TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1 Gross written premiums across the ten markets amounted to over USD 8 billion in 2014...... 2... within which mortgage-related policies made up three quarters of the total...... 3... and cover for temporary incapacity and unemployment accounted for more than 10%... 4 The leading eight groups are likely to account for around 70% of the total regional market... 7 BNP Paribas is prominent as a result of Japan s large creditor insurance market... 7 Regulatory intervention has had a substantial impact in China and South Korea... 8 1.0 INTRODUCTION... 9 What is this report about?... 9 Distribution partnerships with banks and other lending institutions constitute the focus of this report... 9 Rationale... 9 The report tracks well over 500 initiatives for marketing creditor insurance through lending institutions... 9 Methodology... 10 Survey of banks and other lending institutions... 10 Market data... 12 Definitions... 13 Creditor insurance... 13 Mortgages, consumer finance and credit cards... 13 Weighted provider share of partnerships... 13 Operating models... 14 Abbreviations and exchange rates... 15 PartnerBASE and market data annexe... 15 Finaccord... 15 2.0 REGIONAL OVERVIEW... 17 Introduction... 17 Market analysis consumer lending... 17 Total retail lending balances outstanding amounted to USD 5.68 trillion across the ten countries in 2014... 17 Mortgage lending balances have risen at nominal compound annual rates ranging from 2.6% to 23.8%...... 20 with the huge Chinese market continuing to advance rapidly... 20 China displays by far the highest compound annual growth in non-mortgage consumer lending... 23 Hong Kong s lending market is the largest in per capita terms followed by those of South Korea and Japan... 26 Mortgage balances per capita remain below USD 100 in India, Indonesia, the Philippines and Vietnam... 28 Consumer non-mortgage balances per capita are highest in South Korea and lowest in Vietnam... 30 Non-mortgage credit has grown as a proportion of total consumer lending across five Asian markets... 32 China accounts for nearly half of the region s total credit and other pay later cards in circulation... 33 albeit the small Vietnamese market has been advancing most quickly... 33 Hong Kong edges in front of Japan in terms of credit cards per capita... 36 Creditor insurance provision rates and operating models... 39 Creditor insurance linked to mortgages... 39 Over 90% of mortgage lenders sell related creditor insurance in Japan, Malaysia and the Philippines... 39 Use of a single external underwriter constitutes the most regularly used operating model in three markets... 39 although captive and joint venture underwriters are more commonly employed in others... 39 When analysed on a weighted basis, the use of captive underwriters is significantly more prominent... 42 When analysed at a group level, the leading eight provider groups account for around 77% of this market...... 44... with BNP Paribas likely to be the regional leader... 45 Creditor insurance linked to consumer finance... 46 Creditor insurance is most commonly sold in conjunction with consumer finance in Thailand... 46 FINACCORD (03/2015) I
Nearly a half of initiatives are organised in conjunction with a single, external product provider... 46 On a weighted basis, use of captive and joint venture providers becomes more prominent within the total... 49 Ageas, AIA and MetLife are the closest regional competitors to BNP Paribas in this sphere... 51 Creditor insurance linked to credit cards... 53 Credit card payment protection insurance is offered most commonly by card issuers in the Philippines... 53 but is not marketed at all in two countries... 53 When viewed in weighted terms, joint venture underwriters account for more than a third of all initiatives... 56 One provider is particularly dominant in this arena thanks to a dominant position in its domestic market... 58 Market analysis creditor insurance... 60 The total market value is predicted to advance by USD 3.3 billion in gross written premiums by 2018... 60 Strong growth is predicted for the life insurance elements of creditor insurance...... 61... while the value of cover for temporary incapacity and unemployment is likely to rise more slowly... 63 In terms of its value, Japan s market for mortgage-related creditor insurance is the largest by far... 65... although that of Indonesia is most well-developed relative to the size of its mortgage lending sector... 68 Indonesia is likely to be the largest market for policies linked to point-of-sale automotive finance... 69 which is a sector largely under-developed or undeveloped in other territories... 69 New product launches have boosted creditor insurance linked to other forms of consumer finance in Japan... 71 Eight out of ten countries are expected to experience double-digit compound annual growth up to 2018... 71 Premiums as a percentage of total non-mortgage balances vary enormously between the ten countries... 73 Indonesia is forecast to be the largest market for credit card payment protection insurance in 2018...... 74...though Malaysia has the highest level of premiums per card... 76 3.0 CHINA... 78 Banks and other lending institutions covered... 78 Introduction to the banking sector... 78 By total number of retail customers, Postal Savings Bank of China is a market leader... 78 followed by the big four state-owned commercial banks... 79 In terms of its total assets, ICBC was likely to be the largest bank in the world at the end of 2014... 79 Various other types of institution also compete in China's banking market... 79 including banks that are owned in part by private investors... 79 and more than 140 city commercial banks, some of which have already carried out IPOs... 80 The number of rural commercial banks has expanded rapidly in recent years... 80 and they are particularly adept at reaching customers who have not previously banked... 81 In the context of the market as a whole, foreign banks in China occupy a rather marginal position... 81 Consumer lending market size and growth... 82 Mortgage lending... 82 Mortgage balances outstanding are on track to exceed USD 2 billion in 2015... 82 Non-mortgage lending... 