Consumer Approaches to Payment Protection Insurance in Germany

Publication Date	August 2006
Publisher	Finaccord
Product Type	Report
Pages	60
ISBN Number	not applicable
Product Code	FIN00102

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Summary

The report titled Creditor Metrics

insurance designed and marketed specifically for protection of payments or other forms of protection policy? Moreover, for each type of loan, it reveals the proportion of borrowers covered for each of the four main risks - death, permanent disability, temporary incapacity and unemployment - and verifies where, how and when the consumer acquired the insurance. Finally, the report measures the degree to which borrowers are satisfied with their insurance and for consumers lacking insurance it investigates why they have chosen to remain uninsured. The market for creditor insurance is of fundamental importance both to banks and other lending institutions and the insurance providers with which they work. Indeed, maximising the results from creditor insurance programs offers the potential for banks to enhance significantly the margins that they achieve from lending to consumers. Meanwhile, insurance companies benefit from the fact that the profitability of creditor insurance is often high in comparison to other forms of insurance. As such, this study and the other titles in the Creditor Metrics series are designed to allow both banks and insurance companies to benchmark their performance in the arena.

Content

0.0 Executive Summary
- Mortgage Borrowers Are Almost Four Times As Likely To Possess Cover As Credit Card Holders
- Straightforward Life Insurance Policies Are Most Commonly Sold In Conjunction With Mortgages
- Cover For Temporary Incapacity Is Most Frequent For Non-Mortgage Loans And Credit Cards
- There Is Plenty Of Scope To Increase Cross-Selling Rates For Insurance Covering Unemployment
- Distribution Channels Other Than The Original Lender Are Often Used To Buy Related Ins. Policies...
- The Potential For Sales Through Retrospective Marketing Is Highest For Ins. Linked To Credit Cards
- The Majority Of Consumers Holding Insurance Linked To Lending Products Appear To Be Satisfied
1.0 Introduction
- Finaccord
- European Consumer Research
- Creditor Insurance
- Mobile Telephone Insurance
- Travel Insurance
- European Market, Partnership And Bancassurance Research
- Research Rationale
- The Creditor Metrics Series Offers Vital Benchmarking Data For Lending Insts. And Underwriters
- Research Methodology
- The Research Embraces A Total Of 1,210 Respondents In Germany
- Research Strengths And Weaknesses
2.0 Survey Analysis
- Introduction
- Mortgages
- % Of Respondents Holding A Mortgage
- % Of Respondents With Insurance That Protects Their Mortgage Payments
- Attitudes Towards Insurance Protecting Mortgages Of Respondents Without Cover
- Types Of Insurance Used By Respondents To Protect Mortgage Payments
- Risks Covered By Insurance Used By Respondents To Protect Mortgage Payments
- Insurance Used To Protect Mortgage Payments - Distribution Channels
- Insurance Used To Protect Mortgage Payments - Distribution Interfaces
- Insurance Used To Protect Mortgage Payments - Point In Time Obtained
- Attitudes Towards Insurance Protecting Mortgages Of Respondents With Cover
- Personal Loans / Consumer Credit (Including Car Finance / Leasing)
- % Of Respondents Holding A Personal Loan, Consumer Credit Or Car Finance Contract
- % Of Respondents With Insurance That Protects Their Non-Mortgage Loan Payments
- Attitudes Towards Insurance Protecting Loans Of Respondents Without Cover
- Types Of Insurance Used By Respondents To Protect Non-Mortgage Loan Payments
- Risks Covered By Insurance Used By Respondents To Protect Loan Payments
- Insurance Used To Protect Non-Mortgage Loan Payments - Distribution Channels
- Insurance Used To Protect Non-Mortgage Loan Payments - Distribution Interfaces
- Insurance Used To Protect Non-Mortgage Loan Payments - Point In Time Obtained
