Non-Life Bancassurance in Europe: Accident and Health Insurance

NEW YORK, Jan. 23, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Non-Life Bancassurance in Europe: Accident and Health Insurance

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Non-Life Bancassurance in Europe: Accident and Health Insurance offers updated and expanded insights into the distribution by banks and other lending institutions of accident insurance, medical expenses insurance and health / hospital cash plans in 20 European countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK.

Drawing on the results of a survey of nearly 1,200 banking entities, the study reveals that 38.4% offer at least one of these three types of cover, giving around 790 initiatives for accident and health insurance in total. Hence, given that the aggregate market for accident and health insurance across the 20 countries is worth around EUR 167.5 billion, it is clear that banks and other lending institutions can intermediate a significant volume of business across these two sectors.

In addition to identifying bancassurance schemes for the distribution of accident insurance, medical expenses insurance and health / hospital cash plans, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external underwriters. Furthermore, it also calculates the weighted share of partnerships of the underwriters and other providers involved, thereby illustrating not only which competitors hold which partnerships but also which competitors hold the most significant distribution deals. Key findings from the executive summary include: - the value of the combined market for accident and health insurance across the 20 European countries investigated is around EUR 167.5 billion, consisting of EUR 23.4 billion attributable to accident cover and EUR 144.2 billion related to health insurance; - in terms of gross written premiums, France, Germany and the Netherlands have the largest markets for accident and health insurance, and between them these countries account for two thirds of total premiums in this area across Europe; - 38.4% of the 1,199 European banking entities surveyed have an arrangement in place for selling at least one of the three products covered by the research, albeit provision rates for accident insurance and medical expenses cover are generally far higher than those for health / hospital cash plans; - a weighted analysis of the share of bancassurance partnerships held by ultimate holding companies (i.e. groups) for accident and health policies indicates that Munich Re is the leading group by this measure, followed by Allianz, ACE, Crédit Mutuel and Talanx.

TABLE OF CONTENTS

Accident and health insurance is worth an estimated EUR 167.5 billion across these 20 countries . 1

Four countries account for around three quarters of this pan-European market total 2

Premiums per capita are highest in the Netherlands, Switzerland and France .. 3

The role played by banks in the distribution of these policies varies hugely across Europe… .. 4

…and is estimated to be strongest in Portugal and Turkey . 4

Provision rates for accident insurance are highest in Turkey and Austria ... 5

Banks in the Czech Republic and Russia do not distribute medical expenses policies . 5

The average Europe-wide provision rate for health / hospital cash plans is just 7.5% ... 5

The most common way for banks to organise provision is via a single external underwriter . 5

In the Netherlands and Portugal, accident policies are commonly underwritten on a captive basis .. 5

Within the weighted operating model analyses, captives and joint ventures take on added significance . 6

The leading three pan-European partners to banks in this field are Munich Re, Allianz and ACE 6

Europe's top eight underwriters account for a weighted share of partnerships of around 40% . 6

1.0 INTRODUCTION 8

What is this report about? .. 8

Distribution partnerships with banks and other lending institutions constitute the focus of this study 8

Rationale . 8

Around 40% of the banking entities surveyed sell at least one of the products covered by this report . 8

Methodology ... 9

Survey of banks and other lending institutions .. 9

Market data . 9

Definitions . 12

Accident insurance ... 12

Medical expenses insurance 12

Health / hospital cash plans . 12

Weighted provider share of partnerships 12

Operating models . 13

Abbreviations and exchange rates .. 13

Finaccord .. 14

2.0 EUROPEAN OVERVIEW 16

Introduction ... 16

Market analysis – accident and health insurance... 16

Across Europe, these markets had a combined value of around EUR 167.5 billion in 2010 ... 16

France, Germany and the Netherlands collectively account for two thirds of all premiums… . 16

…whereas the share (and absolute value) of premiums generated in Russia is growing rapidly 16

The Netherlands has the highest combined value of premiums per capita for these two products… . 19

…and Switzerland also ranks highly on a per capita basis, for both accident and health cover .. 19