83 Total non-mortgage consumer lending balances more than tripled in value between 2010 and 2014... 83 Credit and other pay later cards... 84 and credit cards in circulation grew strongly in each year over the same period of time... 84 Creditor insurance provision rates, operating models and partnerships... 85 Creditor insurance linked to mortgages... 85 Bona fide creditor insurance is on offer from relatively few mortgage lenders in China... 85 By weighted share of partnerships, BOC Insurance and CCB Life are tied in second position... 85 Creditor insurance linked to consumer finance... 87 Policies linked to consumer finance have been introduced by several banks in recent years... 87 with Ping An visible as the most prominent provider in this sphere... 87 Creditor insurance linked to credit cards... 87 Schemes for credit card payment protection insurance have yet to be developed... 87 Creditor insurance risk coverage... 89 Creditor insurance products in China are limited to cover for death and permanent disability... 89 Alternative distribution channels... 90 Creditor insurance market size, growth and forecast... 90 FINACCORD (03/2015) II
The creditor insurance market is likely to have expanded quite rapidly in recent years... 90... and the outlook to 2017 is also positive... 91 4.0 HONG KONG... 94 Banks and other lending institutions covered... 94 Introduction to the banking sector... 94 Hong Kong's banking sector was liberalised in the early years of the 21 st century... 94 While the Bank of China is the largest bank in terms of its number of retail customers...... 94 HSBC is the largest group in Hong Kong by the same measure... 95 Significant consolidation occurred in the banking sector between 2000 and 2010... 95 Consumer lending market size and growth... 96 Mortgage lending... 96 Mortgage balances outstanding increased at a moderate rate between 2010 and 2014... 96 Non-mortgage lending... 97 and were easily outgrown by non-mortgage credit balances... 97 Credit and other pay later cards... 98 Credit cards per capita are likely to have reached a record level of 2.59 at the end of 2014... 98 Creditor insurance provision rates, operating models and partnerships... 99 Creditor insurance linked to mortgages... 99 All of the major banks in Hong Kong offer creditor insurance linked to mortgages... 99 Captive underwriters are prominent in terms of weighted partnership shares...... 99...although QBE General features in second place as an external underwriter...... 100...and third-placed Hong Kong Life holds the status of a joint venture underwriter... 100 The government-backed HKMC launched the MIP (Mortgage Insurance Program) in 1999...... 100... although this is not included in Finaccord's coverage of mortgage-related creditor insurance... 100 Creditor insurance linked to consumer finance... 102 Few lending institutions have introduced schemes for creditor insurance linked to consumer finance...... 102 Creditor insurance linked to credit cards... 102... and schemes for credit card payment protection insurance are also few and far between... 102 Limited cover for outstanding credit card debt is often bundled with other insurance products... 102 Creditor insurance risk coverage... 104 A minority of banks promote policies that include cover for temporary incapacity or unemployment... 104 Alternative distribution channels... 105 Mortgage protection insurance is also available directly from several insurance companies... 105 Creditor insurance market size, growth and forecast... 105 Mortgage-related cover accounts for the lion s share of Hong Kong s creditor insurance market...... 105... with other policy types somewhat under-developed in comparison... 105 5.0 INDIA... 109 Banks and other lending institutions covered... 109 Introduction to the banking sector... 109 In terms of its total number of retail customers SBI leads the market ahead of Punjab National Bank...... 109... in a sector in which government-owned banks account for a majority of branches... 110 Substantial swathes of the Indian population remain unbanked... 110 The RBI follows a policy that generally encourages banking sector consolidation...... 110... with a number of mergers and acquisitions in evidence in recent years...... 110... including the acquisition of INV Vsysa Bank by Kotak Mahindra Bank in November 2014... 111 Consumer lending market size and growth... 112 Mortgage lending... 112 Mortgage balances outstanding increased steadily between 2010 and 2014... 112 Non-mortgage lending... 113...while the value of non-mortgage consumer lending accelerated at a similar pace... 113 Credit and other pay later cards... 114 Having peaked in 2008, the credit card market has experienced limited growth since 2010... 114 FINACCORD (03/2015) III
Creditor insurance provision rates, operating models and partnerships... 115 Creditor insurance linked to mortgages... 115 The vast majority of mortgage lenders in India sell related creditor insurance...... 115... with SBI Life emerging as the leader by weighted share of partnerships... 115 Joint ventures involving overseas insurance groups have a strong position in the market...... 116... with co-owners including both banks and other types of entity... 116 Creditor insurance linked to consumer finance... 118 Three quarters of entities offering consumer credit have a related creditor insurance scheme in place... 118 The main partnerships in this field are similar to those for mortgage-related creditor insurance...... 118... although there are a few that are unique to consumer finance... 118 16 lending institutions have no apparent scheme in place for this type of creditor insurance... 118 Creditor insurance linked to credit cards... 120 Only a handful of schemes for card-related creditor insurance are up and running in India...... 120...and most of the country s major banks eschew this type of policy... 120 Creditor insurance risk coverage... 122 Creditor insurance policies in India are skewed towards simpler formats... 122 Alternative distribution channels... 123 Creditor insurance is quite widely available through automotive manufacturer brands and dealers... 123 Creditor insurance market size, growth and forecast... 123 The overall market for all forms of creditor insurance in India is advancing rapidly...... 