Finaccord’s report titled Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets is a comprehensive study of the markets for insurance and assistance linked to banking products in ten countries, namely Australia, Brazil, Canada, China, India, Japan, Mexico, South Africa, South Korea and the US. This research indicates that the combined market, which is composed of a series of niche covers designed to enhance the revenues derived by banks from their payment card and current account operations, was worth some USD 14.8 billion in 2013. Moreover, with strong underlying growth in payment card issuance in some countries and with insurance and assistance providers showing creativity in structuring new types of policy to cater for emerging customer segments, this sector appears to be destined for continuing growth.
The report, along with its accompanying PartnerBASE™ dataset, harnesses the results of extensive primary research that covers over 5,000 payment card and bank account products issued by over 300 banks and other organisations across the ten countries. Finaccord’s research focuses on 30 specific types of insurance and assistance enhancement, grouped within seven broad categories of cover, namely: accident / health cover; creditor cover; personal / identity protection cover; shopping cover; travel cover; other cover; concierge services. In total, the research details almost 15,000 individual covers, thereby documenting the active partnerships of close to 300 providers of packaged insurance and assistance, ranging from global insurance brands to local insurance and assistance companies.
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