Upload
ronli
View
67
Download
1
Embed Size (px)
DESCRIPTION
The Romanian Bancassurance Market in a European Context Romanian Bancassurance Forum. From European Trends, to the Romanian Reality. Bucharest, March 5 th – 6 th 2014. Agenda Key factors that shape bancassurance markets Key success factors for bancassurance - PowerPoint PPT Presentation
Citation preview
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 1
The Romanian Bancassurance Market in a European Context
Romanian Bancassurance Forum. From European Trends, to the Romanian Reality.
Bucharest, March 5th – 6th 2014
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 2
Agenda
Key factors that shape bancassurance markets
Key success factors for bancassurance
Bancassurance strategies on a meta level
The Romanian bancassurance market in an European context
The market for creditor insurance as a key segment for bancassurance
Three key developmentsin bancassurance
Summary
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 3
Key factors that shape bancassurance strategies
Bancassurance Strategies
1. Meta level: Regulation Forced divestment
2. Country level: Regulation Market characteristics
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 4
Key factors that shape bancassurance strategies
1. Meta level
New regulation: New capital requirements under the Basel III Accords
Forced divestment: Several banking groups have beenforced to divest assets
2. Country level
Regulation: Mediation laws, insurance shareholding of banks, product regulation
Market characteristics: Maturity, insurance penetration
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 5
Key success factors for bancassurance
Developed markets Romania
Commitment of banks to insurance ü Developing
Large market for investment-related insurance ü û
Large consumer lending market ü Underdeveloped
Tight and cultivated bancassurance partnerships ü Developing
Staff training ü Underdeveloped
Tailormade products for the bank ü Underdeveloped
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 6
Bancassurance strategies on a meta levelSegmentation of the world's 125 largest retail banking groups between those with captive underwriters, those with joint venture underwriters and those with both captive and joint venture underwriters, 2013
Source: Finaccord Global Bancassurance reports
Captive, 41.6%
Captive and joint venture,
13.6%Joint
venture, 10.4%
None, 34.4%
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 7
Bancassurance strategies on a meta level: captives and JVsRanking of banking groups by value of premiums of captive and joint venture underwriters, 2012
Source: Finaccord Global Bancassurance reports
Rank Group Premiums (USD billion)
1 Crédit Agricole 29.002 ING Group 26.073 BNP Paribas 25.474 Bradesco 21.135 Crédit Mutuel 15.176 Lloyds Banking Group 13.137 Société Générale 13.098 HSBC 13.049 NongHyup Bank 9.1110 Intesa Sanpaolo 7.28
Total of above 172.49
Other retail banking groups in world's top 125
164.52
Grand total 337.01
French
French
French
Divesting
Divesting
"Role model of success"French
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 8
Bancassurance strategies on a meta level: strategic partnerships
Segmentation of 125 retail banking groups between those with and those without one or more strategic insurance partners, 2013
Source: Finaccord Global Bancassurance reports
One or more strategic
insurance partners,
41.6%
No strategic insurance
partner, 58.4%
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 9
The Romanian insurance market in a European contextThe size of the Romanian life insurance market compared to other European markets, 2013
Source: Finaccord Global Bancassurance reports
72.67
29.40
8.603.10
0.360
20
40
60
80
Italy Belgium Poland Czech Rep. Romania
EUR billion
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 10
The Romanian insurance market in a European contextThe size of the Romanian life insurance market compared to peer markets, 2013
Source: Finaccord Global Bancassurance reports
8.60
3.10
0.36
0
2
4
6
8
10
Poland Czech Republic Romania
EUR billion
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 11
The Romanian insurance market in a European contextSegmentation of the Romanian life insurance market compared to other European markets
Source: Finaccord Global Bancassurance reports
0%
20%
40%
60%
80%
100%
Italy Belgium Poland Czech Republic Romania
triggerProtection-related life insurance Investment-related life insuranceRetirement savings
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 12
The importance of the bancassurance channelEstimated distribution share of bancassurance in total life insurance, 2012 / 2013
Source: Finaccord Global Bancassurance reports
0%
20%
40%
60%
80%
100%
Spain France Russia Poland Italy China Germany UK
Where would you see Romania?
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 13
Source: FCA
The UK market: Why customer centricity mattersCreditor insurance compensation paid to clients since January 2011
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 14
The creditor insurance marketSize of the Romanian consumer lending market compared to other European countries, 2013 (EUR
billion)
Source: Finaccord Global Bancassurance reports
0
100
200
300
400
500
600
700
Italy Belgium Poland Czech Republic Romania
triggerMortgage balances outstanding Non-mortgage balances outstanding
602.0
214.9
107.1
41.823.2
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 15
The creditor insurance marketSize of the Romanian consumer lending market compared to peer countries, 2013 (EUR billion)
Source: Finaccord Global Bancassurance reports
0
20
40
60
80
100
120
Poland Czech Republic Romania
triggerMortgage balances outstanding Non-mortgage balances outstanding
107.1
41.8
23.2
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 16
The creditor insurance marketSize of the Romanian consumer lending market compared to other EU countries, 2013 (EUR / capita)
0
5,000
10,000
15,000
20,000
25,000
Belgium Italy Czech Republic Poland Romania
Mortgage balances per capita Non-mortgage balances per capita
Source: Finaccord Global Bancassurance reports
19,230
9,869
3,9492,778
1,089
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 17
The creditor insurance marketCreditor insurance premiums as a percentage of the total consumer lending market, 2013
Source: Finaccord Global Bancassurance reports
0.60%
0.46%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
Average of CZ / ES / IT / PL Romania
Temporary incapacity / unemployment coverDeath / permanent disability cover
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 18
Three key developments in bancassurance
1) Banking becomes something you do, not go to
2) Customer centricity will become more and more important
3) Bancassurance will become in itself a multi channel approach
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 19
Summary
The global bancassurance market remains in a state of continuing flux caused by a variety of factors
In a large number of European markets bancassurance is the leading distribution channel for life insurance products
Romanian bancassurance is still a long way from the most advanced European markets
Creditor insurance and investment-related life insurance are likely to offer the greatest potential
The Romanian Bancassurance Market in a European Context
© Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: [email protected] 20
Any questions?
Sources and related Finaccord publications:
Global Bancassurance: Strategies of the World's Top 125 Retail Banking GroupsCreditor Insurance in Latin America
Creditor Insurance in Northern, Central and Eastern EuropeCreditor Insurance in Southern and Western Europe
Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement SavingsLife Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance
Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement SavingsLife Bancassurance in Europe: Protection-Related Life Insurance
Life Bancassurance in Latin America: Protection-Related Life InsuranceNon-Life Bancassurance in Europe: Accident and Health Insurance
Non-Life Bancassurance in Europe: Motor and Household Insurance
Bancassurance country reports (covering 30+ different countries in the Asia-Pacific region, Europe and Latin America)