123... with demand for policies linked to mortgages likely to remain robust... 123 6.0 INDONESIA... 127 Banks and other lending institutions covered... 127 Introduction to the banking sector... 127 In terms of its total number of retail customers, Bank Rakyat Indonesia is the country's largest bank...... 127 although Bank Tabungan Negara is the largest competitor in the mortgage lending sector... 127 Four of the top 15 banking institutions are state-owned... 128 A number of banking entities with foreign parents are active in the market...... 128... and there have been several important bank mergers in recent years... 128 Consumer lending market size and growth... 129 Mortgage lending... 129 Mortgage balances outstanding increased substantially between 2010 and 2014... 129 Non-mortgage lending... 129...while the value of non-mortgage consumer lending also increased albeit at a slower pace... 129 Credit and other pay later cards... 130 The credit card market has grown steadily since 2010... 130 Creditor insurance provision rates, operating models and partnerships... 132 Creditor insurance linked to mortgages... 132 The vast majority of mortgage lending institutions have a related creditor insurance proposition... 132 Captive and joint venture arrangements are conspicuous in this market... 132 One competitor Sinar Mas has eight separate partnerships in this field... 133 In total, over 20 insurance providers have established bank distribution relationships... 133 Creditor insurance linked to consumer finance... 135 Initiatives in this arena are mainly organised through external underwriters... 135 BRIingin Life leads the market by weighted share of partnerships...... 135... followed by AXA Mandiri, Allianz, Mega Life and AIA... 135 A large proportion of lenders have no apparent scheme in place for this type of creditor insurance... 135 Creditor insurance linked to credit cards... 137 AXA Mandiri is the most prominent provider in this sphere through two major partnerships...... 137... and is followed by Manulife which also benefits from a significant relationship... 137 Creditor insurance risk coverage... 139 Cover for unemployment has yet to be introduced to the Indonesian creditor insurance market... 139 FINACCORD (03/2015) IV
Alternative distribution channels... 140 Borrowers can buy creditor insurance from agents and brokers as well as from banks... 140 Creditor insurance market size, growth and forecast... 140 The overall market for all forms of creditor insurance in Indonesia is advancing rapidly...... 140... with demand for policies linked to mortgages likely to grow most quickly in future... 140 7.0 JAPAN... 144 Banks and other lending institutions covered... 144 Introduction to the banking sector... 144 Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Japan Post Bank are the top three banks...... 144 albeit regional banks and Shinkin banks also play an important role in the market... 145 The penetration of foreign-owned banking institutions is very limited... 145 Several new branchless banks have been launched in recent years... 145 Consumer lending market size and growth... 146 Mortgage lending... 146 Mortgage balances outstanding increased at a moderate rate between 2010 and 2014... 146 Non-mortgage lending... 147 while the value of total non-mortgage consumer lending moved up at a similar pace... 147 Credit and other pay later cards... 147 Japan s credit card market is both highly mature and stagnant in terms of cards issued... 147 Creditor insurance provision rates, operating models and partnerships... 149 Creditor insurance linked to mortgages... 149 All but two mortgage lenders in Japan offer related creditor insurance... 149 By weighted share of partnerships, Cardif ranks first by a significant margin...... 149... followed by Tokio Marine & Nichido and Sompo Japan Nipponkoa...... 150... in a market populated by a significant number of competing insurance providers... 150 Creditor insurance linked to consumer finance... 152 Creditor cover related to consumer finance is seldom offered by lending organisations in Japan...... 152... although the number of schemes has increased substantially since 2012... 152 Creditor insurance linked to credit cards... 152 Creditor insurance risk coverage... 154 Most mortgage-related policies cover temporary incapacity as well as death and permanent disability...... 154... but unemployment cover is a lot less widespread... 154 Alternative distribution channels... 155 Several insurance companies market creditor insurance directly to consumers... 155 Creditor insurance market size, growth and forecast... 156 The value of Japan's creditor insurance market is dominated by mortgage-related insurance...... 156... albeit cover linked to consumer finance is likely to have been growing more rapidly... 156 8.0 MALAYSIA... 160 Banks and other lending institutions covered... 160 Introduction to the banking sector... 160 The top ten banks by number of retail customers are all indigenous Malaysian entities... 160 and several are expanding elsewhere in south-east Asia... 160 Foreign banks account for around 23% of the banking system's total assets... 161 and Islamic banking entities for around 21%... 161 Shariah-compliant takaful insurance is also a significant segment within the overall insurance market... 161 Consumer lending market size and growth... 162 Mortgage lending... 162 Mortgage balances increased at a nominal compound annual rate of 13.3% between 2010 and 2014... 162 Non-mortgage lending... 163 with total non-mortgage consumer lending balances moving up at an equivalent rate of 6.6%... 163 Credit and other pay later cards... 164 The total number of credit cards in circulation has decreased slightly since 2010... 164 FINACCORD (03/2015) V