Market analysis – accident insurance . 22

Across the region, accident insurance generated premiums of around EUR 23.4 billion in 2010 ... 22

Whilst Germany and Italy have the largest markets in absolute terms… .. 22

…the most rapid growth is occurring in relatively young markets such as Turkey and Russia 22

Premiums related to accident insurance in Romania fell dramatically between 2006 and 2010 . 22

Market analysis – health insurance . 25

Europe's health insurance markets were worth a collective EUR 144.2 billion in 2010 ... 25

Health premiums are growing more quickly, and more evenly, than those linked to accident cover ... 25

The largest four markets jointly account for more than 80% of the pan-European total… ... 25

…and several countries, including the Czech Republic, are seeing very strong growth in this sector 25 Bancassurance analysis .. 28

Provision rates and operating models for accident insurance 28

The availability of accident insurance from banks is highest in Turkey and Austria . 28

Use of a single external underwriter constitutes the most regularly used operating model... ... 28

Schemes underwritten on a captive basis are most common in the Netherlands and Portugal .. 28

Within a weighted operating model analysis, captives and joint ventures take on added significance 31

Provision rates and operating models for medical expenses insurance ... 34

Banks in Spain, Turkey and Germany are those most likely to distribute medical expenses cover 34

The single external underwriter operating model is used for around 45% of all schemes… 34

…and is the dominant operating model in nine of the 18 countries where this product is offered ... 34

The role played by insurance brokers is most noticeable in Austria, Turkey and the UK . 34

A weighted analysis is strongly influenced by captive underwriters owned by several large retail banks ... 37

Provision rates and operating models for health / hospital cash plans .. 40

Generally, the availability of cash plans is far lower than that of regular medical expenses cover…... 40

…although more than half of Italian banking entities promote these types of policy 40

More than two thirds of schemes are organised using the single external underwriter model . 40

Two banks, one Dutch and the other Italian, make use of an insurance broker ... 40

Under a weighted analysis, captive and joint venture underwriters combined account for a 23.4% share . 43

Distribution share of bancassurance for accident and health insurance ... 46

Finaccord's analysis illustrates the influence of bancassurance on a standardised basis ... 46

The role played by banks in the distribution of these policies varies hugely across Europe… 46

…with the bancassurance channel estimated to be strongest in Portugal and Turkey 46

In many countries, however, bank distribution accounts for less than 10% of the total market ... 46

Pan-European bancassurance groups for accident and health insurance ... 48

At a European level, the top eight providers account for a weighted share of partnerships of nearly 40% . 48

At a group level, the leading providers of accident and health policies to banks are Munich Re and Allianz… .. 48

…and major distribution partnerships in Germany are highly significant in this analysis .. 48

Of the various captive insurers, Crédit Mutuel is the most prominent ... 48

3.0 AUSTRIA ... 50

Banks and other lending institutions covered . 50

Introduction to the banking sector ... 50

The banking system can be divided according to how banks operate at the national, regional and local level .. 50

Austrian banks are expected to raise EUR 2.9 billion to meet new capital requirements . 51

Insurance market size and growth .. 51

Austria's market for accident and health insurance continues to grow at a consistent rate . 51

Around one million Austrian consumers have acquired supplementary health insurance ... 51

Distribution share of banks .. 53

Bancassurance provision rates, operating models and partnerships ... 53

Accident insurance ... 53

Insurance covering non-work accidents is available from over two thirds of the banks surveyed ... 53

s Versicherung and Raiffeisen Versicherung are the leading insurers by weighted share of partnerships . 53

ERGO and Generali have taken major stakes in important bancassurance providers in recent years ... 53

Counting all types of company, more than 20 product providers compete for bank mandates in this sector... ... 54

...including several joint ventures in which the banking partners are likely to divest their shares . 54

Entities with no scheme are mainly smaller banks and specialised lenders . 54

Medical expenses insurance 56

Generali and its Drei-Banken Versicherungs joint venture are the leading providers by weighted share ... 56

Health / hospital cash plans . 56

Just one banking entity among those researched offers a stand-alone hospital cash plan . 56

