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Consumer Approaches to Payment Protection Insurance linked to Credit Cards in Europe

  • Publication Date:August 2006
  • Publisher:Finaccord
  • Product Type: Report
  • Pages:135

Consumer Approaches to Payment Protection Insurance linked to Credit Cards in Europe

The report titled Creditor Metrics

Consumer Approaches to Payment Protection Insurance linked to Credit Cards in Europe, offers detailed and unique insights into the behaviour of consumers in the context of insurance that protects the payments linked to their credit cards. Based on a primary survey of consumers in France, Germany, Italy, Spain and the UK carried out between June and August 2006, the research provides valuable data describing the extent to which they take out insurance to protect themselves in the event that they are unable to make the payments associated with their credit card. In addition to calculating the percentage of cardholders that buys creditor insurance in conjunction with their credit card in each country, the investigation also clarifies the types of insurance policy that consumers purchase - insurance designed and marketed specifically for protection of credit card payments or other forms of protection policy? Moreover, it reveals the proportion of cardholders 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 cardholders are satisfied with their insurance and for consumers lacking insurance, it investigates why they have chosen to remain uninsured.

Key features of this report include:

  • a comprehensive overview of the types of insurance used by consumers in each country to protect their credit card payments: specific payment protection insurance and / or other types of protection product including life insurance and other policies specific to the country in question;
  • accurate data describing the percentage of cardholders covered in the event of temporary incapacity and / or unemployment in addition to death and / or permanent disability;
  • robust statistics illustrating the extent to which alternative distribution channels, such as financial advisers and brokers, direct sales by the insurer and affinity channels (for example, retailers) are eroding the market share of the entities offering the original credit card;
  • reliable benchmarking of the point in time chosen by consumers with a credit card to take out insurance that protects their payments;
  • valuable insights into the reasons given by cardholders for not purchasing insurance (for example, because they have not had time, because it is too expensive, because they do not see the benefit).
  • 0.0 Executive Summary
  • 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 Over 6,250 Respondents Across The Five Countries
    • Research Strengths And Weaknesses
    • A Mixed Internet And Telephone Research Methodology Produces Balanced Results...
    • ... That Offer A Representative Picture Of Consumers With At Least One Lending Product
  • 2.0 European Overview
    • Introduction
    • % Of Respondents Holding A Credit Card
    • Respondents In Germany Are Least Likely To Possess A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Insurance Protecting Credit Card Payments Is Most Widely Held By French Consumers
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Many Fail To Buy Because Of Objections Concerning The Expense Or Utility Of The Insurance
    • Types Of Insurance Used By Resps. To Protect Credit Card Payments
    • A High Percentage Of German Cardholders Use Other Policies To Protect Card Payments
    • Risks Covered By Insurance Used By Resps. To Protect Credit Card Payments
    • Borrowers Reporting Cover For Temporary Incapacity Are Least Numerous In Spain...
    • ... While Those In The Uk Are Most Likely To Be Have Acquired Protection For Unemployment
    • Insurance Used To Protect Credit Card Payments - Free And Paid-For Policies
    • In France, Italy And Spain, Many Cardholders Believe That Their Insurance Is Included For Free
    • Insurance Used To Protect Credit Card Payments - Distribution Channels
    • The Distribution Share Of The Original Card Issuers Is Weakest In Germany
    • Insurance Used To Protect Credit Card Payments - Distribution Interfaces
    • Out-Bound Tele-Marketing Of Insurance Appears To Have Yielded The Most Success In Spain
    • Insurance Used To Protect Credit Card Payments - Point In Time Obtained
    • Simultaneous Sales Of Insurance To Protect Credit Card Payments Are Weakest In Germany...
    • ... Although The Potential For Re-Solicitation Is Apparently Highest In Germany
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. With Cover
    • Cardholder Enthusiasm For Card Payment Protection Insurance Is Weakest In The Uk
  • 3.0 France
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,232 Respondents In France
    • % Of Respondents Holding A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Credit Card Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 4.0 Germany
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,210 Respondents In Germany
    • % Of Respondents Holding A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Credit Card Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 5.0 Italy
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,222 Respondents In Italy
    • % Of Respondents Holding A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Credit Card Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 6.0 Spain
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,250 Respondents In Spain
    • % Of Respondents Holding A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Credit Card Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 7.0 United Kingdom
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,340 Respondents In The Uk
    • % Of Respondents Holding A Credit Card
    • % Of Respondents With Insurance That Protects Their Credit Card Payments
    • Attitudes Towards Insurance Protecting Credit Cards Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Credit Card Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • Graphics / Tables
