Abstract
Finaccord' s report titled Insurance and Assistance linked to Payment Cards and
Bank Accounts in Southern and Western Europe investigates the market for
insurance and assistance policies linked to banking products in Southern and
Western Europe. Composed of a series of niche covers designed to enhance the
revenues derived by banks from their payment card and current account
operations, Finaccord' s research indicates this market in Southern and Western
Europe to have been worth some € 5.26 billion in 2008. Moreover, with
insurance and assistance providers showing creativity in structuring new types
of policy to cater for emerging customer segments, the sector seems to be
destined for continuing growth. Drawing on the results of an investigation
covering some 265 banking institutions and other issuers and distributors of
credit cards in eight countries in Southern and Western Europe (Belgium,
France, Ireland, Italy, the Netherlands, Portugal, Spain and the UK), the
report analyses the provision of a variety of different types of insurance and
assistance policy in the broad categories of card and cash protection, travel
cover, creditor, accident and health cover, shopping cover and other policies.
Moreover, the PartnerBASE"! database that accompanies the report details each
of more than 7,250 insurance or assistance enhancements to the c. 2,200
payment cards and bank accounts analysed. Indeed, specific policy types
investigated include each of the following: card and cash protection policies
- card protection insurance, ATM cash theft insurance; travel policies -
travel accident insurance, travel health insurance, travel assistance, travel
inconvenience insurance, comprehensive travel insurance; creditor, accident
and health policies - creditor insurance - life / permanent disability,
creditor insurance - temporary incapacity / unemployment, personal accident
insurance, accidental death insurance, health and hospital cash plans, health
assistance; shopping policies - purchase protection insurance, price
protection insurance, extended warranty; other policies - road assistance,
home assistance, personal liability insurance, legal expenses insurance and
assistance, mobile telephone insurance, identity protection insurance and
assistance, car hire insurance, corporate liability waiver insurance, and
miscellaneous other insurance. Hence, this report and the PartnerBASE"! that
accompanies it can be used in one or more of the following ways: appreciate
the magnitude of the opportunity in insurance and assistance linked to payment
cards and bank accounts in Southern and Western Europe: in aggregate, this is
a significant market; gain access to a single comprehensive source of
information that provides both the detail and analysis surrounding over 7,250
individual insurance or assistance enhancements; identify opportunities to
develop new forms of insurance or assistance linked to payment cards and bank
accounts in line with the marketing strategies of banking institutions and
other card issuing entities in Southern and Western Europe; understand the
supply structure for insurance and assistance enhancements and how the market
segments between international specialists, local providers and captive
underwriters; gain insight into the international presence of leading
protagonists in this sector including ACE, AIG, AXA Assistance, BNP Paribas
Assurance, CPP, Europ Assistance and Genworth Financial.
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