Performance of key bancassurance underwriters .. 59

The main bancassurers increased their share of accident insurance between 2006 and 2010 .. 59

In health insurance, only Wüstenrot Versicherung is active as a bank-owned underwriter.. 60

4.0 BELGIUM .. 61

Banks and other lending institutions covered . 61

Introduction to the banking sector ... 61

Structurally, Belgium's banking and insurance sectors are very closely linked . 61

Dexia's banking and insurance operations were nationalised in October 2011 61

Insurance market size and growth .. 62

Health insurance expands quite strongly while accident insurance stagnates . 62

Distribution share of banks .. 64

The distribution share of banks in accident and health insurance has increased marginally ... 64

Bancassurance provision rates, operating models and partnerships ... 65

Accident insurance ... 65

Most 'accident insurance' in Belgium is, in fact, simply a form of third-party liability cover ... 65

KBC Assurances and AG Insurance dominate the weighted provider rankings… ... 65

…and external providers Mercator Verzekeringen and Vanbreda Risk & Benefits also feature .. 65

Medical expenses insurance 67

Less than a quarter of banking institutions distribute this this type of health insurance 67

Once again, this market is dominated by captive partners such as AG Insurance and KBC Assurances... ... 67

…but DKV and Fidea Assurances hold relationships with two Crédit Agricole subsidiaries 67

Health / hospital cash plans . 69

Cover is available from Ethias Bank and self-employed specialist Bank J. Van Breda & Co .. 69

Performance of key bancassurance underwriters .. 71

On a combined basis, the market share in total non-life insurance of key Belgian bancassurers is stable... .. 71

...although is somewhat lower for non-work accident insurance... 72

...and lower still for health insurance ... 73

5.0 CZECH REPUBLIC .. 74

Banks and other lending institutions covered . 74

Introduction to the banking sector ... 74

The Czech banking sector has remained stable during and in the aftermath of recent financial crises... ... 74

...although the rate of foreign ownership could lead to significant restructuring 75

Insurance market size and growth .. 75

The value of health insurance is likely to overtake that of accident insurance during 2011 . 75

Distribution share of banks .. 76

Bancassurance provision rates, operating models and partnerships ... 77

Accident insurance ... 77

Accident insurance is marketed by over a third of banking institutions researched in the Czech Republic... .. 77

...where a variety of different operating models are in use . 77

22 banking entities have no apparent scheme in place for accident insurance 77

Medical expenses insurance and health / hospital cash plans .. 79

Health insurance policies have not yet been introduced as bancassurance products in the Czech Republic 79

Performance of key bancassurance underwriters .. 79

Underwriters with a focus on bancassurance gained ground in total non-life policies between 2006 and 2010 . 79

The growth of bancassurance is also evident in an analysis of total non-motor, non-life insurance 80

6.0 DENMARK 81

Banks and other lending institutions covered . 81

Introduction to the banking sector ... 81

Seven of the largest ten banking institutions are indigenous to Denmark . 81

The Danish banking sector has changed significantly as a result of the financial crisis... 81

...and the number of lending institutions is expected to decrease further .. 82

However, the four largest Danish banks remain comparatively healthy 82

Insurance market size and growth .. 83

Denmark's market for accident and health insurance is expanding at a relatively robust pace ... 83

Distribution share of banks .. 84

Bancassurance provision rates, operating models and partnerships ... 84

Accident insurance ... 84

Accident insurance is offered by 12 of the 41 banks and other lending institutions investigated . 84

Nordea set up a strategic partnership with Tryg in 2002... . 84

...with Codan having established a distribution relationship with local saving banks two years previously . 85

Only two captive underwriters are active in relation to this type of cover .. 85

Medical expenses insurance 87

Medical expenses policies are offered by relatively few banks in Denmark.. 87

Health / hospital cash plans . 87

...and health / hospital cash plans by even fewer ... 87

Performance of key bancassurance underwriters .. 90

The two underwriters with a core focus on the bank distribution channel are relatively minor players 90