    • Sample Breakdown Across Five European Countries By Age Group
    • Sample Breakdown Across Five European Countries By Annual Household Income
    • % Of Respondents In Five European Countries Holding A Credit Card, 2006
    • % Of Respondents In Five European Countries Holding Insurance That Protects Their Credit Card Payments, 2006
    • % Split Of Attitudes Towards Ins. That Protects Mort. Payments Of Resps. In Five Euro. Countries Without Cover, 2006
    • Types Of Insurance Used By Respondents In Five European Countries To Protect Credit Card Payments, 2006
    • Risks Cov. By Ins. Used By Resps. In Five Euro. Counts. To Protect Mort. Pays., 2006 (Pen. Among Borrowers With Ins.)
    • Risks Cov. By Ins. Used By Resps. In Five Euro. Counts. To Protect Mort. Pays., 2006 (Pen. Among All Borrowers)
    • Seg. Of Ins. Used By Resps. In Five Euro. Counts. To Protect Credit Card Pays. Between Paid For And Free Policies, 2006
    • Distribution Channels Used By Resps. In Five Euro. Countries To Obtain Ins. Used To Protect Credit Card Payments, 2006
    • Distribution Interfaces Used By Resps. In Five Eur. Countries To Obtain Ins. Used To Protect Credit Card Payments, 2006
    • Point In Time Chs. By Resps. In Five Euro. Counts. To Obt. Ins. Used To Prot. Mortg. Pays., 2006 (Anal. For Borrs. With Ins.)
    • Point In Time Chs. By Resps. In Five Euro. Counts. To Obt. Ins. Used To Prot. Mortg. Pays., 2006 (Analysis For All Borrs.)
    • % Split Of Attitudes Towards Ins. That Protects Mort. Payments Of Resps. In Five European Countries With Cover, 2006
    • Sample Breakdown In France By Age Group, Household Income Band And Geographical Location
    • % Of Respondents In France Holding A Credit Card, 2006
    • % Of Respondents In France Holding Insurance That Protects Their Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In France Without Cover, 2006
    • Types Of Insurance Used By Respondents In France To Protect Credit Card Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In France To Protect Credit Card Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In France To Protect Credit Card Payments, 2006
    • Seg. Of Ins. Used By Resps. In France To Protect Credit Card Payments Between Paid For And Free Policies, 2006
    • Distribution Channels Used By Resps. In France To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Distribution Interfaces Used By Resps. In France To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Point In Time Chosen By Respondents In France To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In France With Cover, 2006
    • Sample Breakdown In Germany By Age Group, Household Income Band And Geographical Location
    • % 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 Resps. In Germany To Protect Credit Card Payments 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
    • Sample Breakdown In Italy By Age Group, Household Income Band And Geographical Location
    • % Of Respondents In Italy Holding A Credit Card, 2006
    • % Of Respondents In Italy Holding Insurance That Protects Their Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Italy Without Cover, 2006
    • Types Of Insurance Used By Respondents In Italy To Protect Credit Card Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In Italy To Protect Credit Card Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In Italy To Protect Credit Card Payments, 2006
    • Seg. Of Ins. Used By Resps. In Italy To Protect Credit Card Payments Between Paid For And Free Policies, 2006
    • Distribution Channels Used By Resps. In Italy To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Distribution Interfaces Used By Resps. In Italy To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Point In Time Chosen By Respondents In Italy To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Italy With Cover, 2006
    • Sample Breakdown In Spain By Age Group, Household Income Band And Geographical Location
    • % Of Respondents In Spain Holding A Credit Card, 2006
    • % Of Respondents In Spain Holding Insurance That Protects Their Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Spain Without Cover, 2006
    • Types Of Insurance Used By Respondents In Spain To Protect Credit Card Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In Spain To Protect Credit Card Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In Spain To Protect Credit Card Payments, 2006
    • Seg. Of Ins. Used By Resps. In Spain To Protect Credit Card Payments Between Paid For And Free Policies, 2006
    • Distribution Channels Used By Resps. In Spain To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Distribution Interfaces Used By Resps. In Spain To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Point In Time Chosen By Respondents In Spain To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In Spain With Cover, 2006
    • Sample Breakdown In The Uk By Age Group, Household Income Band And Geographical Location
    • % Of Respondents In The Uk Holding A Credit Card, 2006
    • % Of Respondents In The Uk Holding Insurance That Protects Their Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In The Uk Without Cover, 2006
    • Types Of Insurance Used By Respondents In The Uk To Protect Credit Card Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In The Uk To Protect Credit Card Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In The Uk To Protect Credit Card Payments, 2006
    • Seg. Of Ins. Used By Resps. In The Uk To Protect Credit Card Payments Between Paid For And Free Policies, 2006
    • Distribution Channels Used By Resps. In The Uk To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Distribution Interfaces Used By Resps. In The Uk To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • Point In Time Chosen By Respondents In The Uk To Obtain Insurance Used To Protect Credit Card Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Credit Card Payments Of Resps. In The Uk With Cover, 2006
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