Creditor insurance provision rates, operating models and partnerships... 165 Creditor insurance linked to mortgages... 165 All but two mortgage lenders offer related creditor insurance... 165 Etiqa supplements distribution through Maybank with several other partnerships... 165 Syarikat Takaful Malaysia has established ties in this arena with a total of six different banks... 166 and Takaful Ikhlas with five... 166 As for other insurance types, joint ventures are often used for mortgage-related creditor insurance... 166 Manulife, Prudential and Tokio Marine are all used as external underwriters in this context... 166 Creditor insurance linked to consumer finance... 168 Over 30 arrangements are visible for creditor insurance linked to consumer finance... 168 with many partnerships identical to those for mortgage-related creditor insurance... 168 although the research also identifies a number of differences... 168 and the existence of a few specialist consumer credit providers also creates diversity... 168 Creditor insurance linked to credit cards... 170 A few card issuers have introduced schemes for credit card payment protection insurance... 170 Creditor insurance risk coverage... 172 Most creditor insurance products in Malaysia are configured as loan-related life insurance policies... 172 Alternative distribution channels... 173 There is little evidence for the development of alternative distribution channels for creditor insurance... 173 Creditor insurance market size, growth and forecast... 173 The creditor insurance market is likely to have expanded quite rapidly in recent years... 173... and the outlook to 2018 is also positive... 173 The introduction of policies covering temporary incapacity or unemployment could spur higher growth... 174 9.0 PHILIPPINES... 177 Introduction to the banking sector... 177 The Philippines hosts a substantial and relatively complex banking sector... 177 composed of universal and commercial banks, thrift (or savings) banks, and rural and co-operative banks... 177 Regulations have prevented many foreign banks from establishing themselves in this market... 177 although these are in the process of being amended to foster more competition... 178 There have been several significant mergers or acquisitions in recent years... 178 Consumer lending market size and growth... 179 Mortgage lending... 179 Mortgage balances increased at a nominal compound annual rate of 19.1% between 2010 and 2014... 179 Non-mortgage lending... 180 and the value of total non-mortgage consumer lending has also expanded in recent years... 180 The Philippines also possesses a fairly large informal lending market... 180 Credit and other pay later cards... 181 Credit and other pay later cards per capita inched up from 0.07 in 2010 to 0.09 in 2014... 181 Creditor insurance provision rates, operating models and partnerships... 183 Creditor insurance linked to mortgages... 183 Over 90% of Filipino mortgage lenders operate a scheme for related creditor insurance... 183 Apart from OAC, the largest players in this arena are captive and joint venture underwriters... 183 with six of the top eight providers owned or co-owned by banking groups... 183 Nevertheless, as many as 14 entities make use of a single external underwriter... 183 and 11 work with multiple providers for this type of creditor insurance... 184 Creditor insurance linked to consumer finance... 186 The provision rate for creditor insurance linked to consumer finance is somewhat lower... 186 Many partnerships in this field are identical to those for mortgage-related creditor insurance... 186 although nine lending institutions are only active in this domain... 186 Creditor insurance linked to credit cards... 188 Credit card payment protection insurance is quite commonly marketed by card issuers in the Philippines...... 188... with Manulife and BPI-Philam Life ranked highest by weighted share of partnerships... 188... followed by Sun Life Grepa Financial and AXA Philippines... 188 FINACCORD (03/2015) VI
and then by a further five underwriters... 188 Creditor insurance risk coverage... 190 Most policies are configured as basic risk life policies covering death only... 190 Alternative distribution channels... 191 There is little evidence for the development of alternative distribution channels for creditor insurance... 191 Creditor insurance market size, growth and forecast... 191 The Filipino market for creditor insurance is likely to be expanding rapidly from a low base... 191 in spite of the apparent absence of policies related to point-of-sale automotive finance... 191... and is forecast to increase further up to 2018... 192 10.0 SOUTH KOREA... 195 Banks and other lending institutions covered... 195 Introduction to the banking sector... 195 Four large financial groups are dominant in the banking sector...... 195... although specialised card issuers are also significant... 195 Two non-indigenous banks feature in the top ten ranked by number of retail customers... 196 Two co-operative groups have expanded their banking services significantly in recent years...... 196 and some insurance companies are also engaged in consumer lending... 196 Many of the country s savings banks have been wound up or taken over... 196 Consumer lending market size and growth... 197 Mortgage lending... 197 Mortgage balances outstanding reached a new peak at the end of 2014... 197 Non-mortgage lending... 198 as did consumer non-mortgage lending balances... 198 Credit and other pay later cards... 199 The number of credit cards in circulation has fallen sharply since 2011... 199 Creditor insurance provision rates, operating models and partnerships... 200 Several factors mean that banks do not distribute mortgage-related creditor insurance... 200... including strict bancassurance regulations and an already-high life insurance penetration rate... 200 Creditor insurance linked to consumer finance... 201 Loan payment protection insurance is on offer from a handful of consumer finance firms... 201 Creditor insurance linked to credit cards... 203 Schemes for credit card payment protection insurance are comparatively common in South Korea... 203 Hyundai Marine & Fire benefits most from its close relationship with BC Card... 203 Creditor insurance risk coverage... 205 All card-related creditor policies incorporate comprehensive coverage... 205 Alternative distribution channels... 206 Creditor insurance market size, growth and forecast... 206 The South Korean market is composed mainly of credit card payment protection insurance...... 206... with other policy types under-developed in comparison... 206 11.0 THAILAND... 210 Banks and other lending institutions covered... 210 Introduction to the banking sector... 210 In terms of its number of retail customers, Bangkok Bank leads the market...... 210... and is followed by Siam Commercial Bank and Krungthai Bank... 210 Government-owned institutions play an important role in the mortgage lending sector... 211 The presence of foreign-owned banks in the market is comparatively limited...... 211... with several overseas entities having exited the market in recent years... 211 Consumer lending market size and growth... 212 Mortgage lending... 212 Residential mortgage balances grew at a nominal annual rate of 8.5% between 2010 and 2014... 212 Non-mortgage lending... 213 The compound annual growth rate for non-mortgage balances is higher than that for mortgages... 213 FINACCORD (03/2015) VII