7.0 FINLAND ... 91

Banks and other lending institutions covered . 91

Introduction to the banking sector ... 91

Finland's banking sector is relatively concentrated, and is dominated by OP-Pohjola and Nordea... . 91

...albeit with competition from a range of other foreign-owned, co-operative and savings banks... . 91

...plus S-Pankki, the banking arm of the S-Group retailing co-operative ... 92

The Finnish banking system has a very low exposure to troubles elsewhere in Europe . 92

Insurance market size and growth .. 92

Excluding workers' compensation cover, the accident and health insurance market is growing quite rapidly 92

Distribution share of banks .. 94

Bancassurance provision rates, operating models and partnerships ... 94

Accident insurance ... 94

Accident insurance is sold by a handful of Finnish banking institutions 94

Nordea's partnership with Tryg is driven by a long-standing agreement that dates back to 2002 ... 94

Medical expenses insurance 96

Banks offer medical expenses insurance less frequently than they do accident insurance... .. 96

Health / hospital cash plans . 96

...and there is no evidence whatsoever of health or hospital cash plans being available . 96

Performance of key bancassurance underwriters .. 98

Pohjola has maintained a relatively steady market share in accident and health cover ... 98

8.0 FRANCE 99

Banks and other lending institutions covered . 99

Introduction to the banking sector ... 99

Insurance market size and growth 100

Health insurance policies can be underwritten by three distinct types of product provider... .. 100

...namely specialist health mutuals, provident institutions and mainstream insurers .. 100

Premiums paid for GAV policies have reached EUR 547 million since their launch in 2001 . 100

Distribution share of banks 101

French banks continue to make steady progress in non-life insurance .. 101

Bancassurance provision rates, operating models and partnerships . 102

Accident insurance . 102

Accident cover is commonly marketed by French banks, normally in the form of GAV policies... . 102

…with most provision being organised on either a captive or joint venture basis ... 102

Assurances Banque Populaire IARD is the leading joint venture underwriter for these policies… 102

…whilst captive insurers Pacifica, Cardif and ACM are also prominent in this market ... 102

Other captive and joint venture entities include BPCE Assurances, HSBC Assurances and Sogessur ... 103

One bank, Crédit Social des Fonctionnaires, makes use of a captive broker (Progretis) ... 103

Medical expenses insurance .. 105

Medical expenses cover is available from a relatively small minority of French banking entities... 105

...although these include most of the largest institutions .. 105

Many partnerships in force for medical expenses cover mirror those used for accident insurance ... 105

External providers identified by the research include Intériale Mutuelle, SMI and SMIP 105

Health / hospital cash plans ... 107

Stand-alone health or hospital cash plans are rarely available from French retail banks... 107

…although they are from the CIC and Crédit Mutuel networks, which use ACM as a captive insurer .. 107

Other competitors distributing through banking partners include ACE, Cardif and MetLife ... 107

Performance of key bancassurance underwriters 109

All bank-owned underwriters increased their share of total non-life insurance in France in 2010... ... 109

...although they remain comparatively small players in the overall health insurance sector .. 110

9.0 GERMANY .. 111

Banks and other lending institutions covered ... 111

Introduction to the banking sector . 112

In spite of some consolidation, Germany's banking sector remains comparatively fragmented 112

Many of the regional public sector banks have suffered during the financial crisis... .. 112

...although the savings banks are largely perceived by consumers to be safe institutions . 112

Taken as a whole, the co-operative banks possess the most retail branches in Germany 113

Insurance market size and growth 113

Germany's large and growing health insurance market itself breaks down into six main product categories ... 113

Around 9 million German consumers possess private medical insurance policies... . 113

...which sometimes incorporate hospital cash benefits, but rarely health cash benefits . 114

Distribution share of banks 115

The most recent evidence suggests the distribution share of banks in accident and health insurance is rising ... 115

Bancassurance provision rates, operating models and partnerships . 115

Accident insurance . 115

Accident insurance is widely available from banking institutons in Germany.. 115

PB Versicherung, owned by Talanx, holds a partnership with much unrealised potential . 115