- Attitudes Towards Insurance Protecting Loans Of Respondents Without Cover
- Credit Cards
- % Of Respondents Holding A Credit Card
- % Of Respondents With Insurance That Protects Their Credit Card Payments
- Attitudes Towards Insurance Protecting Credit Cards Of Respondents Without Cover
- Types Of Insurance Used By Respondents To Protect Credit Card Payments
- Risks Covered By Insurance Used By Respondents To Protect Credit Card Payments
- Insurance Used To Protect Credit Card Payments - Paid For And Free Policies
- Insurance Used To Protect Credit Card Payments - Distribution Channels
- Insurance Used To Protect Credit Card Payments - Distribution Interfaces
- Insurance Used To Protect Credit Card Payments - Point In Time Obtained
- Attitudes Towards Insurance Protecting Credit Card Of Respondents Without Cover
Graphics / Tables
- Sample Breakdown By Age Group, Household Income Band And Geographical Location
- % Of Respondents In Germany Holding A Mortgage, 2006
- % Of Respondents In Germany Holding Insurance That Protects Their Mortgage Payments, 2006
- % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In Germany Without Cover, 2006
- Types Of Insurance Used By Respondents In Germany To Protect Mortgage Payments, 2006 (1)
- Types Of Insurance Used By Respondents In Germany To Protect Mortgage Payments, 2006 (2)
- Risks Covered By Insurance Used By Respondents In Germany To Protect Mortgage Payments, 2006
- Distribution Channels Used By Resps. In Germany To Obtain Insurance Used To Protect Mortgage Payments, 2006
- Distribution Interfaces Used By Resps. In Germany To Obtain Insurance Used To Protect Mortgage Payments, 2006
- Point In Time Chosen By Respondents In Germany To Obtain Insurance Used To Protect Mortgage Payments, 2006
- % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In Germany With Cover, 2006
- % Of Respondents In Germany Holding A Personal Loan Or Consumer Credit Contract (Inc. Car Finance / Leasing), 2006
- % Of Respondents In Germany Holding Insurance That Protects Their Personal Loan / Cons. Credit Payments, 2006
- % Split Of Atts. Towards Ins. That Protects Pers. Loan / Cons. Credit Payments Of Resps. In Germany Without Cover, 2006
- Types Of Insurance Used By Resps. In Germany To Protect Personal Loan / Consumer Credit Payments, 2006 (1)
- Types Of Insurance Used By Resps. In Germany To Protect Personal Loan / Consumer Credit Payments, 2006 (2)
- Risks Covered By Insurance Used By Respondents In Germany To Protect Pers. Loan / Cons. Credit Payments, 2006
- Dist. Channels Used By Resps. In Germany To Obtain Ins. Used To Protect Pers. Loan / Cons. Credit Payments, 2006
- Dist. Interfaces Used By Resps. In Germany To Obtain Ins. Used To Protect Pers. Loan / Cons. Credit Payments, 2006
- Point In Time Chosen By Resps. In Germany To Obtain Ins. Used To Protect Pers. Loan / Cons. Credit Payments, 2006
- % Split Of Atts. Towards Ins. That Protects Pers. Loan / Cons. Credit Payments Of Resps. In Germany With Cover, 2006
- % Of Respondents In Germany Holding A Credit Card, 2006
- % Of Respondents In Germany Holding Insurance That Protects Their Credit Card Payments, 2006
- % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Germany Without Cover, 2006
- Types Of Insurance Used By Respondents In Germany To Protect Credit Card Payments, 2006 (1)
- Types Of Insurance Used By Respondents In Germany To Protect Credit Card Payments, 2006 (2)
- Risks Covered By Insurance Used By Respondents In Germany To Protect Credit Card Payments, 2006
- Seg. Of Ins. Used By Respondents In Germany To Protect Credit Card Pays. Between Paid For And Free Policies, 2006
- Distribution Channels Used By Resps. In Germany To Obtain Insurance Used To Protect Credit Card Payments, 2006
- Distribution Interfaces Used By Resps. In Germany To Obtain Insurance Used To Protect Credit Card Payments, 2006
- Point In Time Chosen By Respondents In Germany To Obtain Insurance Used To Protect Credit Card Payments, 2006
- % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Germany With Cover, 2006