Credit and other pay later cards... 213 Credit card penetration has been growing at a consistent rate... 213 Creditor insurance provision rates, operating models and partnerships... 215 Creditor insurance linked to mortgages... 215 Provision of creditor insurance by mortgage lending institutions is commonplace in Thailand... 215 By weighted share of partnerships, Bangkok Life is the most prominent competitor...... 215... in a sector in which a dozen insurance providers claim at least one bank partnership... 216 Creditor insurance linked to consumer finance... 218 Loan payment protection insurance is offered by the vast majority of eligible lenders in Thailand...... 218... with the leading providers identical to those for mortgage-related creditor insurance... 218 AIA holds the most distribution partnerships in this sphere... 218... although the deals with its largest banking partners are not exclusive ones... 218 TMB Bank is the largest bank with no apparent arrangement for this type of cover... 220 Creditor insurance linked to credit cards... 220 Schemes for credit card payment protection insurance are less widespread in Thailand... 220 When viewed on a weighted basis, two joint venture underwriters are most prominent... 220 Eight credit card issuers have no visible scheme in place for card-related creditor insurance... 220 Creditor insurance risk coverage... 222 Two lending institutions have introduced more comprehensive forms of creditor insurance... 222 Alternative distribution channels... 223 Most major life insurance companies market creditor insurance through the agency channel... 223 and some specialist life insurance brokers are also known to sell the product...... 223 although few car dealers do so... 223 Creditor insurance market size, growth and forecast... 223 Growth in the creditor insurance market is likely to accelerate between 2014 and 2018...... 223... with mortgage-related cover continuing to constitute the largest single segment... 223 12.0 VIETNAM... 227 Introduction to the banking sector... 227 Four of Vietnam's five largest banks by number of customers are state-owned... 227... with Agribank leading the market by this measure... 227 Indigenous banks control around 90% of the retail lending sector...... 227... although this market remains very small by international standards... 228 Several Japanese banks have displayed an interest in Vietnam's banking sector... 228 Consumer lending market size and growth... 228 Mortgage lending... 228 Mortgage balances grew at a nominal compound annual rate of 21.3% between 2010 and 2014...... 228 Non-mortgage lending... 230... with a slightly lower rate in evidence for consumer non-mortgage lending... 230 Credit and other pay later cards... 231 Though still under-developed, Vietnam's credit card market is growing at a rapid pace... 231 Creditor insurance provision rates, operating models and partnerships... 232 Creditor insurance linked to mortgages... 232 Over a half of all lenders offering home loans also have an arrangement for related creditor insurance... 232 Three captive insurers and one joint venture are ranked in the top five by weighted share of partnerships... 232 Prévoir is used for mortgage-related creditor insurance by six different banking entities... 233 Several large banks have not yet introduced mortgage-related creditor insurance... 233 Creditor insurance linked to consumer finance... 235 Partnerships for policies linked to consumer finance are similar to those for mortgage-related cover... 235... although a couple are unique to this sector... 235 Creditor insurance linked to credit cards... 237 Schemes for credit card payment protection insurance are rather less commonplace in Vietnam... 237 Creditor insurance risk coverage... 239 FINACCORD (03/2015) VIII
Most creditor insurance policies are limited to cover in the event of death and permanent disability... 239 Alternative distribution channels... 240 Several large insurers market creditor insurance through the agency distribution networks... 240 Creditor insurance market size, growth and forecast... 240 The very small creditor insurance market is expected to advance rapidly between 2014 and 2018...... 240... with the value of policies cross-sold with credit cards expected to increase most strongly... 241 The introduction of more policies covering temporary incapacity or unemployment could spur higher growth... 242 FINACCORD (03/2015) IX
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY... 1 1.0 INTRODUCTION... 9 Banks and other lending institutions in the Asia-Pacific region contacted by Finaccord, segmented by country and type... 11 2.0 REGIONAL OVERVIEW... 17 Total consumer lending balances outstanding in the Asia-Pacific region, segmented by country, 2014 (USD billion)... 18 Total consumer lending balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014... 19 Total consumer lending balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 20 Residential mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2014... 21 Residential mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014... 22 Residential mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 23 Consumer non-mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2014 (USD billion)... 24 Consumer non-mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014... 25 Consumer non-mortgage balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 26 Total consumer lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2014 (USD)... 