Commerzbank switched its bancassurance provider following acquisition of Dresdner Bank in 2008 .. 116

Talanx is also active in this bancassurance segment via neue leben and TARGO Versicherung 116

16 banks with more than one million retail clients appear to have no scheme for accident insurance .. 116

Medical expenses insurance .. 118

By means of four key bancassurance partnerships, DKV holds the highest weighted share 118

Union Krankenversicherung is the main health insurance provider used by public sector banks... ... 118

...although HanseMerkur has established relationships with several 'sparkassen' 118

Many quite sizeable banking institutions in Germany do not distribute medical expenses insurance ... 118

Health / hospital cash plans ... 120

ACE European Group holds the partnership with by far the highest latent potential in this arena . 120

Other relationships are limited to medium-sized and small banking entities ... 120

Performance of key bancassurance underwriters 122

TARGO Versicherung has improved its market share in Germany's accident insurance sector ... 122

10.0 IRELAND ... 123

Banks and other lending institutions covered ... 123

Introduction to the banking sector . 123

Six major Irish banks have been reduced to three by the financial crisis... . 123

...with foreign-owned banks making up the remainer of the field . 123

The Irish League of Credit Unions has the largest customer base, spread across 400 entities 124

Insurance market size and growth 124

Gross written premiums for health insurance in Ireland have grown rapidly in recent years.. 124

Distribution share of banks 125

Bancassurance provision rates, operating models and partnerships . 126

Accident insurance . 126

Medical expenses insurance .. 126

Only two banking institutions distribute medical expenses insurance... .. 126

...giving three underwriters a near equal weighted share of partnerships ... 126

Aviva acquired a 70% stake in Vivas Health in 2008, eventually renaming it Aviva Health ... 126

Health / hospital cash plans ... 126

Performance of key bancassurance underwriters 128

The market share of Aviva Health in Irish health insurance has increased rapidly in recent years ... 128

11.0 ITALY . 129

Banks and other lending institutions covered ... 129

Introduction to the banking sector . 129

Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network… 129

… although these are being challenged by an array of ambitious regional competitors… 130

… including the banche di credito cooperative and casse Raiffeisen….. 130

… as well as several insurer-owned banks and banks falling under foreign ownership . 130

Italy also plays host to a considerable number of specialised lending institutions .. 130

Italy's banking groups typically encapsulate a number of local or regional banking brands... 131

Insurance market size and growth 132

Italy's health insurance sector expands although accident insurance has begun to decline .. 132

Distribution share of banks 133

Banks have made significant progress as distributors in accident and health insurance ... 133

Bancassurance provision rates, operating models and partnerships . 134

Accident insurance . 134

Accident insurance policies are sold by more than half of the Italian banking institutions surveyed .. 134

Two captives and two joint ventures rank among the top five underwriters by weighted share of partnerships ... 134

Unipol has owned over 60% of the equity capital of Arca since June 2010 134

ACE European Group, Cattolica and Chiara Assicurazioni also hold significant relationships .. 134

Entities not distributing accident insurance include 23 with more than 250,000 retail customers .. 135

Medical expenses insurance .. 137

45% of banking entities researched in Italy are distributors of medical expenses insurance . 137

By weighted share of partnerships, the five leading firms are either captives or joint ventures.. 137

Other captives include CBA Vita, Chiara Assicurazioni, Global Assistance and Mediolanum Assicurazioni 137

The status of an exclusive, non-captive provider is held by a relatively high number of underwriters ... 137

A number of significant banking institutions have no arrangement in place for medical expenses cover . 137

Health / hospital cash plans ... 140

DKV Salute benefits from one major partnership in this field... 140

...whereas Europ Assistance collaborates with six banking entities 140

Although configured originally as a joint venture, BancAssurance Popolari is now classifiable as a captive 140

In addition to American Express, ACE European Group co-operates with another major specialised lender .. 140

Over 20 sizeable banking institutions have no visible partnership for health or hospital cash plans . 141

Performance of key bancassurance underwriters 143

Bank-owned underwriters grew their total market share of accident cover in each year from 2006 to 2010... . 143

