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Consumer Approaches to Payment Protection Insurance linked to Mortgages in Europe

  • Publication Date:August 2006
  • Publisher:Finaccord
  • Product Type: Report
  • Pages:130

Consumer Approaches to Payment Protection Insurance linked to Mortgages in Europe

Consumer Approaches to Payment Protection Insurance linked to Mortgages in Europe, offers detailed and unique insights into the behaviour of consumers in the context of insurance that protects the payments linked to their mortgages. 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 mortgage. In addition to calculating the percentage of borrowers that buys creditor insurance in conjunction with their mortgage loan in each country, the investigation also clarifies the types of insurance policy that consumers purchase - insurance designed and marketed specifically for protection of mortgage payments or other forms of protection policy? Moreover, it reveals the proportion of mortgage 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.

Key features of this report include:

  • a comprehensive overview of the types of insurance used by consumers in each country to protect their mortgage 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 borrowers 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, estate agents) are eroding the market share of the entities offering the original mortgage;
  • reliable benchmarking of the point in time chosen by consumers with a mortgage to take out insurance that protects their payments;
  • valuable insights into the reasons given by borrowers for not purchasing insurance (for example, because they have not had time, because it is too expensive, because they do not see the benefit). For the table of contents for Creditor Metrics: Consumer Approaches to Payment Protection Insurance linked to Mortgages in Europe, please click on the link below. Moreover, for further information about both this report and the others in the Creditor Metrics series, please click on the second link below.
  • 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
  • 2.0 European Overview
    • Introduction
    • % Of Respondents Holding A Mortgage
    • Respondents In Spain And The Uk Are Most Likely To Possess A Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • French Borrowers Are Most Likely To Have Bought Insurance To Protect Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Outside The Uk, Over 25% Of The Uninsured Have Simply Not Got Round To Buying Insurance
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Uk Borrowers Holding Insurance Are Most Likely To Have Bought Multiple Policies
    • Risks Covered By Insurance Used By Resps. To Protect Mortgage Payments
    • Borrowers Reporting Cover For Temporary Incapacity Are Most Numerous In France...
    • ... While Those In Italy Are Least Likely To Be Have Acquired Protection For Unemployment
    • Insurance Used To Protect Mortgage Payments - Distribution Channels
    • The Distribution Share Of The Original Lenders Is Weakest In Germany And The Uk
    • Insurance Used To Protect Mortgage Payments - Distribution Interfaces
    • Spanish Borrowers Are Most Inclined To Buy This Insurance In A Face-To-Face Environment
    • Insurance Used To Protect Mortgage Payments - Point In Time Obtained
    • Simultaneous Sales Of Insurance To Protect Mortgages Are Most Advanced In France...
    • ... While The Potential For Re-Solicitation Is Apparently Highest In Germany
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. With Cover
    • Very Few Borrowers Regret Having Bought Insurance To Protect Their Mortgage Payments
  • 3.0 France
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,232 Respondents In France
    • % Of Respondents Holding A Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 4.0 Germany
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,210 Respondents In Germany
    • % Of Respondents Holding A Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 5.0 Italy
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,222 Respondents In Italy
    • % Of Respondents Holding A Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Risks Covered By Insurance Used By Resps. 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 Resps. With Cover
  • 6.0 Spain
    • Introduction
    • Research Sample
    • The Research Embraces A Total Of 1,250 Respondents In Spain
    • % Of Respondents Holding A Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Risks Covered By Insurance Used By Resps. 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 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 Mortgage
    • % Of Respondents With Insurance That Protects Their Mortgage Payments
    • Attitudes Towards Insurance Protecting Mortgages Of Resps. Without Cover
    • Types Of Insurance Used By Respondents To Protect Mortgage Payments
    • Risks Covered By Insurance Used By Resps. 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 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 Mortgage, 2006
    • % Of Respondents In Five European Countries Holding Insurance That Protects Their Mortgage 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 Mortgage 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)
    • Distribution Channels Used By Resps. In Five Euro. Countries To Obtain Ins. Used To Protect Mortgage Payments, 2006
    • Distribution Interfaces Used By Resps. In Five Eur. Countries To Obtain Ins. Used To Protect Mortgage 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 Mortgage, 2006
    • % Of Respondents In France Holding Insurance That Protects Their Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In France Without Cover, 2006
    • Types Of Insurance Used By Respondents In France To Protect Mortgage Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In France To Protect Mortgage Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In France To Protect Mortgage Payments, 2006
    • Distribution Channels Used By Resps. In France To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Distribution Interfaces Used By Resps. In France To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Point In Time Chosen By Respondents In France To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage 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 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
    • Sample Breakdown In Italy By Age Group, Household Income Band And Geographical Location
    • % Of Respondents In Italy Holding A Mortgage, 2006
    • % Of Respondents In Italy Holding Insurance That Protects Their Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In Italy Without Cover, 2006
    • Types Of Insurance Used By Respondents In Italy To Protect Mortgage Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In Italy To Protect Mortgage Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In Italy To Protect Mortgage Payments, 2006
    • Distribution Channels Used By Resps. In Italy To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Distribution Interfaces Used By Resps. In Italy To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Point In Time Chosen By Respondents In Italy To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage 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 Mortgage, 2006
    • % Of Respondents In Spain Holding Insurance That Protects Their Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In Spain Without Cover, 2006
    • Types Of Insurance Used By Respondents In Spain To Protect Mortgage Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In Spain To Protect Mortgage Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In Spain To Protect Mortgage Payments, 2006
    • Distribution Channels Used By Resps. In Spain To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Distribution Interfaces Used By Resps. In Spain To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Point In Time Chosen By Respondents In Spain To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage 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 Mortgage, 2006
    • % Of Respondents In The Uk Holding Insurance That Protects Their Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In The Uk Without Cover, 2006
    • Types Of Insurance Used By Respondents In The Uk To Protect Mortgage Payments, 2006 (1)
    • Types Of Insurance Used By Respondents In The Uk To Protect Mortgage Payments, 2006 (2)
    • Risks Covered By Insurance Used By Respondents In The Uk To Protect Mortgage Payments, 2006
    • Distribution Channels Used By Resps. In The Uk To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Distribution Interfaces Used By Resps. In The Uk To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • Point In Time Chosen By Respondents In The Uk To Obtain Insurance Used To Protect Mortgage Payments, 2006
    • % Split Of Attitudes Towards Insurance That Protects Mortgage Payments Of Resps. In The Uk With Cover, 2006
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