27 Total consumer lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 28 Residential mortgage lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2014 (USD)... 29 Residential mortgage lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 30 Consumer non-mortgage lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2014 (USD)... 31 Consumer non-mortgage lending balances outstanding per capita in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 32 Consumer non-mortgage balances outstanding as % of total consumer lending balances outstanding in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 33 Total number of credit and other pay later cards issued in the Asia-Pacific region, segmented by country, 2014 (million)... 34 Total number of credit and other pay later cards issued in the Asia-Pacific region, segmented by country, 2010 to 2014... 35 Total number of credit and other pay later cards issued in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 36 Total number of credit and other pay later cards issued per capita in the Asia-Pacific region, segmented by country, 2010 to 2014... 37 Total number of credit and other pay later cards issued per capita in the Asia-Pacific region, segmented by country, 2010 to 2014 (table)... 38 Provision rates for creditor insurance linked to mortgages in the Asia-Pacific region, segmented by country, 2015... 40 Operating models (unweighted) used for creditor insurance linked to mortgages in the Asia-Pacific region, segmented by country, 2015... 41 FINACCORD (03/2015) X
Operating models (unweighted) used for creditor insurance linked to mortgages in the Asia-Pacific region, segmented by country, 2015 (table)... 42 Operating models (weighted) used for creditor insurance linked to mortgages in the Asia-Pacific region, segmented by country, 2015... 43 Operating models (weighted) used for creditor insurance linked to mortgages in the Asia-Pacific region, segmented by country, 2015 (table)... 44 Weighted group share of bancassurance partnerships for creditor insurance linked to mortgages, reweighted by country market size, in the Asia-Pacific region, 2015... 45 Provision rates for creditor insurance linked to consumer finance in the Asia-Pacific region, segmented by country, 2015... 47 Operating models (unweighted) used for creditor insurance linked to consumer finance in the Asia-Pacific region, segmented by country, 2015... 48 Operating models (unweighted) used for creditor insurance linked to consumer finance in the Asia-Pacific region, segmented by country, 2015 (table)... 49 Operating models (weighted) used for creditor insurance linked to consumer finance in the Asia-Pacific region, segmented by country, 2015... 50 Operating models (weighted) used for creditor insurance linked to consumer finance in the Asia-Pacific region, segmented by country, 2015 (table)... 51 Weighted group share of bancassurance partnerships for creditor insurance linked to consumer finance, re-weighted by country market size, in the Asia-Pacific region, 2015... 52 Provision rates for creditor insurance linked to credit cards in the Asia-Pacific region, segmented by country, 2015... 54 Operating models (unweighted) used for creditor insurance linked to credit cards in the Asia-Pacific region, segmented by country, 2015... 55 Operating models (unweighted) used for creditor insurance linked to credit cards in the Asia-Pacific region, segmented by country, 2015 (table)... 56 Operating models (weighted) used for creditor insurance linked to credit cards in the Asia-Pacific region, segmented by country, 2015... 57 Operating models (weighted) used for creditor insurance linked to credit cards in the Asia-Pacific region, segmented by country, 2015 (table)... 58 Weighted group share of bancassurance partnerships for creditor insurance linked to credit cards, reweighted by country market size, in the Asia-Pacific region, 2015... 59 Gross written premiums for total creditor insurance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 60 Gross written premiums for total creditor insurance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 61 Gross written premiums for the death / permanent disability elements of creditor insurance in the Asia- Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 62 Gross written premiums for the death / permanent disability elements of creditor insurance in the Asia- Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 63 Gross written premiums for the temporary incapacity / unemployment elements of creditor insurance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 64 Gross written premiums for the temporary incapacity / unemployment elements of creditor insurance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 65 Gross written premiums for creditor insurance related to mortgages in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 66 Gross written premiums for creditor insurance related to mortgages in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 67 Gross written premiums for creditor insurance related to mortgages as a percentage of residential mortgage lending balances in the Asia-Pacific region, segmented by country, 2014... 68 Gross written premiums for creditor insurance related to point-of-sale automotive finance in the Asia- Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 70 Gross written premiums for creditor insurance related to point-of-sale automotive finance in the Asia- Pacific region, segmented by country, 2010, 2014 and 2018... 71 Gross written premiums for creditor insurance related to other consumer finance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 72 FINACCORD (03/2015) XI