...with a similar progression visible for health insurance, where Eurizon Tutela is the peer group leader . 144

12.0 NETHERLANDS ... 145

Banks and other lending institutions covered ... 145

Introduction to the banking sector . 145

The Dutch state exerts a greater influence on the retail banking sector than foreign institutions... 145

…and is likely to continue to do so until 2014 at least .. 145

ING has reshaped itself greatly in recent years 145

Several lending institutions have closed to new business ... 146

Insurance market size and growth 147

The value of the Dutch health insurance market is exceptionally high because cover is obligatory .. 147

Distribution share of banks 148

The relative strength of Dutch banks in personal non-life insurance is not replicated in health insurance 148

Bancassurance provision rates, operating models and partnerships . 149

Accident insurance . 149

Provision of accident insurance by banks is carried out mainly by means of captive underwriters ... 149

Five institutions classified as banks (as opposed to specialised lenders) have no activity in this area .. 149

Medical expenses insurance .. 151

Banks do not constitute a significant channel for distributing health insurance policies... .. 151

... although ING struck up a new distribution partnership with VGZ in November 2011 . 151

Health / hospital cash plans ... 151

Performance of key bancassurance underwriters 153

Underwriters owned wholly or in part by banks account for a relatively low share of premiums 153

13.0 NORWAY .. 154

Banks and other lending institutions covered ... 154

Introduction to the banking sector . 154

Four, or arguably five, of the ten lending institutions are owned by foreign parents ... 154

Two savings bank groups play an important role in Norway's banking sector 154

International financial crises have had a limited impact on Norway's banking market ... 155

Insurance market size and growth 155

Most health insurance in Norway is classifiable as children's health insurance .. 155

Distribution share of banks 157

Bancassurance provision rates, operating models and partnerships . 157

Accident insurance . 157

A significant number of Norwegian banking entities distribute accident insurance . 157

The leading providers include Vital Forsikring, Tryg Forsikring and SpareBank 1 Forsikring 157

Tryg continues to benefit from its long-term strategic alliance with Nordea 157

Frende Forsikring is a joint venture established in 2007 by four independent savings banks 158

Several independent savings banks are found to collaborate with Gjensidige ... 158

Children's insurance is a common form of accident insurance in Norway .. 158

Medical expenses insurance .. 160

Discounting children's insurance, 'regular' medical expenses insurance is rarely sold by banks... ... 160

Health / hospital cash plans ... 160

...and health / hospital cash plans are entirely absent .. 160

Performance of key bancassurance underwriters 162

Key bancassurance underwriters have expanded their combined share of the accident insurance market... .. 162

...and are much stronger in children's insurance than in medical cover .. 163

14.0 POLAND ... 164

Banks and other lending institutions covered ... 164

Introduction to the banking sector . 164

Eight of the top ten banking institutions (by number of retail cleints) are owned by foreign parents... ... 164

...and the Polish government maintains a significant stake in the largest bank, PKO Bank Polski 164

Poland's banking sector is characterised by significant merger and acquisition activity... .. 165

...with further changes in market structure likely to occur in future years 165

Whilst comparatively strong, Poland's banks are not immune to factors in the wider eurozone 165

Insurance market size and growth 166

Including both stand-alone and bundled policies, accident insurance dwarfs health insurance in Poland 166

Distribution share of banks 167

From a very low base, Polish banks are establishing a foothold in both non-life insurance generally... 167

...and in accident and health insurance, in particular ... 167

Bancassurance provision rates, operating models and partnerships . 168

Accident insurance . 168

Accident insurance is quite widely available from banks and other lending institutions in Poland . 168

...with Generali having carved out a strong position in this bancassurance sector . 168

Two banks have established online aggregation platforms . 168

Bank Zachodni WBK's joint venture with Aviva was established in 2008 ... 169

At least one distribution relationship is determined by an international bancassurance alliance ... 169

Medical expenses insurance .. 171

Medical expenses insurance is offered by a lower proportion of banking entities .. 171

PZU, Allianz and Cardif each hold more than one distribution relationship in this arena ... 171

