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Presentation: Russian Bancassurance Market in an International Context

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Information about Presentation: Russian Bancassurance Market in an International Context
Finance

Published on February 27, 2014

Author: Finaccord

Source: slideshare.net

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Presentation at Uniglobal 4th Annual Bancassurance Conference in Russia and CIS, Moscow, 27th of February 2014
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The Russian Bancassurance Market in an International Context TheBancassurance Models in an Russian Bancassurance Market International World Around the Context 4th Annual Conference 'Bancassurance in Russia and CIS' Moscow, February 27th – 28th 2014 © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 1

The Russian Bancassurance Market in an International Context Agenda  Key factors that shape bancassurance markets  Key success factors for bancassurance  Bancassurance strategies on a meta level  The Russian bancassurance market in an European context  The market for creditor insurance as a key segment for bancassurance  Summary © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 2

The Russian Bancassurance Market in an International Context Key factors that shape bancassurance strategies 1. Meta level: Regulation Forced divestment Bancassurance Strategies 2. Country level: © Finaccord Ltd., 2014 Regulation Market characteristics Web: www.finaccord.com. E-mail: info@finaccord.com 3

The Russian Bancassurance Market in an International Context 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 been forced to divest assets 2. Country level Regulation: Mediation laws, insurance shareholding of banks, product regulation Market characteristics: Maturity, insurance penetration © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 4

The Russian Bancassurance Market in an International Context Key success factors for bancassurance Developed markets Russia Commitment of banks to insurance  Developing Large market for investment-related insurance   Large consumer lending market  Developing Tight and cultivated bancassurance partnerships  Developing Staff training  Underdeveloped Tailormade products for the bank  Underdeveloped © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 5

The Russian Bancassurance Market in an International Context Bancassurance strategies on a meta level Segmentation 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 None, 34.4% Captive, 41.6% Captive and joint venture, 13.6% Joint venture, 10.4% Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 6

The Russian Bancassurance Market in an International Context Bancassurance strategies on a meta level: captives and JVs Ranking of banking groups by value of premiums of captive and joint venture underwriters, 2012 Rank Group French French French French 1 2 3 4 5 6 7 8 9 10 Premiums (USD billion) Crédit Agricole Divesting ING Group BNP Paribas "Role model of success" Bradesco Crédit Mutuel Lloyds Banking Group Société Générale Divesting HSBC NongHyup Bank Intesa Sanpaolo 29.00 26.07 25.47 21.13 15.17 13.13 13.09 13.04 9.11 7.28 Total of above 172.49 Other retail banking groups in world's top 125 164.52 Grand total 337.01 Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 7

The Russian Bancassurance Market in an International Context 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 One or more strategic insurance partners, 41.6% No strategic insurance partner, 58.4% Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 8

The Russian Bancassurance Market in an International Context The Russian insurance market in a European context The size of the Russian life insurance market compared to other key European markets, 2013 (EUR billion) 140 120.6 120 100 72.7 80 60 40 29.4 20 0 8.6 France Italy Belgium Poland 3.4 Russia Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 9

The Russian Bancassurance Market in an International Context The Russian insurance market in a European context Segmentation of the Russian life insurance market compared to other European markets Protection -related life insurance Retirement savings Investment - related life insurance 100% 80% 60% 40% 20% 0% France Italy Belgium Poland Russia Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 10

The Russian Bancassurance Market in an International Context The importance of the bancassurance channel Estimated distribution share of bancassurance in total life insurance, 2012 / 2013 100% 80% Where would you see Russia in five years? 60% 40% 20% 0% ES FR RU PL IT CN DE UK Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 11

The Russian Bancassurance Market in an International Context The creditor insurance market Size of the Russian consumer lending market compared to other European countries, 2013 (EUR billion) Mortgage balances outstanding Non -mortgage balances outstanding 1,400 1,200 1,000 800 600 400 200 0 France Spain Italy Russia Belgium Poland Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 12

The Russian Bancassurance Market in an International Context The creditor insurance market Size of the Russian consumer lending market compared to other European countries, 2013 (EUR / capita) Mortgage balances per capita Non-mortgage balances per capita 25,000 20,000 15,000 10,000 5,000 0 Belgium France Spain Italy Poland Russia Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 13

The Russian Bancassurance Market in an International Context The creditor insurance market Size of total consumer lending markets, 2009, 2013 with a forecast to 2017 (EUR billion) 1,400 France 1,200 1,000 800 Spain 600 Italy 400 Russia Belgium 200 Poland 0 2009 2013 2017 Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 14

The Russian Bancassurance Market in an International Context The creditor insurance market Creditor insurance premiums as a percentage of the total consumer lending market, 2013 Temporary incapacity / unemployment cover Death / permanent disability cover 1.0% 0.77% 0.8% 0.60% 0.6% 0.4% 0.2% 0.0% Average of FR / IT / PL / ES Russia Source: Finaccord Global Bancassurance reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 15

The Russian Bancassurance Market in an International Context The creditor insurance market New and used passenger car finance market in Russia, segmented by distribution channel: values Passenger car finance gross advances / assets leased (RUB billion) 1,250 Used – direct lending 1,000 New – direct lending Used – point-of-sale 750 500 New – point-of-sale 250 0 2008 2009 2010 2011 2012 Source: Finaccord Global Consumer Automotive Financial Services reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 16

The Russian Bancassurance Market in an International Context The creditor insurance market Take-up rates (where available) of creditor and GAP insurance through automotive dealers, 2013 100% Creditor insurance GAP insurance 80% 61.6% 60% 41.6% 40% 22.8% 20% 7.7% 0% Average of BE / ES / FR / IT / PL Russia Note – take-up rate for creditor insurance is for car buyers who take out finance or leasing through car dealers; take-up rate for GAP insurance is for all car buyers purchasing through car dealers Source: Finaccord Global Consumer Automotive Financial Services reports © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 17

The Russian Bancassurance Market in an International Context 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 Russian bancassurance has developed rapidly in recent years but 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 © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 18

The Russian Bancassurance Market in an International Context Any questions? Sources and related Finaccord publications: Global Bancassurance: Strategies of the World's Top 125 Retail Banking Groups Creditor Insurance in Latin America Creditor Insurance in Northern, Central and Eastern Europe Creditor Insurance in Southern and Western Europe Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in Europe: Protection-Related Life Insurance Life Bancassurance in Latin America: Protection-Related Life Insurance Non-Life Bancassurance in Europe: Accident and Health Insurance Non-Life Bancassurance in Europe: Motor and Household Insurance Bancassurance in Russia: Life, Non-Life And Creditor Insurance Bancassurance country reports (covering 30+ different countries in the Asia-Pacific region, Europe and Latin America) © Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 19

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