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The Romanian Bancassurance Market in a European Context

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

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The Romanian Bancassurance Market in a European Context

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  1. The Romanian Bancassurance Market in a European Context Romanian Bancassurance Forum. From European Trends, to the Romanian Reality. Bucharest, March 5th – 6th 2014

  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 developmentsinbancassurance • Summary

  3. Key factors that shape bancassurance strategies 1. Meta level: Regulation Forced divestment Bancassurance Strategies 2. Country level: Regulation Market characteristics

  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 been forced to divest assets 2. Country level Regulation: Mediation laws, insurance shareholding of banks, product regulation Market characteristics: Maturity, insurance penetration

  5. Developed markets Romania ü Commitment of banks to insurance Developing Large market for investment-related û ü insurance ü Large consumer lending market Underdeveloped Tight and cultivated bancassurance ü Developing partnerships ü Underdeveloped Staff training ü Underdeveloped Tailormade products for the bank Key success factors for bancassurance

  6. 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% Joint venture, Captive and 10.4% joint venture, 13.6% Source: Finaccord Global Bancassurance reports

  7. Bancassurance strategies on a meta level: captives and JVs Ranking of banking groups by value of premiums of captive and joint venture underwriters, 2012 French Divesting French "Role model of success" French French Divesting Source: Finaccord Global Bancassurance reports

  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

  9. EUR billion 80 72.67 60 40 29.40 20 8.60 3.10 0.36 0 Italy Belgium Poland Czech Rep. Romania The Romanian insurance market in a European context The size of the Romanian life insurance market compared to other European markets, 2013 Source: Finaccord Global Bancassurance reports

  10. EUR billion 10 8.60 8 6 4 3.10 2 0.36 0 Poland Czech Republic Romania The Romanian insurance market in a European context The size of the Romanian life insurance market compared to peer markets, 2013 Source: Finaccord Global Bancassurance reports

  11. trigger 100% 80% 60% 40% 20% 0% Italy Belgium Poland Czech Republic Romania The Romanian insurance market in a European context Segmentation of the Romanian life insurance market compared to other European markets Protection - related life insurance Investment - related life insurance Retirement savings Source: Finaccord Global Bancassurance reports

  12. 100% 80% 60% 40% 20% 0% China Spain France Russia Poland Italy Germany UK The importance of the bancassurance channel Estimated distribution share of bancassurance in total life insurance, 2012 / 2013 Where would you see Romania? Source: Finaccord Global Bancassurance reports

  13. The UK market: Why customer centricity matters Creditor insurance compensation paid to clients since January 2011 Source: FCA

  14. trigger 700 600 500 400 300 200 100 0 Italy Belgium Poland Czech Republic Romania The creditor insurance market Size of the Romanian consumer lending market compared to other European countries, 2013 (EUR billion) Mortgage balances outstanding Non - mortgage balances outstanding 602.0 214.9 107.1 41.8 23.2 Source: Finaccord Global Bancassurance reports

  15. trigger 120 100 80 60 40 20 0 Poland Czech Republic Romania The creditor insurance market Size of the Romanian consumer lending market compared to peer countries, 2013 (EUR billion) Mortgage balances outstanding Non - mortgage balances outstanding 107.1 41.8 23.2 Source: Finaccord Global Bancassurance reports

  16. 25,000 20,000 15,000 10,000 5,000 0 Belgium Italy Czech Republic Poland Romania The creditor insurance market Size of the Romanian consumer lending market compared to other EU countries, 2013 (EUR / capita) Mortgage balances per capita Non-mortgage balances per capita 19,230 9,869 3,949 2,778 1,089 Source: Finaccord Global Bancassurance reports

  17. Temporary incapacity / unemployment cover Death / permanent disability cover 0.7% 0.60% 0.6% 0.46% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% Romania Average of CZ / ES / IT / PL The creditor insurance market Creditor insurance premiums as a percentage of the total consumer lending market, 2013 Source: Finaccord Global Bancassurance reports

  18. Three key developments in bancassurance • Banking becomes something you do, not go to • Customer centricity will become more and more important • 3) Bancassurance will become in itself a multi channel approach

  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

  20. 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 country reports (covering 30+ different countries in the Asia-Pacific region, Europe and Latin America)

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