Health / hospital cash plans ... 173

The six distribution deals in this sphere are split between six different product providers .. 173

Performance of key bancassurance underwriters 175

Europa grew its share of total non-life insurance consistently between 2006 and 2010 175

15.0 PORTUGAL .. 176

Banks and other lending institutions covered ... 176

Introduction to the banking sector . 176

Insurance market size and growth 177

Although compulsory work accident insurance is in decline, personal accident insurance is rising .. 177

The growing health insurance market is composed mainly of medical expenses and dental policies .. 177

Distribution share of banks 178

Banks achieved modest growth as a non-life insurance sales channel between 2008 and 2010 . 178

Bancassurance provision rates, operating models and partnerships . 179

Accident insurance . 179

Accident insurance is marketed by nearly a third of banking institutions in Portugal .. 179

Six captive underwriters and two joint ventures are active in this bancassurance sector ... 179

24 banking entities have no apparent scheme in place for accident insurance .. 179

Crédit Agricole entered into its bancassurance joint venture with Banco Espírito Santo in 2006 .. 179

Medical expenses insurance .. 181

The provision rate for medical expenses cover is slightly higher than that for accident insurance 181

Stand-alone dental insurance policies are available from a number of Portuguese banks 181

AXA Seguros benefits from three major bank distribution partnerships in this field 181

In contrast to its counterpart in Spain, Eurovida in Portugal is owned outright by Banco Popular . 181

Health / hospital cash plans ... 183

Only two banking institutions sell stand-alone health or hospital cash plans .. 183

Performance of key bancassurance underwriters 185

Bank-owned entities hold a much larger share of non-life policies than the bancassurance channel does .. 185

16.0 ROMANIA . 186

Banks and other lending institutions covered ... 186

Introduction to the banking sector . 186

Insurance market size and growth 187

The tiny market for accident and health insurance in Romania has contracted in recent years 187

Distribution share of banks 188

Bancassurance provision rates, operating models and partnerships . 189

Accident insurance . 189

Accident insurance is not commonly marketed by Romanian banks... ... 189

...although it is available from several of the larger institutions 189

Medical expenses insurance .. 191

Only one bank-owned underwriter is active in the market for medical expenses insurance .. 191

By weighted share of partnerships, BCR Asigurari is the market leader . 191

AEGON's link with Banca Transilvania dates back to an agreement forged in 2007 . 191

Health / hospital cash plans ... 193

The provision rate for health and hospital cash plans is the same as for other accident and health policies... . 193

...which means that the majority of Romanian banks do not market this product ... 193

Performance of key bancassurance underwriters 195

Key bancassurers secured a combined market share of over 25% in accident insurance in 2010 ... 195

BCR Asigurari de Viata reported gross written premiums equal to a 15.9% share of health cover in 2010 .. 196

17.0 RUSSIA . 197

Banks and other lending institutions covered ... 197

Introduction to the banking sector . 197

Banks owned ultimately by the state continue to exert a strong influence on Russia's banking sector... .. 197

...with several foreign banks having decided to exit the market ... 198

Russia's banking sector has changed very significantly in recent years... .. 198

...with a new wave of merger and acquisition activity in evidence since 2008... . 198

...and with further changes in the market structure likely to occur ... 199

In spite of its problems, there is plenty of scope for the Russian retail banking market to grow. 199

Insurance market size and growth 199

Compulsory health insurance for government employees makes up the bulk of the market . 199

Distribution share of banks 201

The primary bancassurance focus of Russian banks lies on creditor and motor policies .. 201

Bancassurance provision rates, operating models and partnerships . 201

Accident insurance . 201

Stand-alone accident cover (as opposed to creditor insurance) is not widely marketed by banks 201

Alfa-Bank distributes accident insurance with coverage options to suit different target customer groups . 201

Probisenes Bank sells specialist children's insurance, in addition to classic accident cover .. 201

Deposit balance protection insurance is not included in Finaccord's analysis of accident insurance 202

To order this report:Managed care Industry: Non-Life Bancassurance in Europe: Accident and Health Insurance

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