Gross written premiums for creditor insurance related to other consumer finance in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 73 Gross written premiums for creditor insurance related to total consumer finance as a percentage of consumer non-mortgage lending balances in the Asia-Pacific region, 2014... 74 Gross written premiums for creditor insurance related to credit cards in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast)... 75 Gross written premiums for creditor insurance related to credit cards in the Asia-Pacific region, segmented by country, 2010, 2014 and 2018 (forecast) (table)... 76 Gross written premiums for creditor insurance related to credit cards per credit card issued in the Asia- Pacific region, 2014... 77 3.0 CHINA... 78 Residential mortgage lending balances outstanding in China (absolute and per capita), 2010 to 2014... 82 Consumer non-mortgage lending balances outstanding in China (absolute and per capita), 2010 to 2014... 83 Credit and other pay later cards issued and per capita in China, 2010 to 2014... 84 Key data points for the consumer lending market in China, 2010 to 2014... 85 Provision of creditor insurance linked to mortgages in China, 2015: provision rate, operating models and weighted provider share of partnerships... 86 Provision of creditor insurance linked to consumer finance in China, 2015: provision rate, operating models and weighted provider share of partnerships... 88 Risk coverage of creditor insurance policies in China, segmented by type of underlying product, 2015... 89 Creditor insurance gross written premiums in China, segmented by policy type, 2010, 2014 and 2018... 91 Creditor insurance gross written premiums in China, segmented by cover type, 2010, 2014 and 2018... 92 Creditor insurance gross written premiums in China, segmented by policy and cover type, 2010, 2014 and 2018... 93 4.0 HONG KONG... 94 Residential mortgage lending balances outstanding in Hong Kong (absolute and per capita), 2010 to 2014... 96 Consumer non-mortgage lending balances outstanding in Hong Kong (absolute and per capita), 2010 to 2014... 97 Credit and other pay later cards issued and per capita in Hong Kong, 2010 to 2014... 98 Key data points for the consumer lending market in Hong Kong, 2010 to 2014... 99 Provision of creditor insurance linked to mortgages in Hong Kong, 2015: provision rate, operating models and weighted provider share of partnerships... 101 Provision of creditor insurance linked to credit cards in Hong Kong, 2015: provision rate, operating models and weighted provider share of partnerships... 103 Risk coverage of creditor insurance policies in Hong Kong, segmented by type of underlying product, 2015... 104 Creditor insurance gross written premiums in Hong Kong, segmented by policy type, 2010, 2014 and 2018... 106 Creditor insurance gross written premiums in Hong Kong, segmented by cover type, 2010, 2014 and 2018... 107 Creditor insurance gross written premiums in Hong Kong, segmented by policy and cover type, 2010, 2014 and 2018... 108 5.0 INDIA... 109 Residential mortgage lending balances outstanding in India (absolute and per capita), 2010 to 2014... 112 Consumer non-mortgage lending balances outstanding in India (absolute and per capita), 2010 to 2014... 113 Credit and other pay later cards issued and per capita in India, 2010 to 2014... 114 Key data points for the consumer lending market in India, 2010 to 2014... 115 Provision of creditor insurance linked to mortgages in India, 2015: provision rate, operating models and weighted provider share of partnerships... 117 FINACCORD (03/2015) XII
Provision of creditor insurance linked to consumer finance in India, 2015: provision rate, operating models and weighted provider share of partnerships... 119 Provision of creditor insurance linked to credit cards in India, 2015: provision rate, operating models and weighted provider share of partnerships... 121 Risk coverage of creditor insurance policies in India, segmented by type of underlying product, 2015... 122 Creditor insurance gross written premiums in India, segmented by policy type, 2010, 2014 and 2018... 124 Creditor insurance gross written premiums in India, segmented by cover type, 2010, 2014 and 2018... 125 Creditor insurance gross written premiums in India, segmented by policy and cover type, 2010, 2014 and 2018... 126 6.0 INDONESIA... 127 Residential mortgage lending balances outstanding in Indonesia (absolute and per capita), 2010 to 2014... 129 Consumer non-mortgage lending balances outstanding in Indonesia (absolute and per capita), 2010 to 2014... 130 Credit and other pay later cards issued and per capita in Indonesia, 2010 to 2014... 131 Key data points for the consumer lending market in Indonesia, 2010 to 2014... 132 Provision of creditor insurance linked to mortgages in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships... 134 Provision of creditor insurance linked to consumer finance in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships... 136 Provision of creditor insurance linked to credit cards in Indonesia, 2015: provision rate, operating models and weighted provider share of partnerships... 138 Risk coverage of creditor insurance policies in Indonesia, segmented by type of underlying product, 2015... 139 Creditor insurance gross written premiums in Indonesia, segmented by policy type, 2010, 2014 and 2018... 141 Creditor insurance gross written premiums in Indonesia, segmented by cover type, 2010, 2014 and 2018... 142 Creditor insurance gross written premiums in Indonesia, segmented by policy and cover type, 2010, 2014 and 2018... 143 7.0 JAPAN... 144 Residential mortgage lending balances outstanding in Japan (absolute and per capita), 2010 to 2014.. 146 Consumer non-mortgage lending balances outstanding in Japan (absolute and per capita), 2010 to 2014... 147 Credit and other pay later cards issued and per capita in Japan, 2010 to 2014... 148 Key data points for the consumer lending market in Japan, 2010 to 2014... 149 Provision of creditor insurance linked to mortgages in Japan, 2015: provision rate, operating models and weighted provider share of partnerships... 151 Provision of creditor insurance linked to consumer finance in Japan, 2015: provision rate, operating models and weighted provider share of partnerships... 153 Risk coverage of creditor insurance policies in Japan, segmented by type of underlying product, 2015. 155 Creditor insurance gross written premiums in Japan, segmented by policy type, 2010, 2014 and 2018. 157 Creditor insurance gross written premiums in Japan, segmented by cover type, 2010, 2014 and 2018. 158 Creditor insurance gross written premiums in Japan, segmented by policy and cover type, 2010, 2014 and 2018... 159 8.0 MALAYSIA... 160 Residential mortgage lending balances outstanding in Malaysia (absolute and per capita), 2010 to 2014... 162 Consumer non-mortgage lending balances outstanding in Malaysia (absolute and per capita), 2010 to 2014... 163 Credit and other pay later cards issued and per capita in Malaysia, 2010 to 2014... 164 Key data points for the consumer lending market in Malaysia, 2010 to 2014... 165 FINACCORD (03/2015) XIII
