Abstract
Finaccord' s report titled Creditor Metrics: Consumer Approaches to Payment
Protection Insurance linked to Mortgages in Europe, is based on a survey,
carried out by Internet and telephone, of over 6,500 consumers in five major
European markets, all of whom possess at least one of a mortgage, a personal
loan, consumer credit contract, car finance or leasing agreement, or credit
card.
It provides data and analysis that will help banking institutions, insurance
companies and other interested parties to understand the overall
characteristics of the market for insurance linked to mortgages and to
benchmark their own performance in cross-selling these products. The following
are some of the key findings from the report, published on 20th August 2006:
Borrowers in France are most likely to have taken out some form of mortgage
insurance
- when asked whether they possess one or more insurance policies that
protects them in the event that they cannot pay their mortgage, consumers in
France are most likely to do so with 81.6% of borrowers claiming to hold
insurance as opposed to a low of 49.2% in Italy and intermediate data points
of 70.1%, 54.6% and 70.5% in Germany, Spain and the UK, respectively;
- in essence, these figures represent the percentage of respondents that has
made a conscious decision to protect their mortgage through an insurance
policy - however, it probably excludes a number of respondents who hold an
insurance policy oriented towards personal protection (eg. life insurance) but
who do not consider that this is specifically covering their mortgage payments;
- among borrowers who consider that their mortgage is uninsured, those in
France, Germany and the UK are most likely to state that they see the benefit
but find the insurance to be too expensive whereas their counterparts in Italy
and Spain are more likely to respond that they see the benefit but have not
yet got round to buying insurance;
- indeed, a key finding is that with the exception of the UK, where the
percentage is 15.5%, over 25% of respondents lacking insurance in the other
countries do so purely because they have not yet got round to buying a policy
to protect their mortgage payments rather than because they have any
fundamental objection.
Table of Contents
0.0 EXECUTIVE SUMMARY
- Borrowers in France are most likely to have taken out some form of
mortgage insurance
- ... although the type and number of policies bought varies greatly from
one country to another
- Cover in the event of temporary incapacity is least commonly purchased by
Italian borrowers...
- ... while protection for unemployment is most frequently held by their
counterparts in the UK
- German borrowers are most likely to acquire ins. from a source other than
the original lender...
- ... and respondents in Spain show the least inclination to utilise a
remote distribution interface
- Instantaneous cross-selling of insurance to protect mortgage payments is
highest in France
- There is little evidence for mis-selling or customer dissatisfaction in
the mortgage prot. market
1.0 INTRODUCTION
- Finaccord
- European consumer research
- Creditor insurance
- Mobile telephone insurance
- Travel insurance
- European market, partnership and bancassurance research
- Research rationale
- Mainstream bancassurance markets are comparatively well documented...
- ... whereas creditor insurance is not
- Creditor insurance: a poorly understood "third" bancassurance market?
- 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 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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