»    »  Insurance and Assistance linked to Payment Cards and Bank Accounts in Brazil

Insurance and Assistance linked to Payment Cards and Bank Accounts in Brazil

Published OnSep, 2013
Pages34
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FormatPDF + Excel database
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Insurance and Assistance linked to Payment Cards and Bank Accounts in Brazil investigates the market for insurance and assistance policies linked to banking products in this country. Drawing on the results of an investigation covering 576 individual payment card and bank account products offered by 44 banking institutions and specialised card providers in Brazil, the report analyses the provision of the following broad categories and types of insurance and assistance policy:

- accident / health cover: accidental death insurance, health / hospital cash plans, health assistance, personal accident insurance;

- creditor cover: creditor insurance – life / permanent disability, creditor insurance – temporary incapacity / unemployment;

- personal / identity protection cover: ATM cash theft insurance, card protection insurance, handbag / wallet insurance, identity protection assistance, identity protection insurance;

- shopping cover: extended warranty, price protection insurance, purchase protection insurance;

- travel cover: travel accident insurance, travel assistance, travel health insurance, travel inconvenience insurance, travel insurance - comprehensive;

- other cover: car hire insurance, home assistance, legal assistance, legal expenses insurance, missed event insurance, mobile gadget insurance, mobile phone insurance, personal liability insurance, road assistance, miscellaneous other insurance and assistance;

- concierge services.

Key features of this study include:

- quantification of the market size and segmentation for insurance and assistance linked to payment cards and bank accounts: approximately how much is the market worth in Brazil, how does it break down by broad category, how much is funded by the banking institutions themselves and how much is paid for separately by customers?

- analysis of the operating models used by banking organisations for insurance and assistance linked to payment cards and bank accounts: to what extent do they use external underwriters as opposed to captive or joint venture providers?

- calculation of provider share of partnerships based on number of relationships and partner size: which providers of insurance and assistance services have been successful in establishing relationships for each broad category of cover with the most significant banking institutions and other card issuers or distributors?

- availability of an accompanying PartnerBASE™ dataset that details the availability or otherwise of each individual insurance or assistance enhancement to the 576 payment card and bank account products analysed in Brazil. 

Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The provision of 30 forms of niche insurance and assistance is investigated in this study

Rationale

The new research builds upon that pioneered by Finaccord over a period of almost a decade in Europe

Methodology

Primary survey

The research covers 576 specific banking products offered by 44 banks and other organisations

Semi-weighted provider share of partnerships

Market size modelling

Operating models

Abbreviations

Definitions of specific types of insurance and assistance

PartnerBASE

Finaccord

2.0 MARKET ANALYSIS

Banks and other payment card issuers covered

Introduction to the banking market

State-controlled banks play a fairly important role in the Brazilian banking sector

Consumption has surged in recent years amid rising income and expanding domestic credit

The market has seen a number of mergers and acquisitions involving Banco Itaú and Bradesco

Introduction to the payment card sector

Retail sector card issuers account for the majority of credit cards in circulation in Brazil

The total number of credit cards in circulation increased strongly between 2009 and 2013

Insurance and assistance linked to payment cards and bank accounts

Overview of payment card products analysed

Over 30% of card products analysed are classifiable as premium cards

Broad types of insurance and assistance cover

Brazil hosts a very diverse market for insurance and assistance products linked to payment cards

Specific types of insurance and assistance cover

Card protection insurance registers the highest availability rate

Travel-related policies are seldom comprehensive

Provision rates tend to rise if premium products are analysed in isolation

Several types of insurance always require payment of an additional fee

Operating models

A number of captive and joint venture underwriters are active in the market

Competitor share of partnerships

Accident / health cover: Bradesco Seguros is the most visible provider in this field

Creditor cover: captive and joint venture underwriters dominate this domain

Personal / identity protection cover: familiar underwriters lead this field

Shopping-related cover: AIG and The Warranty Group are the strongest providers in this segment

Travel-related cover: AIG and AXA Assistance benefit from major card network deals

Other cover: the semi-weighted share of partnerships of the market leader is above one third

Concierge services: AXA Assistance holds agreements with several major card networks

Market size

Two categories of cover dominate Brazil's market for insurance and assistance linked to banking products

The vast majority of the market value is funded by customers rather than by the banks themselves

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

Specific types of insurance and assistance policy researched, grouped by broad category

2.0 MARKET ANALYSIS

Number of debit and credit cards in Brazil, 2009 to 2013

Key metrics for debit and credit cards in Brazil, 2009 to 2013

Summary of payment card products analysed in Brazil, segmented by category, 2013

Summary of payment card products analysed in Brazil, segmented by category, 2013 (table)

Relative weight of insurance and assistance policies linked to payment card products in Brazil, segmented by broad type of cover, 2013

Penetration of specific types of insurance and assistance linked to payment card products in Brazil, 2013: all products

Penetration of specific types of insurance and assistance linked to payment card and bank account products in Brazil, 2013: premium products only

Split of specific type of insurance and assistance linked to payment card and bank account products in Brazil between automatic cover and cover available for an additional fee, 2013

Operating models used for insurance and assistance policies linked to payment card and bank account products in Brazil, segmented by specific type of cover, 2013

Competitor share of partnerships for accident / health insurance and assistance policies linked to payment card and bank account products in Brazil, 2013

Competitor share of partnerships for creditor insurance policies linked to payment cards in Brazil, 2013

Competitor share of partnerships for personal / identity protection insurance and assistance policies linked to payment card and bank account products in Brazil, 2013

Competitor share of partnerships for shopping-related insurance policies linked to payment card and bank account products in Brazil, 2013

Competitor share of partnerships for travel-related insurance and assistance policies linked to payment card and bank account products in Brazil, 2013

Competitor share of partnerships for other insurance and assistance policies linked to payment card and bank account products in Brazil, 2013

Competitor share of partnerships for concierge services linked to payment card and bank account products in Brazil, 2013

Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in Brazil, segmented by broad type of cover, 2013 (USD million)

Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in Brazil, segmented by cover acquired automatically and cover acquired through payment of an additional fee, 2013 (USD million)

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