Provision of creditor insurance linked to mortgages in Malaysia, 2015: provision rate, operating models and weighted provider share of partnerships... 167 Provision of creditor insurance linked to consumer finance in Malaysia, 2015: provision rate, operating models and weighted provider share of partnerships... 169 Provision of creditor insurance linked to credit cards in Malaysia, 2015: provision rate, operating models and weighted provider share of partnerships... 171 Risk coverage of creditor insurance policies in Malaysia, segmented by type of underlying product, 2015... 172 Creditor insurance gross written premiums in Malaysia, segmented by policy type, 2010, 2014 and 2018... 174 Creditor insurance gross written premiums in Malaysia, segmented by cover type, 2010, 2014 and 2018... 175 Creditor insurance gross written premiums in Malaysia, segmented by policy and cover type, 2010, 2014 and 2018... 176 9.0 PHILIPPINES... 177 Residential mortgage lending balances outstanding in the Philippines (absolute and per capita), 2010 to 2014... 179 Consumer non-mortgage lending balances outstanding in the Philippines (absolute and per capita), 2010 to 2014... 180 Credit and other pay later cards issued and per capita in the Philippines, 2010 to 2014... 181 Key data points for the consumer lending market in the Philippines, 2010 to 2014... 182 Provision of creditor insurance linked to mortgages in the Philippines, 2015: provision rate, operating models and weighted provider share of partnerships... 185 Provision of creditor insurance linked to consumer finance in the Philippines, 2015: provision rate, operating models and weighted provider share of partnerships... 187 Provision of creditor insurance linked to credit cards in the Philippines, 2015: provision rate, operating models and weighted provider share of partnerships... 189 Risk coverage of creditor insurance policies in the Philippines, segmented by type of underlying product, 2014... 190 Creditor insurance gross written premiums in the Philippines, segmented by policy type, 2010, 2014 and 2018... 192 Creditor insurance gross written premiums in the Philippines, segmented by cover type, 2010, 2014 and 2018... 193 Creditor insurance gross written premiums in the Philippines, segmented by policy and cover type, 2010, 2014 and 2018... 194 10.0 SOUTH KOREA... 195 Residential mortgage lending balances outstanding in South Korea (absolute and per capita), 2010 to 2014... 197 Consumer non-mortgage lending balances outstanding in South Korea (absolute and per capita), 2010 to 2014... 198 Credit and other pay later cards issued and per capita in South Korea, 2010 to 2014... 199 Key data points for the consumer lending market in South Korea, 2010 to 2014... 200 Provision of creditor insurance linked to consumer finance in South Korea, 2015: provision rate, operating models and weighted provider share of partnerships... 202 Provision of creditor insurance linked to credit cards in South Korea, 2015: provision rate, operating models and weighted provider share of partnerships... 204 Risk coverage of creditor insurance policies in South Korea, segmented by type of underlying product, 2015... 205 Creditor insurance gross written premiums in South Korea, segmented by policy type, 2010, 2014 and 2018... 207 Creditor insurance gross written premiums in South Korea, segmented by cover type, 2010, 2014 and 2018... 208 Creditor insurance gross written premiums in South Korea, segmented by policy and cover type, 2010, 2014 and 2018... 209 FINACCORD (03/2015) XIV
11.0 THAILAND... 210 Residential mortgage lending balances outstanding in Thailand (absolute and per capita), 2010 to 2014... 212 Consumer non-mortgage lending balances outstanding in Thailand (absolute and per capita), 2010 to 2014... 213 Credit and other pay later cards issued and per capita in Thailand, 2010 to 2014... 214 Key data points for the consumer lending market in Thailand, 2010 to 2014... 215 Provision of creditor insurance linked to mortgages in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships... 217 Provision of creditor insurance linked to consumer finance in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships... 219 Provision of creditor insurance linked to credit cards in Thailand, 2015: provision rate, operating models and weighted provider share of partnerships... 221 Risk coverage of creditor insurance policies in Thailand, segmented by type of underlying product, 2015... 222 Creditor insurance gross written premiums in Thailand, segmented by policy type, 2010, 2014 and 2018... 224 Creditor insurance gross written premiums in Thailand, segmented by cover type, 2010, 2014 and 2018... 225 Creditor insurance gross written premiums in Thailand, segmented by policy and cover type, 2010, 2014 and 2018... 226 12.0 VIETNAM... 227 Residential mortgage lending balances outstanding in Vietnam (absolute and per capita), 2010 to 2014... 229 Consumer non-mortgage lending balances outstanding in Vietnam (absolute and per capita), 2010 to 2014... 230 Credit and other pay later cards issued and per capita in Vietnam, 2010 to 2014... 231 Key data points for the consumer lending market in Vietnam, 2010 to 2014... 232 Provision of creditor insurance linked to mortgages in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships... 234 Provision of creditor insurance linked to consumer finance in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships... 236 Provision of creditor insurance linked to credit cards in Vietnam, 2015: provision rate, operating models and weighted provider share of partnerships... 238 Risk coverage of creditor insurance policies in Vietnam, segmented by type of underlying product, 2015... 239 Creditor insurance gross written premiums in Vietnam, segmented by policy type, 2010, 2014 and 2018... 241 Creditor insurance gross written premiums in Vietnam, segmented by cover type, 2010, 2014 and 2018... 242 Creditor insurance gross written premiums in Vietnam, segmented by policy and cover type, 2010, 2014 and 2018... 243 FINACCORD (03/2015) XV