life Creditor insurance linked to consumer finance Virtually all providers of consumer finance offer a related creditor insurance policy CNP Assurances and Sogécap are likely to be market leaders in this arena although Cardif has the highest number of distribution agreements in place in another market which is largely dominated by captive underwriters In total, approaching 30 legally distinct underwriting entities are active in this arena Creditor insurance linked to credit cards Credit card payment protection insurance is commonly marketed by card issuers in France CNP Assurances again claims the highest weighted share of partnerships in this field and partnerships are mainly similar to those for creditor insurance linked to consumer finance Only five credit card issuers lack an arrangement in this field Creditor insurance risk coverage Cover for death and permanent disability is universal across all types of creditor policy Performance of key bancassurance underwriters CNP Assurances underwrites over EUR 2.5 billion of creditor insurance premiums in France in a market in which various attempts have been made by regulators to increase competition Creditor insurance market size, growth and forecast Growth in mortgage-related creditor insurance premiums is most robust Statistics exist to help quantify the market for creditor insurance in France FINACCORD (03/2014) III
4 LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY... 1 Overview of bancassurance provision rates for different types of insurance in France, INTRODUCTION... 3 Banks and other lending institutions in France contacted by Finaccord, segmented by type MARKET BACKGROUND INVESTMENT-RELATED LIFE INSURANCE AND RETIREMENT SAVINGS Gross written premiums for investment-related life insurance and retirement savings in France, 2009 to Gross written premiums for investment-related life insurance and retirement savings in France, 2009 to 2013 (table) Distribution share of banks in life insurance in France, 2008 to Bancassurance provision of investment-related life insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in France, 2014: provision rate, operating models and weighted provider share of partnerships Market share in investment-related life insurance of key bancassurance underwriters in France, 2011 to PROTECTION-RELATED LIFE INSURANCE Gross written premiums for protection-related life insurance in France, 2009 to Gross written premiums for protection-related life insurance in France, 2009 to 2013 (table) Bancassurance provision of risk life insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of income protection insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Market share in protection-related life insurance of key bancassurance underwriters in France, 2011 to ACCIDENT AND HEALTH INSURANCE Gross written premiums for accident and health insurance in France, 2009 to Gross written premiums for accident and health insurance in France, 2009 to 2013 (table) Distribution share of banks in total non-life insurance in France, 2008 to Bancassurance provision of accident insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of medical expenses insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of health / hospital cash plans in France, 2014: provision rate, operating models and weighted provider share of partnerships Market share in total non-life insurance of key bancassurance underwriters in France, 2009 to Market share in health insurance of key bancassurance underwriters in France, 2009 to PERSONAL MOTOR AND HOUSEHOLD INSURANCE Gross written premiums for personal motor and household insurance in France, 2009 to Gross written premiums for personal motor and household insurance in France, 2009 to 2013 (data) Bancassurance provision of personal motor insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of household insurance in France, 2014: provision rate, operating models and weighted provider share of partnerships Market share in total motor insurance of key bancassurance underwriters in France, 2009 to Market share in household insurance of key bancassurance underwriters in France, 2009 to FINACCORD (03/2014) IV
5 7.0 CREDITOR INSURANCE Residential mortgage lending balances outstanding in France (absolute and per capita), 2009 to Consumer non-mortgage lending balances outstanding in France (absolute and per capita), 2009 to Credit and other pay later cards issued and per capita in France, 2009 to Key data points for the consumer lending market in France, 2009 to Provision of creditor insurance linked to mortgages in France, 2014: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to consumer finance in France, 2014: provision rate, operating models and weighted provider share of partnerships Provision of creditor insurance linked to credit cards in France, 2014: provision rate, operating models and weighted provider share of partnerships Risk coverage of creditor insurance policies in France, segmented by type of underlying product, Premiums written in total creditor insurance by key bancassurance underwriters in France, Creditor insurance gross written premiums in France, segmented by policy type, 2009, 2013 and Creditor insurance gross written premiums in France, segmented by cover type, 2009, 2013 and Creditor insurance gross written premiums in France, segmented by policy and cover type, 2009, 2013 and FINACCORD (03/2014) V
TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY INTRODUCTION... 3 What is this report about?... 3
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